Office Building with Two-Bay
For Sale
$626,750
1607 W AZTEC Boulevard, Aztec, NM 87410
Commercial Sale, Aztec, NM
Property Size6,184 SF
Lot Size2.48 Acres
Price / SF$101.35
Days on Market423
Property Features for 1607 W AZTEC Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Security features
Security Lighting
Directions
Travel North bound on NM 516 past Swire Ave. building lies between Family Dollar and Big O' Tire on North side of the HWY
Subdivision
Aztec
Standard status
Active
Size
6,184 SF
Lot size
2.48 Acres
Taxes and HOA fees
Tax Description
BEG S 656.61 FT AND W 40 FT AND S49'19'W 157.60 FT AND S38'58'W 37.86 FT FROM NE COR E1/2SENW 083011 TH S 303.83 FT, S8
Legal Description
BEG S 656.61 FT AND W 40 FT AND S49'19'W 157.60 FT AND S38'58'W 37.86 FT FROM NE COR E1/2SENW 083011 TH S 303.83 FT, S8
Utilities
Cooling system
Central Air
Building Details
Floors in Building
1
Listing Agency:
San Juan Realty
Listed By:
Richard Buffington · License #53774
(505) 327-4837
Added: Jul 18, 2025
Changed: Aug 19
Last Checked: Sep 13 at 9:06AM
MLS# 25-938
Copyright © 2026 San Juan County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,184-square-foot office building occupies 2.48 acres and includes more than 16 private offices, multiple shared areas, and a large two-bay garage. Central air supports the building’s office configuration. The rear residence is included in as-is condition.
The property is located at 1607 W Aztec Boulevard in Aztec, New Mexico, along a commercial corridor. Its prior configurations included an ambulance center and offices used by the Aztec school district, providing established examples of institutional and administrative use.
The property is located at 1607 W Aztec Boulevard in Aztec, New Mexico, along a commercial corridor. Its prior configurations included an ambulance center and offices used by the Aztec school district, providing established examples of institutional and administrative use.
Key Highlights
- 6,184‑square‑foot office building on 2.48 acres
- More than 16 private offices with multiple common areas
- Large two‑bay garage included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$55,211
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,104,220
$1.1M
Cap Rate 7%
$788,729
$788.7K
Cap Rate 9%
$613,456
$613.5K
Market Conditions
NOI Build-Up for 6,184 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$92.0K $14.88/SF
− Vacancy
−$18.4K −$2.98/SF
EGI
$73.6K $11.90/SF
− OpEx
−$18.4K −$2.98/SF
NOI
$55.2K $8.93/SF
Area
San Juan County, NM
Vacancy
20.00%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,104,220
Cap Rate 7%
$788,729
Cap Rate 9%
$613,456
Alternative Uses
Best Use
Office B
$788.7K
$690.1K – $920.2K
NOI $55,211 @ 7.0% cap · market cap 8.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,551 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Explore this area
Business Placement
Demographics for 87410, NM
16,064
Population
6,402
Households
2.5
Avg Household Size
40
Median Age
17%
College-Educated
88%
High-School Grad
265.6 sq mi
ZIP Area
60
Density / Sq Mi
$51,283
Median Household Income
$31,436
Median Earnings
$802
Median Rent
$192,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-office property with common areas and a separate residence offered in as-is condition.
Where is this office building located?
The property is located at 1607 W AZTEC Boulevard Aztec, NM.
What is the asking price?
The asking price for this property is $626,750.
What are key features of this property?
This property features: 6,184‑square‑foot office building on 2.48 acres; More than 16 private offices with multiple common areas; Large two‑bay garage included
