Positioned at the "West End" of Downtown Albuquerque with a physical address of 723 Silver Ave SW, the 15,960+/- square foot Southern Union Gas Company Building was designed by famous Santa Fe architect, John Gaw Meem, and originally constructed in 1950-1. Designed initially for use by the gas company as an appliance showroom on the 1st level and hospitality rooms on the 2nd level, the entire property was completely remodeled in 2004 by award-winning urbanist developer, Infill Solutions. It was added to the New Mexico State Register of Cultural Properties in 2003 and the National Register of Historic Places in 2004.
The upper levels of the building are fully-leased to Flying Star Cafe, a locally-owned family of restaurants which opened its first establishment in 1987 and since has expanded to include nine restaurants and nine boutique coffee shops known as Satellite Coffee. Flying Star is extremely successful at this location and they will continue to thrive due to the dense daytime and household populations in the immediate area.
The subterranean “basement” area of the building was previously used for mechanical services and storage with no exterior openings. As part of the renovation all existing concrete floors, walls, columns and ceilings were stripped raw and left exposed. New industrial lighting fixtures and exposed metal ducts were incorporated to add character to the 6,000+/- square foot office and studio space.
This offering represents a truly rare opportunity for an investor to acquire an asset with strong built-in cash flow and historic value. There is a long-term lease in place with Flying Star Cafe and the current Net Operating Income is $145,200 per year. The list price for the property is $1,900,000 ($119/sf).
Contact the Ransom-With team for more details and to receive a confidential offering memorandum.