615 N Carlton Ave, Farmington, NM

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.