THE ATTIC 1031 Mechem Drive Ruidoso, NM 88345 Clayton King tel 505 998 1653 cell 505 263 8531 clayton@gotspaceusa.com 505.878.0001 Gannon Coffman tel 505 998 1649 cell 505 340 9373 gannon@gotspaceusa.com
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Table of Contents Property Description............ 4 Highlights 5 Location............. 6 Aerial.............. 7 Site Plan............. 8 Tenant Overview............. 9 Profiles............. 10 Location Expanding Economy.......... 12 Overview............. 13 Demographics 14 County Map............ 15 Financial Rent Roll............. 11
Section 01 Property Property Description The Attic is a quality retail complex comprised of three freestanding buildings. It is one of the premier retail complexes in the micropolitan city of Ruidoso, NM. This property is located in the high traffic corridor along Mechem Drive, which has experienced significant growth over the last decade due to continued interest from local and national developers and retailers. The Attic sits on the north side of the street, and has approximately 200 feet of frontage on Mechem Drive. Mechem Drive is one of the two major commercial corridors in town and one of the major thoroughfares of the village. The Attic is located on ±.505 acres just under ±22,000 square feet and has 6,900 Square feet of Gross Leasable Area. The Attic also boasts a dedicated parking lot with sufficient spaces for all tenants. We are pleased to take this property to market based on a sales price of $86.23/SF for the building and improvements on the property. In addition, this property is bringing in $30,000(+) in positive cash flow annually. There is tremendous upside to this asset. With 100% occupancy, and operating costs remaining the same, we have proforma-ed this sale at 10.5% CAP, based on fair market rents. Additionally, the price is approximately 35% below replacement costs, to build a like-kind asset. Marketing Proposal 4
1 Property Property Highlights One of the premier, upscale retail complexes in the village Unique for the area, in that it is of newer construction and of much better quality than other multi-tenant properties Buildings are of good, quality construction and conform to the surrounding mountain setting Dedicated parking lot for Retail Center Elevated property with excellent visibilty Caters to local demographic, not dependent on tourists New roof on center building Price: $599,000.00 Proforma CAP: 10.5% Marketing Proposal 5
1 Property The Attic Location Log Cabin Restaurant White Mountain Elementary School SITE The Lodge at Sierra Blanca White Mountain Recreation Complex Innsbrook Village Country Club & Resort Hull Dr. Warrior Dr. Mechem Dr. Cree Meadows Dr. Ruidoso High School Marketing Proposal 6
1 Property The Attic Aerial Appletree Home Improvement Noisy Waters Screen Printing Hometown Tire Pros SITE Mechem Dr. Mystic Pines Hide-A-Way Heath Dr. A-Fram Ski Shop Marketing Proposal 7
1 Property The Attic Site Plan Marketing Proposal 8
Section 02 Tenant Tenant Overview The Attic is a multi-tenant retail center is a local center that also enjoys the benefits of living in a tourist destination. The center is Southwestern style, and has much charm and character. There are a variety of tenants, including: Junque N Jewels: Just moved from a 1,250 SF space to 2,400 SF space on the other end of the center. They have been in business for 3+ years. This mother/daughter team sells various items from clothing, jewlery, gifts, and more. Happy Camper Management: local property management company. Lotions & Potions: Offers fragrance oils, lotions, shaving products, and bathing essentials. Marketing Proposal 9
2 Tenant Tenant Profiles Tenant Square Feet Tenant Length JunqueNJewels ±2,200 SF 3 years Happy Camper Management ±650 SF 2 years Lotions & Potions ±900 SF 5 year Vacant ±850 SF Vacant Vacant ±850 SF Vacant Vacant ±1,250 SF Vacant Marketing Proposal 10
