Flex Space with Overhead
For Sale
$249,000
1705 W MAIN Street, Farmington, NM 87401
Commercial Sale, Farmington, NM
Property Size1,500 SF
Lot Size0.82 Acres
Price / SF$166
Days on Market645
Property Features for 1705 W MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Directions
West Main near the intersection of Murray Drive.
Subdivision
7E
Standard status
Active
Size
1,500 SF
Lot size
0.82 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Beg at NW Cor of SEC 17 29 13 S52-42-42E 1572.43 ft
Legal Description
Beg at NW Cor of SEC 17 29 13 S52-42-42E 1572.43 ft
Building Details
Floors in Building
1
Listing Agency:
Dimmick Realty
(505) 325-8863
Listed By:
David Harris · License #40873
(505) 325-8863
Added: Nov 20, 2024
Changed: Aug 19
Last Checked: Aug 27 at 10:06PM
MLS# 24-1430
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 flex property includes a 1,500-square-foot primary building with an overhead door and one office. A separate 320-square-foot building at the rear provides additional enclosed space for storage or work activities.
The property occupies 0.82 acres along West Main in Farmington, New Mexico, with convenient access for commercial operations. A current tenant may remain with the sale, providing an existing occupancy arrangement for a purchaser.
The property occupies 0.82 acres along West Main in Farmington, New Mexico, with convenient access for commercial operations. A current tenant may remain with the sale, providing an existing occupancy arrangement for a purchaser.
Key Highlights
- 1,500‑square‑foot primary building with overhead door
- One office included in the main building
- Separate 320‑square‑foot rear building for storage or workspace
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
$11,180
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
4.49%
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%
$223,600
$223.6K
Cap Rate 7%
$159,714
$159.7K
Cap Rate 9%
$124,222
$124.2K
Market Conditions
NOI Build-Up for 1,500 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
$14.2K $9.48/SF
− Vacancy
−$1.1K −$0.71/SF
EGI
$13.2K $8.77/SF
− OpEx
−$2.0K −$1.32/SF
NOI
$11.2K $7.45/SF
Area
San Juan County, NM
Vacancy
7.50%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$223,600
Cap Rate 7%
$159,714
Cap Rate 9%
$124,222
Alternative Uses
Best Use
Warehouse
$159.7K
$139.8K – $186.3K
NOI $11,180 @ 7.0% cap · market cap 4.49%
Second Best
Industrial
$131.5K
$115.1K – $153.5K
NOI $9,207 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$310.3K
$271.5K – $362.0K
NOI $21,722 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Includes an administrative office, rear building, and commercial lot.
Where is this flex space located?
The property is located at 1705 W MAIN Street Farmington, NM.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 1,500‑square‑foot primary building with overhead door; One office included in the main building; Separate 320‑square‑foot rear building for storage or workspace
