1016 Santa Fe Ave Clovis, NM 88101
- Warehouses
- 8,500 SF
- 1.67 lot acres
Current Use by Public Records
- United Rentals / Equipment Rental Agency / Building Materials Supplier
Property Details for 1016 Santa Fe Ave
- Year built
- 1974
- Lot size
- 1.67 lot acres
- Property size
- 8,500 SF
- Property type
- Warehouses
- Property subtype
- Industrial properties
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Clovis
- County
- Curry
- State
- New Mexico
- Longitude
- -103.194
- Latitude
- 34.3978
