Mobile Home and RV
For Sale
$249,900
Pending
1031-1035 SMITH Lane, Farmington, NM 87401
MULTI_FAMILY - Farmington, NM
Property Size2,190 SF
Days on Market54
Property Features for 1031-1035 SMITH Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Fam Low Dens
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 8, Bedroom 1, Bathroom 4, Bedroom 7, Bedroom 6, Bathroom 3, Bathroom 2, Bedroom 5, Bathroom 1, Bedroom 3, Bedroom 2
Elementary school
Animas Elementary
Middle school
Hermosa Middle School
High school
Farmington High School
Directions
From Main Street between Fairview and Hutton, turn North on Smith Lane, home and income properties on left.
Subdivision
6I
Standard status
Pending
Taxes and HOA fees
Tax Description
THE NORTH 227 FT OF THE NWNWSE OF 112913, BEG N69-36-E 295 FT FROM THE INTERSECTION OF N LINE US 550 AND W LINE OF S
Tax Annual Amount
802
Legal Description
THE NORTH 227 FT OF THE NWNWSE OF 112913, BEG N69-36-E 295 FT FROM THE INTERSECTION OF N LINE US 550 AND W LINE OF S
Utilities
Heating system
Natural Gas
Building Details
Floors in Building
1
Number of units
4
Listing Agency:
RE/MAX of Farmington · RE/MAX International
(505) 327-4777
Listed By:
Sam Todd · License #17823
(505) 327-4777
Added: Jun 19
Changed: Jul 20
Last Checked: Aug 11 at 9:06PM
MLS# 26-716
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 mobile home and RV park property includes three older single MH units, each configured as 2 bedrooms and 1 bathroom. It also includes a site-built 2 bedroom, 1 bathroom house with two living areas, and an additional space that can accommodate an RV or a single-wide. The listing also references an existing laundromat building totaling 2,190 square feet. The property is described as needing some TLC, and the owner does not currently occupy the house.
The subject addresses include 1031, 1033, and 1035 Smith Lane in Farmington, New Mexico. The mobile homes are described as paying their own utilities except for water, which is reported to run around $380 per month.
Configuration includes several residential units plus an extra RV/single-wide space, alongside a laundromat building on-site, offering a mixed rental setup within the same property.
The subject addresses include 1031, 1033, and 1035 Smith Lane in Farmington, New Mexico. The mobile homes are described as paying their own utilities except for water, which is reported to run around $380 per month.
Configuration includes several residential units plus an extra RV/single-wide space, alongside a laundromat building on-site, offering a mixed rental setup within the same property.
Key Highlights
- Includes addresses 1031, 1033, and 1035 Smith Lane
- Old laundromat building is 2,190 SF
- On‑site site‑built house: 2 BR, 1 bath with 2 living areas (approx. 1,514 SF); owner currently does not occupy
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
$18,340
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
7.34%
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%
$366,800
$366.8K
Cap Rate 7%
$262,000
$262.0K
Cap Rate 9%
$203,778
$203.8K
Market Conditions
NOI Build-Up for 2,190 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
$28.4K $12.96/SF
− Vacancy
−$2.2K −$1.00/SF
EGI
$26.2K $11.96/SF
− OpEx
−$7.9K −$3.59/SF
NOI
$18.3K $8.37/SF
Area
San Juan County, NM
Vacancy
7.69%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
30.00%
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%
$366,800
Cap Rate 7%
$262,000
Cap Rate 9%
$203,778
Alternative Uses
Best Use
Multifamily LT 5
$262.0K
$229.3K – $305.7K
NOI $18,340 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$233.4K
$204.2K – $272.3K
NOI $16,338 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$453.0K
$396.4K – $528.6K
NOI $31,713 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
769
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mobile home & RV park - Property includes multiple mobile homes with individual utility responsibility and an additional RV/single-wide space.
Where is this mobile home & rv park located?
The property is located at 1031-1035 SMITH Lane Farmington, NM.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Includes addresses 1031, 1033, and 1035 Smith Lane; Old laundromat building is 2,190 SF; On‑site site‑built house: 2 BR, 1 bath with 2 living areas (approx. 1,514 SF); owner currently does not occupy
