La Petite Academy - Santa Fe, NM
La Petite Academy | Absolute Net -
1371 Rufina Circle, Santa Fe, NM 87507
Down Payment $767,504 (57.26%)
Net Operating Income $119,364
Gross Square Feet 6,600
Rentable Square Feet 6,600
Price/Square Foot $206.69
CAP Rate 8.75%
Parcel Size 0.8 Acres
Year Built / Renovated 1995 / 2015
***Please note there is NO LOAN ASSUMPTION available, the loan has been paid. This will be delivered free and clear. Please contact us for the full updated Offering Memorandum.
Marcus & Millichap is pleased to present the two-location La Petite Academy Portfolio, with one unit in Albuquerque and one unit in Santa Fe. The total gross leasable area of the portfolio is 13,300 square feet. The absolute-net leases both have a year and a-half remaining on their term.
The properties can be sold together or individually. The absolute-net leases have corporate guarantees from La Petite Academy with annual CPI rent increases not to exceed 2.50 percent at the Albuquerque location and not to exceed 2.25 percent at the Santa Fe location. Each property has multiple options, with the Albuquerque location having two one-year options and the Santa Fe location having one three-year option and one five year option.
La Petite Academy is one of seven child care concepts of Learning Care Group. The seven concepts include over 900 locations across 34 states. Being the second largest for-profit child care provider in North America, Learning Care Group thrives off a history of success and its highly regarded reputation.
Each location features a strong tenancy history, with a child care operating at both locations for nearly 25 years. Both properties have recently extended their lease, with the Albuquerque location exercising their most recent option six months early, showing a strong commitment to the site.
The properties are well located in the market and have strong historical performance. In addition, through completing a significant amount of capital improvements to both buildings, the tenant has illustrated a commitment to maintain their foothold as the dominant child care provider in the market.
The subject properties offer an investor an ideal opportunity to acquire stable assets with a great return and no landlord responsibilities.