Two-Suite Flex
For Sale
Contact for pricing
1601 N DUSTIN Avenue SUITE A & B, Farmington, NM 87401
Dual-suite commercial property with established tenancy, adaptable workspace, and direct access from two streets.
Property Size11,630 SF
Lot Size0.90 Acres
Price / SF$51.16
Days on Market14
Property Features for 1601 N DUSTIN Avenue SUITE A & B
General Information
Standard status
Active
Size
11,630 SF
Lot size
0.90 Acres
Property subtype
Land
Site & Location
Road Access
Yes
Fenced Yard
Yes
Additional Details
Office Units
2
Amenities
covered entrance
ADA-accessible ramp
commercial flooring
customer service counter
private office
kitchen
laundry area
restroom
evaporative coolers
rear storage area
glass storefront
reception area
waiting area
bullpen work areas
industrial vent hood
storage rooms
utility room
fenced rear yard
HVAC units
water heater
masonry construction
Building Details
Buildings
1
Building Size
11,630 SF
Construction
masonry
Tenancy
Multi
Listing Agency:
EXP Realty Commercial
(505) 686-3831
Listed By:
Allen Elmore · License #FA100100921
Source:
Crexi
Added: Jul 30
Changed: Aug 12
Last Checked: Aug 10 at 7:12AM
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 Commercial
Investment Insights
Based on property information with market context.
This two-suite flex property contains 11,630 square feet within a block-and-brick commercial building. Unit A encompasses approximately 2,400 square feet and is leased to Howard's Cleaners. Its improvements include an ADA-accessible ramp, covered entry, customer counter, private office, kitchen, laundry area, restroom, evaporative coolers, and approximately 1,500 square feet of rear storage or parking area.
Unit B provides approximately 9,230 square feet of configurable commercial space with a glass storefront, dual entry doors, reception area, 13 private offices, five bullpen or collaborative work areas, kitchen with industrial vent hood, three storage rooms, two restrooms, utility room with wash basin, and a fenced rear yard. Multiple HVAC units, a 40-gallon water heater, durable masonry construction, and substantial paved parking support the property’s existing layout and future reconfiguration.
The property is located at 1601 N Dustin Avenue in Farmington, with access from Dustin Avenue and 17th Street. Approximately 39,000 square feet of paved, lighted parking serves the building, which also includes prominent signage and customer-oriented access.
Unit B provides approximately 9,230 square feet of configurable commercial space with a glass storefront, dual entry doors, reception area, 13 private offices, five bullpen or collaborative work areas, kitchen with industrial vent hood, three storage rooms, two restrooms, utility room with wash basin, and a fenced rear yard. Multiple HVAC units, a 40-gallon water heater, durable masonry construction, and substantial paved parking support the property’s existing layout and future reconfiguration.
The property is located at 1601 N Dustin Avenue in Farmington, with access from Dustin Avenue and 17th Street. Approximately 39,000 square feet of paved, lighted parking serves the building, which also includes prominent signage and customer-oriented access.
Key Highlights
- 11,630‑square‑foot block‑and‑brick commercial building with two suites
- Unit A: approximately 2,400 square feet, leased to Howard's Cleaners
- Unit B: approximately 9,230 square feet with 13 private offices and 5 bullpen areas
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
$46,990
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
7.90%
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%
$939,800
$939.8K
Cap Rate 7%
$671,286
$671.3K
Cap Rate 9%
$522,111
$522.1K
Market Conditions
NOI Build-Up for 11,630 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
$78.2K $6.72/SF
− Vacancy
−$5.9K −$0.50/SF
EGI
$72.3K $6.22/SF
− OpEx
−$25.3K −$2.18/SF
NOI
$47.0K $4.04/SF
Area
San Juan County, NM
Vacancy
7.50%
Lease Rate
$6.72 /SF/Yr
Expense Ratio
35.00%
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%
$939,800
Cap Rate 7%
$671,286
Cap Rate 9%
$522,111
Alternative Uses
Best Use
Retail
$1.64M
$1.44M – $1.92M
NOI $114,994 @ 7.0% cap · market cap 19.33%
Second Best
Office B
$1.48M
$1.30M – $1.73M
NOI $103,833 @ 7.0% cap · market cap 17.45%
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,414 @ 7.0% cap · market cap 28.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
297
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Dual-suite commercial property with established tenancy, adaptable workspace, and direct access from two streets.
Where is this flex space located?
The property is located at 1601 N DUSTIN Avenue SUITE A & B Farmington, NM.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 11,630‑square‑foot block‑and‑brick commercial building with two suites; Unit A: approximately 2,400 square feet, leased to Howard's Cleaners; Unit B: approximately 9,230 square feet with 13 private offices and 5 bullpen areas
