1620 Prince St Clovis, NM 88101

Property Details for 1620 Prince St

Year built

1992

Lot size

0.34 lot acres

Property size

9,530 SF

Property type

Retail space

Property subtype

Storefront properties

APN

121101152036000

Description

This exceptional investment opportunity presents a 9,530 square foot, single-tenant, absolute NNN leased storefront located at 1620 N Prince St, Clovis, NM 88101. The property, built in 1992 and situated on a 0.344-acre lot, boasts a strong 7.00% cap rate and a low price per square foot of $67.01, totaling $638,650. The property features a corporate guarantee from Aaron's Company, Inc. (NYSE: AAN), providing significant investment security. The current lease, commencing August 30, 2004, has a remaining term of approximately 5 years, expiring November 29, 2029, with two 5-year renewal options at a 10% rent increase each. The property benefits from high visibility on Clovis's main retail corridor, experiencing 18,343 vehicles per day. The tenant, Aaron's, has occupied the space since 2005, demonstrating a long-term commitment to the location. The Net Operating Income (NOI) is $44,699. This Class C property offers a secure, low-maintenance investment with a strong tenant and excellent location within a growing market served by major employers including Cannon Air Force Base and Lockheed Martin. The average household income within a one-mile radius is $64,679, projected to increase by 13.63% in the next five years. This is an ideal opportunity for investors seeking a stable, triple-net lease investment with significant upside potential.