Flex Space with Ample
For Sale
$300,000
1100 E MURRAY Drive, Farmington, NM 87401
COMMERCIAL - Farmington, NM
Property Size3,240 SF
Lot Size0.31 Acres
Price / SF$92.59
Days on Market141
Property Features for 1100 E MURRAY Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Subdivision
Pengilley
Directions
From Browning Parkway turn right onto US-64 W; destination will be on the right.
Standard status
Active
Size
3,240 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Description
PENGILLEY SUB LOT 2 B.1140 P.483 B.1380 P.1095
Tax Annual Amount
2676
Legal Description
PENGILLEY SUB LOT 2 B.1140 P.483 B.1380 P.1095
Utilities
Heating system
Natural Gas
Cooling system
Evaporative Cooling
Building Details
Floors in Building
1
Listing Agency:
Real Estate PROS
(505) 588-7767
Listed By:
Brandon Ryan · License #52961
(505) 588-7767
Added: Mar 25
Changed: Aug 4
Last Checked: Aug 12 at 12:06PM
MLS# 26-334
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 3,240-square-foot flex property occupies 0.31 acres at 1100 E Murray Drive in Farmington. The space is identified for retail, office, or service use, offering a flexible commercial configuration for a range of business operations. Ample parking is available on the property. Building systems include natural gas heating and evaporative cooling, providing the core mechanical features currently identified for the asset.
Key Highlights
- 3,240 square feet of flex space
- 0.31‑acre commercial property
- Identified for retail, office, or service use
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
$19,888
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
6.63%
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%
$397,760
$397.8K
Cap Rate 7%
$284,114
$284.1K
Cap Rate 9%
$220,978
$221.0K
Market Conditions
NOI Build-Up for 3,240 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
$30.7K $9.48/SF
− Vacancy
−$2.3K −$0.71/SF
EGI
$28.4K $8.77/SF
− OpEx
−$8.5K −$2.63/SF
NOI
$19.9K $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 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%
$397,760
Cap Rate 7%
$284,114
Cap Rate 9%
$220,978
Alternative Uses
Best Use
Retail
$457.7K
$400.5K – $533.9K
NOI $32,036 @ 7.0% cap · market cap 10.68%
Second Best
Office B
$413.2K
$361.6K – $482.1K
NOI $28,927 @ 7.0% cap · market cap 9.64%
Theoretical Best
Office A
$670.3K
$586.5K – $782.0K
NOI $46,919 @ 7.0% cap · market cap 15.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
265
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial space identified for retail, office, or service use.
Where is this flex space located?
The property is located at 1100 E MURRAY Drive Farmington, 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: 3,240 square feet of flex space; 0.31‑acre commercial property; Identified for retail, office, or service use
