1600 SF Commercial
For Sale
Contact for pricing
2005 N LEE Avenue, Farmington, NM 87401
Commercial building with fenced storage yard and upgraded electric.
Property Size1,600 SF
Price / SF$156.18
Days on Market663
Property Features for 2005 N LEE Avenue
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Special Purpose, Land
Listing Agency:
Coldwell Banker Cornerstone Realty
Listed By:
Rick Mace · License #NM
(970) 660-5323
Source:
Crexi
Added: Dec 20, 2024
Changed: Oct 3
Last Checked: Oct 12 at 5:08PM
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 Coldwell Banker Cornerstone Realty
Investment Insights
Based on property information with market context.
This 1600 sq.ft. block building features a large, fenced storage yard, upgraded electric, and some solar installations. The property includes a large office and storage area, along with handicapped-sized bathrooms and newer refrigerated air. A customer parking area is available. The building was previously used by an electrical service company and may be suitable for recreational use.
Key Highlights
- Large, fenced storage yard provides security and ample space.
- Upgraded electric ensures sufficient power for various needs.
- 1600 sq.ft. block building offers durability and functionality.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,821
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$196,420
$196.4K
Cap Rate 7%
$140,300
$140.3K
Cap Rate 9%
$109,122
$109.1K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$15.2K $9.48/SF
− Vacancy
−$1.1K −$0.71/SF
EGI
$14.0K $8.77/SF
− OpEx
−$4.2K −$2.63/SF
NOI
$9.8K $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%
$196,420
Cap Rate 7%
$140,300
Cap Rate 9%
$109,122
Alternative Uses
Best Use
Industrial
$140.3K
$122.8K – $163.7K
NOI $9,821 @ 7.0% cap · market cap 3.93%
Second Best
Flex RnD
$92.4K
$80.8K – $107.8K
NOI $6,465 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$331.0K
$289.6K – $386.2K
NOI $23,170 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
730
Businesses Nearby
Under-served
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
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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Similar Off Market Nearby
- USA Catering Service — 2010 E Main St, Farmington, NM 87401
Frequently Asked Questions
What type of property is this?
Flex space - Commercial building with fenced storage yard and upgraded electric.
Where is this flex space located?
The property is located at 2005 N LEE Avenue Farmington, NM.
What is the asking price?
The asking price for this property is $249,888.
What are key features of this property?
This property features: Large, fenced storage yard provides security and ample space.; Upgraded electric ensures sufficient power for various needs.; 1600 sq.ft. block building offers durability and functionality.
