Combined Office
New
For Sale
$285,000
3751 N BUTLER Avenue, Farmington, NM 87401
Commercial Sale, Farmington, NM
Property Size1,992 SF
Lot Size0.12 Acres
Price / SF$143.07
Days on Market1
Property Features for 3751 N BUTLER Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Office & Profession
Subdivision
Sage Center
Directions
From 30th and Butler go North on Butler, building will be on left.
Standard status
Active
Size
1,992 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
SAGE CENTER PROFESSIONAL SUITES CONDOMINIUMS NO.2 UNIT 3751-7 BK.1641 PG.380
Tax Annual Amount
2494
Legal Description
SAGE CENTER PROFESSIONAL SUITES CONDOMINIUMS NO.2 UNIT 3751-7 BK.1641 PG.380
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Floors in Building
1
Listing Agency:
Real Estate PROS
Listed By:
Brandon Ryan · License #52961
(505) 588-7767
Added: Sep 27
Last Checked: Sep 27 at 4:06PM
MLS# 26-1214
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.
Units 107 and 108 are joined as one office suite measuring 1,992 square feet. The space has central air conditioning and natural gas heating, providing a straightforward setup within an established commercial complex.
The property is at 3751 N Butler Avenue in Farmington, New Mexico. Parking is available within the complex.
The property is at 3751 N Butler Avenue in Farmington, New Mexico. Parking is available within the complex.
Key Highlights
- 1,992‑square‑foot office suite created from Units 107 and 108
- Central air conditioning and natural gas heating
- Parking available within the commercial complex
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
$17,785
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
6.24%
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%
$355,700
$355.7K
Cap Rate 7%
$254,071
$254.1K
Cap Rate 9%
$197,611
$197.6K
Market Conditions
NOI Build-Up for 1,992 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
$29.6K $14.88/SF
− Vacancy
−$5.9K −$2.98/SF
EGI
$23.7K $11.90/SF
− OpEx
−$5.9K −$2.98/SF
NOI
$17.8K $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%
$355,700
Cap Rate 7%
$254,071
Cap Rate 9%
$197,611
Alternative Uses
Best Use
Office B
$254.1K
$222.3K – $296.4K
NOI $17,785 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$412.1K
$360.6K – $480.8K
NOI $28,846 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
265
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office units - Two adjoining units form a single commercial space with central air conditioning and natural gas heat.
Where is this office units located?
The property is located at 3751 N BUTLER Avenue Farmington, NM.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 1,992‑square‑foot office suite created from Units 107 and 108; Central air conditioning and natural gas heating; Parking available within the commercial complex
