Updated Office Building with Private
For Sale
$375,000
503 N Auburn Ave, Farmington, NM 87401
Commercial Sale, Farmington, NM
Property Size2,571 SF
Lot Size1.86 Acres
Price / SF$145.86
Days on Market45
Property Features for 503 N Auburn Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Water Heater
Directions
NW Corner of Auburn and Apache.
Subdivision
New Mexico Mls
Standard status
Active
APN
2076172273012
Size
2,571 SF
Lot size
1.86 Acres
Taxes and HOA fees
Tax Description
BEG N00-34 E 30 FT FROM SW COR SW1/4SE1/4 92913 TH S89-46 E 147 FT, N00-34 E 200 FT, N89-46 W 118.20 FT, N71-03 W 71.15
Tax Annual Amount
3344
Legal Description
BEG N00-34 E 30 FT FROM SW COR SW1/4SE1/4 92913 TH S89-46 E 147 FT, N00-34 E 200 FT, N89-46 W 118.20 FT, N71-03 W 71.15
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1910
Roof type
Shingle
Listing Agency:
Exp Realty, LLC
(505) 554-3873
Listed By:
Allen Elmore · License #53691
(505) 686-3831
Added: Jul 21
Changed: Sep 2
Last Checked: Sep 3 at 4:06AM
MLS# 20264173
Copyright © 2026 New Mexico MLS. 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 2,571-square-foot office building occupies a 1.86-acre property near Downtown Farmington. Originally built as a residence in 1910 and later converted to medical office use, the building now includes a reception and waiting area, eight private offices, four storage rooms, two bathrooms, a kitchen and break room, and an entry area with an antique fireplace. A covered front deck and ADA-accessible side entrance add to the building’s functional layout.
Approximately 1.45 acres carry Office & Professional zoning, while the balance is zoned Single Family-7. The current zoning supports medical and professional offices, real estate offices, group care facilities, senior living, daycare, barber or beauty salons, bed and breakfast use, and other compatible businesses. The site also provides parking with room for RVs, buses, or fleet vehicles, along with mature shade trees and a detached storage shed.
Additional building features include central HVAC, forced-air natural gas heating, a 40-gallon water heater, and a shingle roof. The property is located at the corner of Auburn Avenue and Apache Street.
Approximately 1.45 acres carry Office & Professional zoning, while the balance is zoned Single Family-7. The current zoning supports medical and professional offices, real estate offices, group care facilities, senior living, daycare, barber or beauty salons, bed and breakfast use, and other compatible businesses. The site also provides parking with room for RVs, buses, or fleet vehicles, along with mature shade trees and a detached storage shed.
Additional building features include central HVAC, forced-air natural gas heating, a 40-gallon water heater, and a shingle roof. The property is located at the corner of Auburn Avenue and Apache Street.
Key Highlights
- 2,571‑square‑foot office building on 1.86 acres
- Approximately 1.45 acres zoned Office & Professional; balance zoned Single Family‑7
- Eight private offices, four storage rooms, two bathrooms, reception, and kitchen/break room
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
$22,954
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
6.12%
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%
$459,080
$459.1K
Cap Rate 7%
$327,914
$327.9K
Cap Rate 9%
$255,044
$255.0K
Market Conditions
NOI Build-Up for 2,571 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
$38.3K $14.88/SF
− Vacancy
−$7.7K −$2.98/SF
EGI
$30.6K $11.90/SF
− OpEx
−$7.7K −$2.98/SF
NOI
$23.0K $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%
$459,080
Cap Rate 7%
$327,914
Cap Rate 9%
$255,044
Alternative Uses
Best Use
Office B
$327.9K
$286.9K – $382.6K
NOI $22,954 @ 7.0% cap · market cap 6.12%
Second Best
Healthcare Medical
$290.1K
$253.9K – $338.5K
NOI $20,310 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$531.9K
$465.4K – $620.5K
NOI $37,231 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,494
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
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?
Office building - Corner property near Downtown Farmington with flexible office layout, ADA access, parking, and additional land for future expansion.
Where is this office building located?
The property is located at 503 N Auburn Ave Farmington, NM.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,571‑square‑foot office building on 1.86 acres; Approximately 1.45 acres zoned Office & Professional; balance zoned Single Family‑7; Eight private offices, four storage rooms, two bathrooms, reception, and kitchen/break room
