Villa View 22-Unit Apartment
For Sale
$1,050,000
905 Walnut Dr, Farmington, NM 87401
Two-story apartment community near Four Corners Regional Airport, downtown Farmington, and the local hospital.
Property Size10,300 SF
Price / SF$101.94
Days on Market36
Property Features for 905 Walnut Dr
General Information
Standard status
Active
Size
10,300 SF
Property subtype
Multi-Family
Occupancy
91%
Units
Unit Mix
12 x studio, 10 x 1BR
Multifamily Units
22
Additional Details
Gross Income
$162,360
Building Details
Year Built
1950
Buildings
1
Stories
2
Listing Agency:
Exp Realty, LLC
Listed By:
Allen Elmore · License #12100177
(505) 686-3831
Source:
Rivasrealestatenm
Added: Aug 10
Changed: Sep 2
Last Checked: Sep 14 at 6:02AM
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 Exp Realty, LLC
Investment Insights
Based on property information with market context.
Villa View Apartments is a two-story multifamily property with 22 units, including 12 studios and 10 one-bedroom apartments. The building is offered as-is and is currently 91% occupied.
The property is positioned near Four Corners Regional Airport, downtown Farmington, and the hospital, providing proximity to area employers, services, and amenities. Its unit mix combines smaller studio layouts with one-bedroom residences within a single apartment community.
The property is positioned near Four Corners Regional Airport, downtown Farmington, and the hospital, providing proximity to area employers, services, and amenities. Its unit mix combines smaller studio layouts with one-bedroom residences within a single apartment community.
Key Highlights
- 22‑unit apartment building with 12 studios and 10 one‑bedroom apartments
- Two‑story multifamily property offered as‑is
- 91% occupied
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
$76,843
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
7.32%
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%
$1,536,860
$1.5M
Cap Rate 7%
$1,097,757
$1.1M
Cap Rate 9%
$853,811
$853.8K
Market Conditions
NOI Build-Up for 10,300 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
$152.0K $14.76/SF
− Vacancy
−$12.3K −$1.20/SF
EGI
$139.7K $13.56/SF
− OpEx
−$62.9K −$6.10/SF
NOI
$76.8K $7.46/SF
Area
San Juan County, NM
Vacancy
8.10%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$1,536,860
Cap Rate 7%
$1,097,757
Cap Rate 9%
$853,811
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$960.5K – $1.28M
NOI $76,843 @ 7.0% cap · market cap 7.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.13M
$1.86M – $2.49M
NOI $149,155 @ 7.0% cap · market cap 14.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
22
Residential units
91%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
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
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story apartment community near Four Corners Regional Airport, downtown Farmington, and the local hospital.
Where is this apartment building located?
The property is located at 905 Walnut Dr Farmington, NM.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 22‑unit apartment building with 12 studios and 10 one‑bedroom apartments; Two‑story multifamily property offered as‑is; 91% occupied
