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DOM: 227 Updated: 08.02.24 Posted: 05.15.23 Status: Sold 12.28.23

Summary

Price $1,196,000
Built/Renov 1972
Tenant R. Greenleaf
Cap Rate 8.50%
Lease Type NN+
Guarantor Corp Traded
Size/SF 1,600
Lease Start 12-01-2022
#Units 16
Price/SF $747.50
Expiration 11-30-2032
Tenant Type Medical/Health
NOI $101,643
R. Term 7.6
Ownership Fee Simple
Rent/SF $63.53
Increases 10.0%/5/yrs
Pop 5Mi 11,000
Lot/AC 0.23
Options 2/5yrs/10%
AHHI 5Mi $62,000

Lease Highlights

  • Brand-new long-term 10-year lease with 2 (5-year) options to extend
  • Fixed 10% rental increases every 5 years including the option periods
  • Favorable NN+ lease with landlord responsible for structure
  • Strong corporate guaranteed lease by Medicine Man Technologies, Inc. (Schwazze)
  • R. Greenleaf is a publicly traded company (OTCQX: SHWZ)

Location Description

The subject property is strategically located in Ruidoso, New Mexico. With cannabis legal  in New Mexico as of April 1, 2021, and not legal in Texas, Ruidoso is a major city across the  west Texas border into New Mexico. The site is located along a major retail corridor in close proximity to several national/credit tenants including Denny’s, Sonic Drive-In, KFC, McDonald’s, Walmart and more....

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

R. Greenleaf is New Mexico’s premier medical cannabis provider. The company has multiple best-in-class cannabis dispensaries, cultivators, CPG brands and specialty services for adult-use cannabis...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 1,288 7,132 11,084
2023 Total Population : 1,304 7,198 11,155
2023 Employed Civilian Pop : 705 3,591 5,135
2023 Total Businesses : 188 729 872
2023 Average Household Income : $ 77,481 $ 66,929 $ 68,292
2023 Total Consumer Spending : $ 42 M $ 195 M $ 310 M
2023 Median Age : 46 48 50
2023 Total Households : 605 3,286 5,121
2023 Pop Age 25+: Bachelor's Degree : 134 969 1,291
2023 Average Home Value : $ 210,639 $ 335,313 $ 333,466
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
FL-5976-P Bishop Rd 2021 854 0.09 mi
Reese Drive 2018 821 0.16 mi
FL-5979-P Service Rd 2021 199 0.20 mi
FL-5974-P Junction Rd 2021 4,549 0.23 mi
Gavilan Canyon Road 2018 2,794 0.25 mi
NM 48 Reese Dr 2021 16,119 0.26 mi
NM 48 Horton Cir 2021 12,513 0.27 mi
Reese Drive 2018 562 0.29 mi
Sudderth Drive 2018 13,354 0.36 mi
FL-5978-P Walnut Dr 2021 2,121 0.36 mi

Listing Broker

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