Flex Space with Loading
For Sale
$498,900
2211 San Juan, Farmington, NM 87401
Flexible commercial property combines office, warehouse, loading, and outdoor yard areas.
Property Size2,898 SF
Lot Size1.35 Acres
Price / SF$172.15
Days on Market101
Property Features for 2211 San Juan
General Information
Standard status
Active
Size
2,898 SF
Lot size
1.35 Acres
Site & Location
Road Access
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
784 SF
Office Build-Out
476 SF
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$4,487
Amenities
roll-up door
loading dock
ADA-compliant bathroom
dual frontage
Building Details
Buildings
1
Building Size
2,898 SF
Tenancy
Multi
Listing Agency:
Exp Realty, LLC
(505) 686-3831
Listed By:
Allen Elmore · License #FA100100921
(505) 686-3831
Source:
Exprealty
Added: May 22
Changed: Aug 30
Last Checked: Aug 30 at 11:23AM
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.
This flex property occupies approximately 1.35 acres across both sides of San Juan Boulevard in Farmington. The improvements include a 784-square-foot warehouse with a 10' x 10' roll-up door, a 476-square-foot office area, and an ADA-compliant bathroom. An elevated covered loading dock measuring approximately 1,920 square feet adds substantial space for loading, vehicle operations, storage, or deliveries.
Two tenants are currently in place, including a car dealership using the warehouse, roll-up access, and loading areas, along with a construction company occupying additional yard space. The dual-sided frontage provides exposure along San Juan Boulevard and supports signage, outdoor storage, and commercial operations requiring a combination of enclosed and open areas.
Two tenants are currently in place, including a car dealership using the warehouse, roll-up access, and loading areas, along with a construction company occupying additional yard space. The dual-sided frontage provides exposure along San Juan Boulevard and supports signage, outdoor storage, and commercial operations requiring a combination of enclosed and open areas.
Key Highlights
- Approximately 1.35 acres spanning both sides of San Juan Boulevard
- 1,920‑square‑foot elevated covered loading dock
- 784‑square‑foot warehouse with a 10' x 10' roll‑up door
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
$28,655
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
5.74%
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%
$573,100
$573.1K
Cap Rate 7%
$409,357
$409.4K
Cap Rate 9%
$318,389
$318.4K
Market Conditions
NOI Build-Up for 2,898 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
$42.8K $14.76/SF
− Vacancy
−$1.8K −$0.63/SF
EGI
$40.9K $14.13/SF
− OpEx
−$12.3K −$4.24/SF
NOI
$28.7K $9.89/SF
Area
San Juan County, NM
Vacancy
4.30%
Lease Rate
$14.76 /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%
$573,100
Cap Rate 7%
$409,357
Cap Rate 9%
$318,389
Alternative Uses
Best Use
Retail
$409.4K
$358.2K – $477.6K
NOI $28,655 @ 7.0% cap · market cap 5.74%
Second Best
Office B
$369.6K
$323.4K – $431.2K
NOI $25,873 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$599.5K
$524.6K – $699.4K
NOI $41,966 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Balanced
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
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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 - Flexible commercial property combines office, warehouse, loading, and outdoor yard areas.
Where is this flex space located?
The property is located at 2211 San Juan Farmington, NM.
What is the asking price?
The asking price for this property is $498,900.
What are key features of this property?
This property features: Approximately 1.35 acres spanning both sides of San Juan Boulevard; 1,920‑square‑foot elevated covered loading dock; 784‑square‑foot warehouse with a 10' x 10' roll‑up door
