Two-Suite Office
For Sale
$899,000
1703 W MAIN Street, Farmington, NM 87401
Commercial Sale, Farmington, NM
Property Size6,300 SF
Lot Size3.87 Acres
Price / SF$142.70
Days on Market492
Property Features for 1703 W MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Directions
Corner of Murray Drive and West Main
Subdivision
7E
Standard status
Active
Size
6,300 SF
Lot size
3.87 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Beg at NW Cor of SEC 17 29 13 S 52-42-42E 1572.43 Ft
Legal Description
Beg at NW Cor of SEC 17 29 13 S 52-42-42E 1572.43 Ft
Utilities
Cooling system
Evaporative Cooling
Building Details
Floors in Building
1
Listing Agency:
Dimmick Realty
(505) 325-8863
Listed By:
David Harris · License #40873
(505) 325-8863
Added: Apr 23, 2025
Changed: Aug 19
Last Checked: Aug 27 at 10:06PM
MLS# 25-512
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.
The property comprises a 6,300-square-foot office building with two suites, both leased. Evaporative cooling serves the building, and the improvements are positioned on a level 3.87-acre lot.
Located at 1703 W Main Street in Farmington, the property occupies the corner of Murray Drive and West Main. The parcel provides a substantial land component alongside the existing office improvements.
Located at 1703 W Main Street in Farmington, the property occupies the corner of Murray Drive and West Main. The parcel provides a substantial land component alongside the existing office improvements.
Key Highlights
- 6,300‑square‑foot office building with 2 suites
- Both office suites are leased
- Located on a level 3.87‑acre lot
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
$56,246
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
6.26%
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%
$1,124,920
$1.1M
Cap Rate 7%
$803,514
$803.5K
Cap Rate 9%
$624,956
$625.0K
Market Conditions
NOI Build-Up for 6,300 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
$93.7K $14.88/SF
− Vacancy
−$18.7K −$2.98/SF
EGI
$75.0K $11.90/SF
− OpEx
−$18.7K −$2.98/SF
NOI
$56.2K $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%
$1,124,920
Cap Rate 7%
$803,514
Cap Rate 9%
$624,956
Alternative Uses
Best Use
Office B
$803.5K
$703.1K – $937.4K
NOI $56,246 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,230 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
335
Businesses Nearby
Explore this area
Business Placement
Demographics for 87401, NM
44,724
Population
17,611
Households
2.5
Avg Household Size
34
Median Age
19%
College-Educated
88%
High-School Grad
132.8 sq mi
ZIP Area
337
Density / Sq Mi
$56,358
Median Household Income
$31,362
Median Earnings
$983
Median Rent
$202,400
Median Home Value
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 - Leased office property with evaporative cooling on a level commercial parcel.
Where is this office building located?
The property is located at 1703 W MAIN Street Farmington, NM.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 6,300‑square‑foot office building with 2 suites; Both office suites are leased; Located on a level 3.87‑acre lot
