Street Townhomes 3205 North Main Street | Clovis, NM
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MAIN STREET TOWNHOMES 3205 NORTH MAIN STREET | CLOVIS, NM OFFERING MEMORANDUM CAPITAL MARKETS | INVESTMENT PROPERTIES TABLE OF CONTENTS 3 EXECUTIVE SUMMARY 10 FINANCIAL ANALYSIS © 2021 CBRE, INC. ALL RIGHTS RESERVED. EXECUTIVE SUMMARY EXECUTIVE SUMMARY MAIN STREET TOWNHOMES 3205 NORTH MAIN STREET CLOVIS, NM 88101 Price: $2,882,980 Price per unit: $115,319 PROPERTY FEATURES Price per square foot: $103 • A mix of three- and four-bedroom units featuring a patio, dishwasher, garbage disposal, additional storage, and air conditioning LIHTC - Family • Community amenities include a playground, clubhouse, on-site laundry facility, and basketball court Units: 25 DESIRABLE LOCATION Rentable square feet: 28,056 • Less than a mile from a major retail intersection featuring a Walmart Supercenter, Lowe’s Home Improvement, PetSmart, Big 5 Sporting Goods, Applebee’s Grill + Bar, and more Year built: 2002 • Only 15 minutes from Cannon Air Force Base, which employs around 5,800 military and civilian personnel Initial TCCP ended: 2016 • Under three miles from Hillcrest Park, which houses the second-largest zoo in New Mexico, an aquatic center, par-3 golf course, youth Final year of LIHTC restrictions: 2046 recreation center, soccer fields, dog park, and botanical garden Qualified Contract eligible • Just six minutes from Plains Regional Medical Center, the largest hospital between Albuquerque and Lubbock • Within a mile from North Plains Mall, which houses over 50 retailers including JCPenney, Stage, Bath & Body Works, and Maurices MAIN STREET TOWNHOMES | 4 EXECUTIVE SUMMARY AFFORDABLE RESTRICTIONS Main Street Townhomes currently operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and has the following restrictions. Buyer must agree to maintain the affordable restrictions through the extended use period, including operating the property in compliance with state and federal regulatory agreements. CURRY COUNTY, NM INITIAL TCCP ENDED: 2016 (CURRY COUNTY, NM) FINAL YEAR OF RESTRICTIONS: 2046 2020 4-PERSON AMI: $51,700 • LIHTC LURA: Restricts 19 units at 40% AMI and the remaining units 2020 INCOME LIMITS 40% AMI 50% AMI at 50% AMI 1 person $ 15,600 $ 19,500 • HOME LURA: Restricts (3) three-bedroom units and (1) two-bedroom 2 people $ 17,800 $ 22,250 units to the lesser of fair market rents for comparable units in the 3 people $ 20,040 $ 25,050 area as established by HUD, 30% of adjusted income of a family 4 people $ 22,240 $ 27,800 whos income equals 65% AMI, or 50% AMI with the tenant portion 5 people $ 24,040 $ 30,050 of rents not to exceed 30% of the families adjusted income 6 people $ 25,800 $ 32,250 PROPERTY DETAILS AERIAL MAP YEAR BUILT 2002 NUMBER OF BUILDINGS 8 (7 residential | 1 clubhouse) NUMBER OF UNITS 25 NUMBER OF STORIES 1 & 2 PARCEL NUMBER 1211012214415 ZONING LOT SIZE 1.93 acres DENSITY 12.95 units/acre PARKING SPACES 57 PARKING RATIO 2.28 spaces/unit LANDSCAPING Mature trees, shrubs, and grass TOPOGRAPHY Flat IN-UNIT WASHER/DRYER No EXTERIOR Vinyl PARKING SURFACE Asphalt ROOF Shingles MAIN STREET TOWNHOMES | 5 WALMART SUPERCENTER EXECUTIVE SUMMARY LOCAL MAP LOWE’S HOME