REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by Allen Elmore EXP Realty, LLC
$ 815,000
Est. payment /mo
Active
615 S CARLTON AVE Farmington, NM 87401
10,892 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 10,892 sqft
Price per Sqft $74
MLS Listing ID 26-642
Lot Size 3.000 Acres
Acres 3.0
Property Sub-Type Industrial
Source San Juan County Board of REALTORS®
Land Area 10892
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.
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 3.287 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.
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 3.287 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
Area 8H
Direction {\"Directions to Prprty\":true}
Interior
Heating Natural Gas, Forced Air, Heat Pump
Cooling Central Air
Exterior
Garage No
Building
Faces {\"Directions to Prprty\":true}
Others
Pets Allowed No
Security Features Fire Alarm,Fire Escape,Smoke Detector(s),Security System,Closed Circuit Camera(s),Security Lights,See Remarks