Office Building with Two-Bay
For Sale
$626,750
1607 W AZTEC Boulevard, Aztec, NM 87410
COMMERCIAL - Aztec, NM
Property Size6,184 SF
Lot Size2.48 Acres
Price / SF$101.35
Days on Market391
Property Features for 1607 W AZTEC Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Security features
Security Lighting
Directions
Travel North bound on NM 516 past Swire Ave. building lies between Family Dollar and Big O' Tire on North side of the HWY
Subdivision
Aztec
Standard status
Active
Size
6,184 SF
Lot size
2.48 Acres
Taxes and HOA fees
Tax Description
BEG S 656.61 FT AND W 40 FT AND S49'19'W 157.60 FT AND S38'58'W 37.86 FT FROM NE COR E1/2SENW 083011 TH S 303.83 FT, S8
Legal Description
BEG S 656.61 FT AND W 40 FT AND S49'19'W 157.60 FT AND S38'58'W 37.86 FT FROM NE COR E1/2SENW 083011 TH S 303.83 FT, S8
Utilities
Cooling system
Central Air
Building Details
Floors in Building
1
Listing Agency:
San Juan Realty
(505) 327-4837
Listed By:
Richard Buffington · License #53774
(505) 327-4837
Added: Jul 18, 2025
Changed: Aug 4
Last Checked: Aug 12 at 12:06PM
MLS# 25-938
Copyright © 2026 San Juan County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,184-square-foot office building occupies 2.48 acres at 1607 W Aztec Boulevard in Aztec, New Mexico. The layout includes more than 16 private offices, several shared areas, and a two-bay garage. Central air serves the building. Originally developed as an ambulance center, the property was later used for EPO offices by the Aztec school district.
A separate home is located at the rear of the property and conveys in as-is condition. The building fronts W Aztec Boulevard and is positioned along a high-traffic corridor within the 87410 postal area.
A separate home is located at the rear of the property and conveys in as-is condition. The building fronts W Aztec Boulevard and is positioned along a high-traffic corridor within the 87410 postal area.
Key Highlights
- 6,184‑square‑foot office building on 2.48 acres
- More than 16 private offices plus multiple common areas
- Two‑bay garage included with the building
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
$55,211
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
8.81%
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%
$1,104,220
$1.1M
Cap Rate 7%
$788,729
$788.7K
Cap Rate 9%
$613,456
$613.5K
Market Conditions
NOI Build-Up for 6,184 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
$92.0K $14.88/SF
− Vacancy
−$18.4K −$2.98/SF
EGI
$73.6K $11.90/SF
− OpEx
−$18.4K −$2.98/SF
NOI
$55.2K $8.93/SF
Area
San Juan County, NM
Vacancy
20.00%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
25.00%
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%
$1,104,220
Cap Rate 7%
$788,729
Cap Rate 9%
$613,456
Alternative Uses
Best Use
Office B
$788.7K
$690.1K – $920.2K
NOI $55,211 @ 7.0% cap · market cap 8.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,551 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Central air, private offices, common areas, and a two-bay garage support varied office configurations.
Where is this office building located?
The property is located at 1607 W AZTEC Boulevard Aztec, NM.
What is the asking price?
The asking price for this property is $626,750.
What are key features of this property?
This property features: 6,184‑square‑foot office building on 2.48 acres; More than 16 private offices plus multiple common areas; Two‑bay garage included with the building