IMPROVEMENT FEDEX SHIP CENTER CLOVIS INCOME SUPPORT DIVISION MAIN STREET TOWNHOMES CLOVIS FARMERS’ MARKET THE CHURCH OF JESUS CHRIST OF LATTER-DAY SAINTS HIGHLAND ELEMENTARY SCHOOL NORTH PLAINS MALL UNITED STATES POSTAL SERVICE S & S SUPERMARKET WALGREENS CLOVIS HIGH SCHOOL GREENE ACRES PARK HOBBY LOBBY REGIONAL MAP ST. BERNARD FARMS APPLEBEE’S GRILL + BAR MAIN STREET TOWNHOMES CLOVIS MUNICIPAL AIRPORT PLAINS REGIONAL MEDICAL CENTER ALBERTSONS CURRY COUNTY MANAGER HILLCREST PARK ZOO CLOVIS CLOVIS COMMUNITY COLLEGE BNSF RAILYARD CANNON AFB CURRY COUNTY FAIRGROUNDS CLOVIS LANDFILL CLOVIS INDUSTRIAL PARK SOUTHWEST CHEESE MAIN STREET TOWNHOMES | 6 EXECUTIVE SUMMARY UNIT AMENITIES Patio Dishwasher Garbage disposal Additional storage Air conditioning MAIN STREET TOWNHOMES | 7 EXECUTIVE SUMMARY COMMUNITY AMENITIES Playground Clubhouse On-site laundry facility Basketball court MAIN STREET TOWNHOMES | 8 EXECUTIVE SUMMARY SCHOOLS » HIGHLAND ELEMENTARY SCHOOL (0.5 MILE) CLOVIS, NEW MEXICO » MARSHALL MIDDLE SCHOOL (1.4 MILES) » CLOVIS HIGH SCHOOL (1.3 MILES) » CLOVIS COMMUNITY COLLEGE (4.9 MILES) Main Street Townhomes lies in Clovis, the county seat of Curry County. Clovis serves as the commercial center of the High Plains region of east New Mexico and west GROCERY STORES Texas. The city is a thriving hub of cowboys, rock & roll music, and agriculture. » S & S SUPERMARKET (0.9 MILE) » LOWE’S MARKETPLACE (1.5 MILES) CANNON AIR FORCE BASE » ALBERTSONS (1.7 MILES) Cannon Air Force Base is situated under seven miles west of Clovis. Spanning 3,789 NEIGHBORHOOD AMENITIES acres, the base is home to the 27th Special Operations Wing. Around 5,800 military and civilian personnel work on base, and Cannon has a total population of over » CLOVIS-CARVER PUBLIC LIBRARY (1.9 MILES) » CURRY COUNTY MANAGER (1.9 MILES) 20,000 active duty, family, civilians, and retirees. » LYCEUM THEATRE (2.1 MILES) » NORMAN & VI PETTY ROCK & ROLL MUSEUM INFRASTRUCTURE (2.2 MILES) » PLAINS REGIONAL MEDICAL CENTER Clovis Area Transit System (CATS) provides public transportation for Clovis and the (2.3 MILES) surrounding region. Funded by a Federal Transit Administration grant, CATS offers » CLOVIS LANDFILL (5.1 MILES) reservation-based on-demand service to anywhere in the city for just 75 cents. PARKS AND RECREATION Clovis is a major hub of the BNSF railway, which employs around 400 people in the » GREENE ACRES PARK (1.1 MILES) Clovis area. South of the city is a BNSF-certified 240-acre industrial park featuring » CLOVIS ROCK GYM (1.5 MILES) direct access to the railway, US-60, and US-70. » HILLCREST PARK ZOO (2.8 MILES) » ST. BERNARD FARMS (4.3 MILES) Clovis Municipal Airport (CVN) is located just 10 minutes from Mesquite Village. » CURRY COUNTY FAIRGROUNDS (4.4 MILES) The city-owned airport is primarily used for general aviation, but also offers daily » CLOVIS FUN CENTER (5.3 MILES) commercial service via Denver Air Connection to Denver International Airport, RETAIL AND RESTAURANTS subsidized by the U.S. Department of Transportation’s Essential Air Service program. » APPLEBEE’S GRILL + BAR (0.8 MILE) ECONOMY » WALMART SUPERCENTER (0.9 MILE) » FAMILY DOLLAR (0.9 MILE) Clovis’ economy is primarily agricultural, with