Building Details

Floors in Building 1

Roof type Metal

Listing Agency: R1 New Mexico Farmington d***@r1newmexico.com Show Phone

Listed By: Tammy D Valencia-Thompson · License #53432 Show Phone

Added: Oct 19 Changed: Oct 21 Last Checked: Oct 22 at 1:06AM

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MLS# 26-1292

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.

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This flex space includes a 1,500-square-foot building constructed in 2023 on a 1.61-acre parcel. The building is all-electric, has central air conditioning and a metal roof, and is served by a septic system.

The property at 1040 S Main Avenue in Aztec has highway access. City of Aztec water and trash service are available, while electricity is provided by the City of Farmington.

Key Highlights

• 1,500‑square‑foot building constructed in 2023
• 1.61‑acre parcel
• All‑electric building with central air and a metal roof

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,207

Cap Rate

3.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$184,140 $184.1K

Cap Rate 7%

$131,529 $131.5K

Cap Rate 9%

$102,300 $102.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,500 SF

Gross rent

$14.2K $9.48/SF

− Vacancy

−$1.1K −$0.71/SF

EGI

$13.2K $8.77/SF

− OpEx

−$3.9K −$2.63/SF

NOI

$9.2K $6.14/SF

Area

San Juan County, NM

Vacancy

7.50%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$184,140

Cap Rate 7%

$131,529

Cap Rate 9%

$102,300

Alternative Uses

Best Use

Industrial

$131.5K

$115.1K – $153.5K (±1% cap)

NOI $9,207 @ 7.0% cap · market cap 3.07%

Second Best

Flex RnD

$86.6K

$75.8K – $101.0K (±1% cap)

NOI $6,061 @ 7.0% cap · market cap 2.02%

Theoretical Best

Office A

$310.3K

$271.5K – $362.0K (±1% cap)

NOI $21,722 @ 7.0% cap · market cap 7.24%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Plumbing Service Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

40

Businesses Nearby

Well-served

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

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - The all-electric building has central air, city water service and a septic system.

Where is this flex space located?

The property is located at 1040 S MAIN Avenue Aztec, NM.

What is the asking price?

The asking price for this property is $300,000.

What are key features of this property?

This property features: 1,500‑square‑foot building constructed in 2023; 1.61‑acre parcel; All‑electric building with central air and a metal roof