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Listed by Exp Realty, LLC
$ 815,000
Est. payment /mo
Active
615 CARLTON AVE Farmington, NM 87401
3.72 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26000698
HOA Y/N No
Year Built 1976
Annual Tax Amount $7,268
Lot Size 3.720 Acres
Acres 3.72
Property Sub-Type Industrial
Source NMMLS
Property Description
ATTENTION INVESTORS | STABILIZED NNN INDUSTRIAL ASSET w/ LONG-TERM TENANT. Fully leased, income-producing industrial property offering immediate cash flow, average 9% cap rate, & long-term investment stability. This turnkey asset is occupied by an established tenant operating under a 5-year municipal contract w/ a corresponding 5-year lease that commenced 1/1/24. Both the contract & lease include 5-year renewal options, & the tenant has historically renewed in prior terms, creating strong potential for continued occupancy, although future renewals cannot be guaranteed. The lease is structured as Triple Net (NNN), minimizing landlord responsibilities while providing built-in revenue growth through 3% annual rent escalations. Current 3rd year base rental income is $82,750 annually, making this an attractive passive investment opportunity. Situated on 3.73 fully fenced industrial-zoned acres w/ electronic gated access & approximately 10,892sf of improvements. Building A encompasses 5,600sf. Approximately 2,800sf was extensively renovated in 4/24 & features a reception area, 7 offices, a conference room, a break room w/ stove, fridge & sink, as well as 2 ADA restrooms. The remaining 2,800sf is heated warehouse space w/ 2 overhead roll-up doors. Building B provides 600sf of enclosed light-duty metal storage along w/an attached 1,200sf partially enclosed covered storage area. Building C contains 3,492sf of adaptable space including a large meeting or training room, 3 offices, 2 bathrooms, heating & evaporative cooling, attached warehouse space & 2 covered porticos. Significant capital improvements have already been completed, reducing near-term maintenance concerns & enhancing long-term asset value. Recent upgrades include a new roof on Building A installed by DKG & Associates 6/24 & covered by warranty, a new heating system installed by Farmington Heating in 10/22, updated evaporative cooling systems, fence replacement, door repairs & complete office remodel
Location
State NM
County San Juan
Interior
Heating Forced Air, Heat Pump, Natural Gas
Exterior
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected
View Y/N false
Roof Type Metal,Pitched
Private Pool No
Others
Tax ID 2075171168142
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional