Flex Space with 4
For Sale
$439,900
Pending
815 S MAIN Avenue, Aztec, NM 87410
Commercial Sale, Aztec, NM
Property Size2,580 SF
Lot Size1.00 Acre
Days on Market46
Property Features for 815 S MAIN Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Directions
South on Main Ave in Aztec l for apron 1.5 miles. Building will be on the left at 815 S Main Ave.
Subdivision
Aztec
Standard status
Pending
Size
2,580 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
BEG. BK.1523 PG.159 ESC BK.1735 PG.957
Tax Annual Amount
5019
Legal Description
BEG. BK.1523 PG.159 ESC BK.1735 PG.957
Utilities
Heating system
Natural Gas
Cooling system
Evaporative Cooling
Building Details
Floors in Building
1
Listing Agency:
San Juan Realty
Listed By:
Richard Buffington · License #REC20240555
(505) 327-4837
Added: Jul 30
Changed: Aug 19
Last Checked: Sep 13 at 9:06AM
MLS# 26-945
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 2,580-square-foot flex property at 815 S Main Avenue includes four shop bays, an exterior wash bay, two private offices, one storage room, and one bathroom. The 1-acre site provides room for equipment, fleet vehicles, trailers, parking, and potential expansion. Natural gas heating and evaporative cooling serve the building.
Located in Aztec, New Mexico, the property offers a practical layout for commercial operations requiring indoor work areas and outdoor vehicle or equipment space. The configuration supports a range of industrial and service-oriented uses, including construction, trucking, automotive repair, fabrication, agriculture, and oilfield services.
Located in Aztec, New Mexico, the property offers a practical layout for commercial operations requiring indoor work areas and outdoor vehicle or equipment space. The configuration supports a range of industrial and service-oriented uses, including construction, trucking, automotive repair, fabrication, agriculture, and oilfield services.
Key Highlights
- 2,580‑square‑foot flex property on 1 acre
- Four shop bays with an outdoor wash bay
- Two private offices, one storage room, and one bathroom
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
$19,230
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
4.37%
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%
$384,600
$384.6K
Cap Rate 7%
$274,714
$274.7K
Cap Rate 9%
$213,667
$213.7K
Market Conditions
NOI Build-Up for 2,580 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
$24.5K $9.48/SF
− Vacancy
−$1.8K −$0.71/SF
EGI
$22.6K $8.77/SF
− OpEx
−$3.4K −$1.32/SF
NOI
$19.2K $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%
$384,600
Cap Rate 7%
$274,714
Cap Rate 9%
$213,667
Alternative Uses
Best Use
Warehouse
$274.7K
$240.4K – $320.5K
NOI $19,230 @ 7.0% cap · market cap 4.37%
Second Best
Industrial
$226.2K
$198.0K – $264.0K
NOI $15,837 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$533.7K
$467.0K – $622.7K
NOI $37,361 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Service bays
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Balanced
Demand for This Use
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
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Functional commercial facility with dedicated offices, storage, service space, and an expansive outdoor work area.
Where is this flex space located?
The property is located at 815 S MAIN Avenue Aztec, NM.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: 2,580‑square‑foot flex property on 1 acre; Four shop bays with an outdoor wash bay; Two private offices, one storage room, and one bathroom
