Warehouse with Office and
For Sale
Contact for pricing
302 S LIGHT PLANT Road, Aztec, NM 87410
Includes a 3,200 sq. ft. shop and 1,920 sq. ft. office plus two long covered carport/shed buildings.
Property Size5,120 SF
Price / SF$78.10
Days on Market595
Property Features for 302 S LIGHT PLANT Road
General Information
Standard status
Active
Size
5,120 SF
Property subtype
Special Purpose, Land
Listing Agency:
Coldwell Banker Cornerstone Realty
Listed By:
Rick Mace · License #NM
(970) 660-5323
Source:
Crexi
Added: Jan 21, 2025
Changed: Sep 6
Last Checked: Sep 7 at 6:15AM
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 for-sale commercial property totals 5,120 sq. ft. and combines shop and office space in one main building, consisting of approximately 3,200 sq. ft. of shop area and approximately 1,920 sq. ft. of office area. In addition, the site includes two separate long, covered carport/shed buildings: a 300 ft. long structure of approximately 11,598 sq. ft. and a second 168 ft. long covered carport/shed of approximately 6,712 sq. ft.
The property is located at 302 S Light Plant Road in Aztec, New Mexico, with directions noted as south on Light Plant Road from West Aztec Blvd./NM 516.
The layout provides a primary indoor shop and office component alongside substantial covered storage and work area under the two large shed structures, supporting a range of warehouse and light industrial uses.
The property is located at 302 S Light Plant Road in Aztec, New Mexico, with directions noted as south on Light Plant Road from West Aztec Blvd./NM 516.
The layout provides a primary indoor shop and office component alongside substantial covered storage and work area under the two large shed structures, supporting a range of warehouse and light industrial uses.
Key Highlights
- Commercial building total of 5,120 sq. ft. (3,200 sq. ft. shop and 1,920 sq. ft. office).
- Includes a 300 ft. long carport/shed building totaling 11,598 sq. ft.
- Includes a 168 ft. long covered carport/shed building totaling 6,712 sq. ft.
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
$31,428
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
7.86%
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%
$628,560
$628.6K
Cap Rate 7%
$448,971
$449.0K
Cap Rate 9%
$349,200
$349.2K
Market Conditions
NOI Build-Up for 5,120 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
$48.5K $9.48/SF
− Vacancy
−$3.6K −$0.71/SF
EGI
$44.9K $8.77/SF
− OpEx
−$13.5K −$2.63/SF
NOI
$31.4K $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%
$628,560
Cap Rate 7%
$448,971
Cap Rate 9%
$349,200
Alternative Uses
Best Use
Warehouse
$545.2K
$477.0K – $636.1K
NOI $38,163 @ 7.0% cap · market cap 9.54%
Second Best
Industrial
$449.0K
$392.9K – $523.8K
NOI $31,428 @ 7.0% cap · market cap 7.86%
Theoretical Best
Office A
$1.06M
$926.8K – $1.24M
NOI $74,143 @ 7.0% cap · market cap 18.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Under-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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Includes a 3,200 sq. ft. shop and 1,920 sq. ft. office plus two long covered carport/shed buildings.
Where is this flex space located?
The property is located at 302 S LIGHT PLANT Road Aztec, NM.
What is the asking price?
The asking price for this property is $399,888.
What are key features of this property?
This property features: Commercial building total of 5,120 sq. ft. (3,200 sq. ft. shop and 1,920 sq. ft. office).; Includes a 300 ft. long carport/shed building totaling 11,598 sq. ft.; Includes a 168 ft. long covered carport/shed building totaling 6,712 sq. ft.