Section 03 Location Ruidoso s Expanding Economy Ruidoso has a vibrant economy specializing primarily in real estate, entertainment and tourism. Ruidoso has been experiencing explosive growth. Currently, Ruidoso is the 3rd fastest growing city in New Mexico. With approximately 8,690 full-time residents, Ruidoso enjoys a summer time boost of over 40,000 part-time visitors. Real Estate is picking up in the area, with the new Kokopelli subdivision being built as well as a multi-family housing development in the works. Ruidoso is looking to the State to designate the Community as an Arts & Cultural District that is sure to boost out-of-area visitors. According to the Ruidoso News, business at Sierra Blanca Regional Airport is growing. With nearly a "15% increase in operations" and a "31% increase in jet fuel sales" compared to the previous year, the local attractions are bringing in the tourists. The busiest weeks for tourism are Labor Day, July 4th, Memorial Day, Christmas, Thanksgiving, and Easter. During these holidays, Ruidoso is typically at capacity for lodging because of the influx of visitors. Ruidoso has events going on all year to ensure tourists never run out of things to experience. Marketing Proposal 12
Ruidoso Overview 3 Location Ruidoso, or "The Noisy River", is a hub of economic activity. Located less than 3 hours from Albuquerque, NM; 2 hours from El Paso, TX; and 4 hours from Lubbock, TX; Ruidoso is the ultimate playground of the Southwest. Winter enthusiasts love Ruidoso. Skiers and snowboarders flock to Ski Apache. To accomodate the growing crowds, they recently built 4 new lifts including 8-person gondolas. Ruidoso Winter Park offers inter-tubing for the whole family. Summer time is perfect to catch a race at the Ruidoso Downs Racetrack.There are plenty of hiking and mountain biking trails at the Lincoln National Forest. Try your hand at catching the "the big one" at any of the numerous creeks and lakes in the area that are stocked with Rainbow and Brown Trout. Accomodating to any size family, Ruidioso has plenty of RV parks, campgrounds, bed and breakfasts, hotels, motels, and even private home rentals. Year-round festivals including Ruidoso Arts Festival, Mountain of Blues Festival, Festival of Lights and Gold Aspen Motorcycle Rally. The area boasts two world-class casinos: Inn of the Mountain Gods and Billy the Kid Casino. With four challenging private and public resort golf courses, novice and pro golfers will love Ruidoso. Unique art galleries host local artists of all mediums. From Broadway shows to world-famous musicians and even the ballet all perform at the top-notch Spencer Theater for the Performing Arts. Marketing Proposal 13
3 Location Lincoln County Demographics Census 2010 2015 2020 Population 20,497 20,681 20,744 Households 9,219 9,332 9,391 Families 5,859 5,846 5,832 Average Household Size 2.21 2.20 2.20 Owner Occupied Housing Units 6,931 7,030 7,086 Renter Occupied Housing Units 2,288 2,302 2,305 Median Age 49.3 51.5 53.2 Trends: 2015-2020 Annual Rate Area State National Population 0.06% 0.46% 0.75% Households 0.13% 0.50% 0.77% Families -0.05% 0.34% 0.69% Owner HHs 0.16% 0.52% 0.70% Median Household Income 2.19% 2.64% 2.66% 2015 2020 Households by Income Number Percent Number Percent <$15,000 1,710 18.3% 1,577 16.8% $15,000 - $24,999 1,373 14.7% 1,125 12.0% $25,000 - $34,999 861 9.2% 785 8.4% $35,000 - $49,999 1,767 18.9% 1,719 18.3% $50,000 - $74,999 1,724 18.5% 1,990 21.2% $75,000 - $99,999 955 10.2% 1,035 11.0% $100,000 - $149,999 531 5.7% 654 7.0% $150,000 - $199,999 252 2.7% 324 3.5% $200,000+ 159 1.7% 182 1.9% Median Household Income $39,824 $44,377 Average Household Income $52,683 $58,855 Per Capita Income $23,783 $26,655 Census 2010 2015 2020 Population by Age Number Percent Number Percent Number Percent 0-4 975 4.8% 893 4.3% 866 4.2% 5-9 1,097 5.4% 1,010 4.9% 931 4.5% 10-14 1,081 5.3% 1,082 5.2% 1,047 5.0% 15-19 1,131 5.5% 998 4.8% 1,036 5.0% 20-24 835 4.1% 828 4.0% 680 3.3% 25-34 1,772 8.6% 1,927 9.3% 1,778 8.6% 35-44 2,033 9.9% 1,920 9.3% 2,032 9.8% 45-54 3,270 16.0% 2,794 13.5% 2,459 11.9% 55-64 3,798 18.5% 4,031 19.5% 3,898 18.8% 65-74 2,817 13.7% 3,300 16.0% 3,760 18.1% 75-84 1,334 6.5% 1,494 7.2% 1,789 8.6% 85+ 354 1.7% 404 2.0% 468 2.3% Offering Memorandum 14
3 Location Lincoln County County Map 54 Tecolote Carrizozo Municipal Airport White Oaks Oscuro 37 Capitan Sierra Blanca Regional Airport Ruidoso 70 380 Mescalero Marketing Proposal 15