Historic Building with Versatile
503 N AUBURN Avenue Farmington, NM 87401
For Sale
$375,000
Charming historic building suitable for office or commercial space.
Property Size2,571 SF
Lot Size1.86 Acres
Price / SF$145.86
Days on Market875
Property Features for 503 N AUBURN Avenue
General Information
Standard status
Active
Size
2,571 SF
Lot size
1.86 Acres
Property subtype
Commercial/Industrial
Listing Agency:
Keller Williams
(505) 860-3927
Listed By:
Barry J Digman · License #36807
(505) 860-3927
Source:
Exitrealty
Added: Mar 6, 2024
Changed: Jul 6
Last Checked: Jul 29 at 6:55AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams
Investment Insights
Based on property information with market context.
This historic building in Farmington offers a versatile space, previously utilized as a doctor's office and a real estate office. The building features a layout that includes 7 to 8 offices, 1 to 2 waiting rooms, a reception area, and kitchen space. It also contains a storage/IT room. Accessibility is enhanced by 2 handicap-accessible restrooms and a ramped side entrance. Modern amenities include forced air, 2 refrigerated A/C units, and a security system. Situated on a corner lot spanning 1.86 acres, the property provides ample parking with potential for expansion. The grounds are well-irrigated. The owner will consider leasing the property.
Key Highlights
- Versatile use: Previously a doctor's and real estate office.
- Accessibility: Features 2 handicap‑accessible restrooms and a ramped side entrance.
- Ample parking on a large 1.86‑acre corner lot with expansion potential.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.3k | $14.88 |
| − Vacancy | −$7.7k | −$2.98 |
| EGI | $30.6k | $11.90 |
| − OpEx | −$7.7k | −$2.98 |
| NOI | $23.0k | $8.93 |
2,571 SF · lease $14.88/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$327.9K
$286.9K – $382.6K
NOI $22,954 @ 7.0% cap · market cap 6.12%
Second Best
Healthcare Medical
$290.1K
$253.9K – $338.5K
NOI $20,310 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$531.9K
$465.4K – $620.5K
NOI $37,231 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Animal Haven Veterinary — Farmington, NM 87401
Frequently Asked Questions
What type of property is this?
Medical Office Space - Charming historic building suitable for office or commercial space.
Where is this medical office space located?
The property is located at 503 N AUBURN Avenue Farmington, NM.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Versatile use: Previously a doctor's and real estate office.; Accessibility: Features 2 handicap‑accessible restrooms and a ramped side entrance.; Ample parking on a large 1.86‑acre corner lot with expansion potential.
