1197 Parkway Dr Santa Fe, NM 87507

This commercial property in Santa Fe, NM, presents an NN lease investment opportunity at a 7.25% cap rate. The property is leased to Performance Maintenance Incorporated (PMI), a regional cleaning and janitorial supply company, with annual CPI rent increases. Constructed around 1990, this metal industrial building is located in the Richard Avenue industrial park. It features finished office space and a high bay warehouse. The warehouse includes a loading dock with a dock leveler, a covered loading bay, and a large warehouse space. Access is facilitated by a 10' X 10' dock door and a 12' H x 10' W on-grade roll-up door. The property also offers a fenced paved storage area and paved parking with 27 spaces. Compressed air plumbing is in place throughout the building, though a compressor is needed. The structure comprises steel beams without center columns, a pro-panel roof and siding, insulation batt interior in the warehouse, drywall interior with a hung ceiling in the office, and a concrete slab floor. The inside clear height is 21'. The total area is approximately 11,329 square feet, including around 8,744 square feet of warehouse space, 2,118 square feet of main office space, and 466 square feet of second-floor warehouse office space. The zoning is I-1, permitting office, light industrial, storage, and distribution uses. Regulations per the Covenants and Restrictions of the Richards Avenue Business Park prohibit residential, auto maintenance, junk yards, kennels, and noxious uses. Utilities include gas, 120/240V single-phase electric and 480V three-phase heavy power, city water, and sewer. The warehouse is equipped with hanger heaters, while the warehouse office has cassette HVAC. The office area features ducted heating and air conditioning.