Aaron's
9,530 SF | Retail Building | Clovis, NM 88101 | $638,650 ($67/SF) | 7% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $638,650
- Property Type
-
Retail
- Square Feet
- 9,530 SF
- Price / Square Foot
- $67
Listing Contacts
Elliott Kyle
Verified Profile
Chase Murphy
Verified Profile
- Property Info
Property Overview
This offering provides for a secure investment opportunity with a true triple net (NNN) lease, ensuring zero landlord responsibilities. Positioned on Clovis City's main retail corridor, the property benefits from high visibility with an impressive 18,343 vehicles per day (VPD) and is surrounded by major national retailers. The investment is corporately guaranteed by The Aaron's Company, Inc. (NYSE: AAN), adding stability and credibility. Aaron's has operated at this location since 2005, and exercised their option early beginning December 1, 2024 through November 30, 2029, with two additional options for a 10% rent increase each.
Clovis is location near the border with Texas, and serves a large area of approximately 120,000 people. The major employers include Cannon Air Force Base, Lockheed Martin, Cummins Diesel & Natural Gas, Clovis Community College and more. The main industries are agriculture, military and railroad.
Clovis is location near the border with Texas, and serves a large area of approximately 120,000 people. The major employers include Cannon Air Force Base, Lockheed Martin, Cummins Diesel & Natural Gas, Clovis Community College and more. The main industries are agriculture, military and railroad.
Property Details
- Class
- C
- Year Built
- 1992
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 14,810 SF
Highlights
- True Triple Net (NNN) Lease: Zero landlord responsibilities, ideal for a 1031 Exchange.
- Low Base Rent: Only $4.26 per square foot.
- Prime Location: Situated on Prince Street, Clovis City's main retail corridor, surrounded by major retailers.
- Corporately-Guaranteed Lease: Backed by The Aaron's Company, Inc. (NYSE: AAN), which is under agreement to be purchased for $504 million by a private
- Long-Term Lease with Increases: Early exercise of a 5-year option ending in 2029, with two additional options and a 10% increase every 5 years.
- High Visibility & Strong Demographics: 18,343 vehicles per day pass by, with a 1-mile average household income of $64,679, projected to increase by 13
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