14148 Nm-187, Caballo, NM 87931

This exceptional investment opportunity presents a 367,646-square-foot industrial and self-storage facility in Caballo, New Mexico, currently operating at 86% occupancy. The property, known as Molly B's Dry Dock Boat & RV Storage, features 201 units across 15 buildings situated on 8.44 acres of land. The asking price is $1,340,000, representing a current cap rate of 6.97% and a pro-forma cap rate of 8.65% with projected NOI of $115,904. The property boasts a diverse unit mix catering to various storage needs. Conveniently located near Caballo State Park and less than an hour from Las Cruces (population 104,000 in 2024), it serves both local residents and tourists. The property includes a three-bedroom home and a one-bedroom single-wide trailer, offering additional income potential. Remote management is facilitated by Tenant Inc Software. The current lease type is gross, with multi-tenancy. The property is not subject to zoning restrictions. Significant value-add potential exists through rental rate increases and operational improvements. The property's Net Rentable Square Footage is 57,454 sq ft, with a price per square foot of $3.64 and a price per unit of $6,666.67. The APN is 3025094417186. The land value is $158,767 per acre. The property is an owner/user investment with seller financing available. Full occupancy is projected by October 7, 2024.