Historic Building with Versatile
For Sale
$375,000
503 N Auburn Ave, Farmington, NM 87401
Charming historic building suitable for office or commercial space.
Property Size2,571 SF
Lot Size1.86 Acres
Price / SF$145.86
Days on Market207
Property Features for 503 N Auburn Ave
General Information
Standard status
Active
Size
2,571 SF
Lot size
1.86 Acres
Taxes and HOA fees
Annual Taxes
$3,344
Listing Agency:
exp realty, llc
(941) 462-3321
Listed By:
Allen Elmore · License #53691
(505) 686-3831
Source:
Exprealty
Added: Mar 26
Changed: Oct 17
Last Checked: Oct 16 at 9:52AM
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
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Investment Insights
Based on property information with market context.
This historic building in Farmington offers a versatile opportunity, previously used as a doctor's office and a real estate office. The property features a spacious layout, including 2 handicap-accessible restrooms, 7 to 8 offices, 1 to 2 waiting rooms, a reception area, kitchen space, and a storage/IT room. A ramped side entrance enhances accessibility. Modern amenities include forced air, 2 refrigerated A/C units, and a security system. Situated on a corner lot spanning 1.86 acres, the property provides ample parking with potential for expansion. The grounds are well-irrigated. The owner will consider leasing the property. This location is suited for office or commercial space.
Key Highlights
- Versatile use: Previously used as both a doctor's office and a real estate office.
- Accessibility: Features 2 handicap‑accessible restrooms and a ramped side entrance.
- Ample parking: Situated on a large 1.86‑acre corner lot with ample parking and potential for expansion.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,954
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,494
Businesses Nearby
Under-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Similar Off Market Nearby
- Animal Haven Veterinary — Farmington, NM 87401
Frequently Asked Questions
What type of property is this?
Medical Office Space - Charming historic building suitable for office or commercial space.
Where is this medical office space 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: Versatile use: Previously used as both a doctor's office and a real estate office.; Accessibility: Features 2 handicap‑accessible restrooms and a ramped side entrance.; Ample parking: Situated on a large 1.86‑acre corner lot with ample parking and potential for expansion.
