For Sale
$679,000

1016 Santa Fe AveClovis, NM 88101

Net-leased warehouse, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a net-leased industrial property located at 1016 Santa Fe Ave, Clovis, NM 88101. The property consists of an 8,500 square foot distribution/warehouse facility situated on a 1.67-acre lot. Currently 100% occupied by United Rentals, Inc. (NYSE: URI), the world's largest equipment rental company, under a triple-net (NNN) lease with a corporate guarantee. The lease commenced June 1, 2023, and has a remaining term of 3.5 years, with two 5-year renewal options at fair market value. The current lease features a favorable 3% annual rent increase, providing a hedge against inflation. The property boasts a strong 8.19% cap rate based on a current Net Operating Income (NOI) of $55,620 and an asking price of $679,000 ($79.88/sq ft). Built in 1974, the property comprises two buildings and offers significant potential for future expansion due to its low building coverage ratio (11.68%). United Rentals has operated at this location since 2013, demonstrating a long-term commitment to the site and its strategic location in a key transportation and logistics hub, serving a wide service area encompassing 12 cities across New Mexico and Texas, near the intersection of US Routes 60 and 70. This property offers a compelling combination of strong tenancy, favorable lease terms, and significant upside potential.

Highlights

  • Strong corporate guarantee from United Rentals, Inc. (NYSE: URI), the world's largest equipment rental company.
  • Triple-net (NNN) lease with tenant responsible for CAM, taxes, and insurance.
  • Favorable 3% annual rent increases with two 5-year renewal options at fair market value.
  • 8,500 SF industrial facility on a 1.67-acre lot with a low 11.68% building coverage ratio, offering expansion potential.
  • Strategically located near the intersection of US Routes 60 and 70, serving a wide service area.
  • United Rentals has occupied the property since 2013, demonstrating long-term commitment.

Property Details for 1016 Santa Fe Ave

Property type
Warehouses, Industrial properties
Square Feet
8,500 SF
Year Built
1974
Buildings
2
Lot Size (sq. ft)
72,745 SF

Location Insight

City
Clovis
County
Curry
State
New Mexico
Latitude
34.3977696
Longitude
-103.1944027
1016 Santa Fe Ave, Clovis, New Mexico

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1016 Santa Fe Ave
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