615 Carlton Ave S, Farmington, NM 87401

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.