Freestanding Warehouse with
For Sale
$595,000
2901 MCWILLIAMS Road, Aztec, NM 87410
COMMERCIAL - Aztec, NM
Property Size5,000 SF
Lot Size3.13 Acres
Price / SF$119
Days on Market191
Property Features for 2901 MCWILLIAMS Road
General Information
Property type
Commercial Sale
Property subtype
Other
Security features
Security Lighting
Subdivision
Raymond E Willerford
Directions
Head East on NM-516, turn left on to N. Light Plant Road / Old State Hwy-173, continue straight onto McWilliams
Standard status
Active
Size
5,000 SF
Lot size
3.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Tract 2 Raymond E Willerford Subdivision Bk. 1042 Pg. 315, Bk 1469 Page 1019
Tax Annual Amount
6786
Legal Description
Tract 2 Raymond E Willerford Subdivision Bk. 1042 Pg. 315, Bk 1469 Page 1019
Building Details
Floors in Building
1
Listing Agency:
RE/MAX of Farmington · RE/MAX International
(505) 327-4777
Listed By:
Sam Todd · License #46878
(505) 327-4777
Added: Feb 2
Changed: Aug 4
Last Checked: Aug 12 at 2:06PM
MLS# 26-141
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 freestanding metal warehouse and shop property includes 5,000 square feet of functional commercial space on approximately 3.13 acres. The facility has multiple overhead doors, a dedicated wash bay, concrete slab floors, varying ceiling heights, and up to two ADA-compliant restrooms. Paved parking and an open yard support equipment storage and vehicle movement.
Located just north of Aztec along the McWilliams Road corridor, the property provides access to major routes. City water, city sewer, electric, and gas are available. The existing layout and site improvements accommodate a range of warehouse, automotive, fabrication, service, storage, and light industrial uses. The seller will also consider leasing the property, offering an alternative to a purchase transaction.
Located just north of Aztec along the McWilliams Road corridor, the property provides access to major routes. City water, city sewer, electric, and gas are available. The existing layout and site improvements accommodate a range of warehouse, automotive, fabrication, service, storage, and light industrial uses. The seller will also consider leasing the property, offering an alternative to a purchase transaction.
Key Highlights
- 5,000 square foot freestanding metal warehouse and shop
- Approximately 3.13 acres with paved parking and open yard space
- Multiple overhead doors and a wash bay
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
$49,439
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
8.31%
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%
$988,780
$988.8K
Cap Rate 7%
$706,271
$706.3K
Cap Rate 9%
$549,322
$549.3K
Market Conditions
NOI Build-Up for 5,000 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
$73.8K $14.76/SF
− Vacancy
−$3.2K −$0.63/SF
EGI
$70.6K $14.13/SF
− OpEx
−$21.2K −$4.24/SF
NOI
$49.4K $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%
$988,780
Cap Rate 7%
$706,271
Cap Rate 9%
$549,322
Alternative Uses
Best Use
Retail
$706.3K
$618.0K – $824.0K
NOI $49,439 @ 7.0% cap · market cap 8.31%
Second Best
Warehouse
$532.4K
$465.9K – $621.1K
NOI $37,268 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$1.03M
$905.1K – $1.21M
NOI $72,405 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
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?
Warehouse - Metal warehouse and shop with overhead doors, wash bay, paved parking, and utility service.
Where is this warehouse located?
The property is located at 2901 MCWILLIAMS Road Aztec, 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: 5,000 square foot freestanding metal warehouse and shop; Approximately 3.13 acres with paved parking and open yard space; Multiple overhead doors and a wash bay
