Tyrone Merchantile

Retail-Commercial for Sale
Catylist Listing ID: 29988365
Property Subtypes: Free-Standing Building, Mixed Use, Post Office, Retail-Pad, Street Retail
Building Size (RSF): 12,000 SF
Gross Land Area: 4.94 Acres
Sale Price: $564,000
Unit Price: $47 PSF
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Tyrone Merchantile
Usable Size (USF): 12,000 SF
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: Undisclosed
Last Updated: 9/15/2017

Overview / Comments

Phelps Dodge built this property in Tyrone, NM, in the mid-1960s just outside of Silver City,NM the property is commonly referred to as the Tyrone Mercantile. The Mercantile was the company store including clothing, home furnishings, furniture, groceries, the finest meat market in southwest New Mexico and even the bank for the community. The walk-in vault still remains today and is usable.

The approximately 12,000 square feet building sits on almost five acres of land and includes a US Post Office that serves all communities in Grant County south of Silver City. This portion of the property is leased and create an income stream for the property.

The slump block construction of the building is such that it remains amazingly cool in the Summer months without using the air conditioning. It includes a sprinkler system for fire safety and a new ceramic tile floor that adds a sense of traditional Southwestern decor. The bathrooms have been painted to reflect that Southwestern decor as well.

The open retail space would work well for a grocery or convenience store, a cafe and still have space for additional stores for artisans and other vendors. There is an open space in the back of approximately 2000 square feet for storage and maintenance as well as an 8-foot roll-up door for convenient access. This area could easily house a kitchen for a restaurant or provide ample work area for another business. An office space overlooks the main portion of the building so one could observe from there the activities of those below. Outside is an additional storage building should one need more storage.

In addition to the Mercantile building there is a modular of approximately 1250 square feet. This was originally the real estate office for Tyrone Properties and could remain as office space or it could easily become a comfortable residence.

The parking lot is one of the largest in Grant County and perfect for an outdoor flea or farmer's market as well as special activities. There are also large open spaces that could be used for additional structures or a park environment.

This property is approximately a 5 minute drive from downtown Silver City on a divided State highway which provides easy access to the property. The location front Highway 90.

Current Tenants

Tenant Business Name US Post Office
Industry Type Other Services
Is Renting? Yes
Annual Revenue $16,000 (Annual)
SF of Space Occupied 2,219 SF
Current Rent $1,333 PSF (Annual)
Escalations $15,999.96 per year to October 18, 2019. Then for 5 years the rent will be $2245 per month until October 18, 2024, then to $2602 per month for another 5 years to October 18, 2029. Possible $338,819.88 income from the Post Office.

Additional Details

Nearest MSA: Silver City
County: Grant
Taxing Authority: Grant County
Tax ID/APN: R070127
Zoning: COMMERCIAL AND RESIDENTIAL
Retail Clientele: General, Business, Traveler, Tourist, Recreation, Other
Property Located Between: Highway 90 & Turquoise Drive
Property Visibility: Excellent
Largest Nearby Street: Turquoise
Feet of Frontage: 535
Highway Access: Highway 90
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Excellent

Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 1,124 9,918
Median Age: 40 39.76
Households: 457 4,124
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