Single-Tenant Cannabis Dispensary | 5-Year Lease | 11.3% Cap Rate | $649,999

804 South Main Street in Belen, New Mexico, 87002

Executive Summary

Welcome to 804 S Main Street, Belen, NM — a stabilized, income-producing retail investment featuring a fully built-out, state-licensed cannabis dispensary on a new 5-year lease. This turnkey single-tenant asset offers investors strong cash flow, minimal landlord responsibilities, and a rapidly expanding tenant with proven operational success. The tenant is opening a second location and expanding this site to include a new smoke lounge, which will increase rental income upon completion — adding further upside to an already attractive 11.3% cap rate.

The property consists of a 4,820 SF freestanding retail building on a 0.48-acre lot, located on South Main Street, one of Belen’s primary commercial corridors with strong local and commuter traffic. The site includes 8 on-site parking spaces, a clean environmental record, and modern renovations completed in 2023, ensuring a contemporary, compliant, and low-maintenance facility. With the tenant paying all utilities and the landlord responsible only for taxes, this is a hassle-free, passive investment opportunity in one of New Mexico’s most operator-friendly cannabis markets.

Opportunity Details

• Asking Price: $649,999

• Property Type: Retail

• Sub Type: Dispensary / Convenience Retail

• Building Size: ±4,820 SF

• Lot Size: ±20,782 SF (0.48 Acres)

• Price per SF: $134.85

• Cap Rate: 10.13% (Actual) | 11.3% with Expansion Rent

• Net Operating Income (NOI): $70,884 (Current)

• Lease Type: Modified Gross

• Tenant: Single Cannabis Operator (Expanding Brand)

• Lease Term: 5 Years (May 2023 – May 2028)

• Rent Increases: 3% Annually

• Occupancy: 100%

• Zoning: C3 – Commercial

• Taxes: $2,700 Annually (Owner Responsibility)

• Year Built: 1990 | Fully Renovated 2023