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Hobby Lobby 2001 N Prince St 57,703 SF Retail Building Clovis, NM 88101 $3,360,000 ($58.23/SF) 7.30% Cap Rate
Investment Highlights
- Recent Lease Extension - 8.5 Years Remaining – 20+ Year Operating History
- Limited Landlord Responsibilities – Roof & Structural Component
- Hard Corner Signalized Intersection of N Prince St & A Airport Hwy - Over 34,900 VPD
- Strong Rent Increases Every 5 Years – 11% in 2029 & 15% in First Option
- Low Annual Rent of $4.25 PSF - Below Replacement Cost at $58 PSF
- Demographics – Over 40,700 Residents within 5 Mile Radius
Executive Summary
The Snyder Carlton National Net Lease Team is pleased to offer investors an opportunity to acquire the single tenant net leased Hobby Lobby in Clovis, NM. Hobby Lobby is the largest privately owned arts and crafts retailer in the world with over 1,000 stores in 48 states and over 46,000 employees. Demonstrating the strength of this location, the tenant has been operating at this location for over 20 years and recently extended the lease (8.5 years remaining) and has two 5-year option periods. The roof was replaced in 2022 and has a 20-year warranty in place. With limited landlord responsibilities, rent increases every 5 years and long-term operating history this asset is ideal for an investor seeking long-term cash flows.
The 57,703 SF building is a co-anchor to the 169,000 SF community center with Albertsons Market and is positioned on the hard corner signalized intersection of N Prince Street and Airport Highway which sees over 34,900 VPD. Nearby retailers include Walmart Supercenter, Lowe’s Home Improvement, PetSmart, Marshalls, Ross, JC Penney, Harbor Freight, Dollar General, McDonald’s, Starbucks, Whataburger and more. Cannon Air Force Base is within 7 miles of the subject property comprising a community of 20,000+ active-duty military personnel and their families, civilian employees and contractors.
The 57,703 SF building is a co-anchor to the 169,000 SF community center with Albertsons Market and is positioned on the hard corner signalized intersection of N Prince Street and Airport Highway which sees over 34,900 VPD. Nearby retailers include Walmart Supercenter, Lowe’s Home Improvement, PetSmart, Marshalls, Ross, JC Penney, Harbor Freight, Dollar General, McDonald’s, Starbucks, Whataburger and more. Cannon Air Force Base is within 7 miles of the subject property comprising a community of 20,000+ active-duty military personnel and their families, civilian employees and contractors.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
57,703 SF
Building Class
B
Year Built/Renovated
1974/2007
Price
$3,360,000
Price Per SF
$58.23
Cap Rate
7.30%
NOI
$245,238
Tenancy
Single
Building Height
1 Story
Building FAR
1.00
Lot Size
1.33 AC
Parking
526 Spaces (9.12 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
Fairly walkable
50/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 121201105348300 | Improvements Assessment | $678,284 |
| Land Assessment | $150,832 | Total Assessment | $829,116 |
Property Taxes
Parcel Number
121201105348300
Land Assessment
$150,832
Improvements Assessment
$678,284
Total Assessment
$829,116
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Hobby Lobby | 2001 N Prince St
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