7510 Mallard Way
Mixed Use Net Leased Investment | 10,969 SF
Marketing description
For Sale — Single-tenant Triple Net Industrial Investment 7510 Mallard Way | Santa Fe Airport Business Park | Santa Fe, NM 87507 $2,275,000 | 8.51% Cap Rate | $193,440 First-Year NOI | 10,969 SF± | I-1 Zoning
Fully occupied, income-producing flex industrial building offered as a Triple Net (NNN) investment. Tenant pays all real property taxes, insurance, maintenance, utilities, and operating expenses directly. Landlord receives $16,000 per month Base Rent free and clear with annual escalations of the greater of 3% or CPI-U — a guaranteed inflation hedge built into the lease.
The property is a high-specification flex industrial building constructed circa 2019 on a 0.781-acre fully fenced lot. Four suites (Units A–D), each with private office, private restroom, warehouse space with high ceilings, 8'×8' roll-up door, and security shutters — all currently interconnected and occupied by a single tenant. Heavy infrastructure includes 3-phase electrical service at 1,600 amps, city water and sewer, natural gas, HVAC with climate and humidity control, floor drains, and uni-strut ceilings. 23 paved parking spaces. Lease personally guaranteed for the full initial term. Annual rent escalations. Right of First Refusal on sale.
Investment highlights
- Fully executed 5-year Triple Net lease generating $16,000 per month Base Rent with the tenant responsible for all taxes, insurance, maintenance, utilities, and operating expenses.
- 8.51% cap rate on first-year Net Operating Income of $193,440, with rent escalating annually at the greater of 3% or CPI-U with a guaranteed 3% floor and 5% cap.
- Purpose-built high-specification flex industrial building, circa 2019, offering 10,969 SF± across four suites on a 0.781-acre fully fenced lot with 23 paved parking spaces.
- Heavy industrial infrastructure including 3-phase electrical service at 1,600 amps, city water and sewer, natural gas, HVAC, climate and humidity control, floor drains, and uni-strut ceilings.
- Four suites each with private office, private restroom, 8'×8' roll-up door, high-ceiling warehouse space, and security shutters — currently interconnected as a single-tenant facility.
- Full-term personal guarantee from the tenant's principal covering all base rent, real property taxes, insurance premiums, and landlord enforcement costs.
- Located in the Santa Fe Airport Business Park with I-1 zoning, CC&R-protected neighborhood, and immediate access to HWY 599, Airport Road, and I-25.
- Flex commercial building with many possible configurations. 4 internal units each with an 8’ x 8’ roll up door, an office, bathroom, warehouse space with high ceilings and security shutters. Currently each space is interconnected.
- New 5 year lease yielding 8.7% annual CAP rate.
- Fully fenced site with paved parking and 23 paved parking spaces.
- City of Santa Fe I-1 Zoning allows for many uses including industrial, storage, automotive, warehouse, construction trades, cabinet shop, office, pet grooming, kennel, educational, religious, and more.
- Located near the intersection of Airport Road and 599 with convenient access to I-25 and Albuquerque and Los Alamos. Nearby businesses include luxury car storage, Tractor Supply, the Santa Fe Airport and a future Franks Supply.
- Utilities include heavy electrical service, 3 phase, 1,600 amps; city water/sewer; and natural gas.
- Property is in the Airport Business Park which ensures an attractive neighborhood via the application of covenants and restrictions regulating architecture, landscaping, fencing, noise, odors, and certain uses.
- Seller will lease back Suite A for 5 years at market rents with an option to terminate the lease after 1 year (2,559sf lease back + 8,410/sf Vacant).
- Building is equipped with air conditioning, climate control, humidity control, plumbing for industrial gasses, heating, and floor drains. Ceilings are lined with uni-strut allowing for easy installation of lighting & other utilities.
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