the surrounding land filled with farms, » LOWE’S HOME IMPROVEMENT (1.0 MILE) ranches, and dairies. There are over 640 farms in Curry County, which generate » NORTH PLAINS MALL (1.1 MILES) JCPENNEY, STAGE, BATH & BODY WORKS, MAURICES, $480 million in sales each year, the highest in the state (USDA Agriculture Census, BUCKLE, HIBBETT SPORTS, JOURNEYS, RUE21, ZALES 2017). Top crops grown in the county include cotton, wheat, corn, and sorghum. The » BIG LOTS (1.6 MILES) region is ideal for farming, thanks to its temperate climate, fertile soil, and abundant » PRINCE STREET SHOPPING CENTER (1.6 MILES) ALBERTSONS, HOBBY LOBBY, IHOP, DOLLAR GENERAL, rainfall. Residents can purchase locally-grown produce at the Clovis Farmers’ Market, GOODWILL, HARBOR FREIGHT TOOLS, DOMINO’S PIZZA held every Tuesday and Saturday from July to October at the Goodwin Lake Trail parking lot. Operated by the New Mexico Department of Agriculture, the market TRANSPORTATION accepts EBT/SNAP cards, WIC vouchers, and CSFP Senior Nutrition Vouchers. » BNSF CLOVIS RAILYARD (2.8 MILES) » US-60 / US-84 (4.2 MILES) There are around 60 dairies within 25 miles of Clovis, and Curry County is the » CLOVIS GREYHOUND STATION (7.6 MILES) second-largest milk producer in the state. The county’s dairy farms produce 238 » CLOVIS MUNICIPAL AIRPORT (8.4 MILES) million gallons of milk a year, generating an annual economic impact of $2.6 billion. The region’s beef cattle ranches contribute $155 million annually to the county. SOUTHWEST CHEESE Just south of Clovis is Southwest Cheese Company, one of the largest milk processing plants in the world. It processes 5.1 billion pounds of milk each year, producing various cheeses and whey protein that are supplied to leading brands such as McDonald’s, Kraft, and Sysco. Southwest Cheese was created in 2005 with $200 million by a joint venture between Glanbia and the dairy cooperatives of the Greater Southwest Agency. In 2016, it underwent a $140 million expansion that increased capacity by 30%. It has become the largest cheddar producer in North America, generating around 10% of the U.S. market share. Southwest Cheese is dedicated to sustainability and community outreach, such as investing $25 million in a state-of-the-art wastewater treatment system. The company and its 400+ employees inject around $2 million in direct spending annually into the local economy. THE CLOVIS SOUND Clovis has a rich musical heritage, known for its “Clovis sound” in the 50s and 60s that had a major influence on rock & roll music. Clovis was home of the Norman Petty Recording Studio, where famous musicians including Buddy Holly, Waylon Jennings, and Roy Orbison recorded their hit songs. Memorabilia and artifacts of the “Clovis sound” are displayed at the Norman & Vi Petty Rock & Roll Museum in downtown Clovis. Since 1987, more than 15,000 people flock from around the world to the annual Clovis Music Festival, which features live performances and guided tours of the Norman Petty Studio. In 2017, the festival was combined with the annual “Draggin’ Main” event, culminating in a celebration of rock & roll music and cars cruising down Main Street. MAIN STREET TOWNHOMES | 9 FINANCIAL ANALYSIS FINANCIAL ANALYSIS