1016 Santa Fe AveClovis, NM 88101

Property Details for 1016 Santa Fe Ave

Year built

1974

Lot size

1.67 AC

Property size (Sq ft)

8,500 SF

Property type

Industrial properties

Property subtype

Other warehouses

Description

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.

Location Insight

City

Clovis

County

Curry

State

New Mexico

Latitude

34.3978

Longitude

-103.194

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