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615 N Carlton Ave Farmington, NM 87401

For Sale
$850,000

Fully leased industrial property with strong returns and long-term potential.

Property size:
9,692 SF
Lot size:
2.97 Acres

Property Features for 615 N Carlton Ave

General Information

Size
9,692 SF
Lot size
2.97 Acres

Source: eXp Realty Agent Allen Elmore

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Turnkey Industrial Investment Opportunity

This fully leased, tenant-occupied industrial property offers immediate cash flow and a solid cap rate. The current tenant holds a 5-year municipal contract with a 5-year renewal and a matching 5-year lease that began on 1/1/2024, with a 5-year renewal option. Lease terms include a triple net (NNN) structure with 3% annual increases, and a current base rent of $80,340 per year. The property spans 3.73 fully fenced, industrial-zoned acres with electronic gated access and includes three functional buildings. Building A is 5,600 square feet with 2,800 square feet of newly renovated office space, completed in April 2024, featuring a reception area, seven private offices, a break room with stove, sink, and fridge, a meeting room, and two ADA-compliant restrooms. The remaining 2,800 square feet is heated warehouse space with two roll-up doors and additional storage. Building B consists of 600 square feet of enclosed light-duty metal storage with an attached 1,200 square feet ¼-open covered storage area. Building C offers 3,492 square feet of flexible space, including a large meeting room, three offices, two bathrooms, heating and evaporative cooling, attached warehouse space, and two porticos—one RV-sized and one suitable for two vehicles. Recent improvements to the property include a new roof on Building A (June 2024, installed by DKG & Associates and under warranty), a new heating system installed by Farmington Heating in October 2022, updated evaporative cooling, fence replacement, and door repairs. The office reconfiguration and ADA restroom upgrades were completed in conjunction with the new lease agreement.
Insight Report Location Intelligence

Current Use by Public Records

Farmington Water-Wastewater City Government Office

Suggested Use

Restaurant Realty agency Law Firm Dental Office Spa & Massage Building Supply Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

Zoning and permitted uses should be independently verified with local authorities.

Similar Places Nearby

Havens Leasing

Location Insight

  • Map
  • Local Demand
City
Farmington
County
San Juan
State
New Mexico
Longitude
-108.1895351
Latitude
36.7233785

FAQs

What type of property is this?
Warehouse - Fully leased industrial property with strong returns and long-term potential.
Where is this warehouse located?
The property is located at 615 N Carlton Ave Farmington, NM.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: - Fully leased industrial property with immediate cash flow and strong cap rate.; - Tenant has a 5-year municipal contract with a matching 5-year lease that began 1/1/2024, and a 5-year renewal option.; - Triple net (NNN) lease structure with 3% annual rent increases and current base rent of $80,340 per year.
More about this property
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