322 Main St Clovis, NM 88101
- Commercial real estate
- 7,000 SF
Current Use by Public Records
- Commercial real estate
Property Details for 322 Main St
- Year built
- 1914
- Property size
- 7,000 SF
- Property type
- Commercial real estate
- APN
- 1211010254418
Description
This exceptional mixed-use investment opportunity presents a stabilized, multi-tenant property located at 322 N Main St, Clovis, NM 88101. The 7,000 square foot building, constructed in 1914 and extensively renovated in 2012, boasts a desirable Class B designation and sits on a 3,500 square foot lot. Currently operating at 100% occupancy, the property features a mix of commercial and residential units. Six individual commercial units range from 1425 to 325 square feet, each equipped with a bathroom, and command monthly rents between $350 and $715. Two upstairs residential units, each offering three bedrooms and two bathrooms, rent for $950 per month. The 2012 renovation encompassed a comprehensive upgrade, including new windows, flooring, interior and exterior paint, wall and ceiling rehabilitation, kitchen and bathroom additions, HVAC, plumbing, and lighting systems, all brought up to code. The property's strong financial performance is reflected in its $430,000 asking price, 7.50% cap rate, and a substantial net operating income (NOI) of $32,240. The property is zoned CG and features a gross lease structure. This is a rare opportunity to acquire a high-performing, well-maintained income-generating asset in a thriving downtown location. The property's strong tenant base and consistent rental income make it an attractive investment for discerning buyers. The building consists of one, two-story structure with 6,500 square feet of net rentable space, and a price per square foot of $65.72.
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
- -103.205774
- Latitude
- 34.401679
