Corner Strip Mall
New
For Sale
$2,900,000
600 E MAIN Street, Farmington, NM 87401
Commercial Sale, Farmington, NM
Property Size13,313 SF
Lot Size1.41 Acres
Price / SF$217.83
Days on Market1
Property Features for 600 E MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Central Business, General Commercial, Office & Profession
Security features
Security Lighting
Directions
Corner BUTLER and E Main
Subdivision
7G
Standard status
Active
Size
13,313 SF
Lot size
1.41 Acres
Taxes and HOA fees
Tax Description
THAT PART OF NENW 15 29 13 BEG AT SW COR OF TRACT CONVEYED TO VANIX CORP. IN B.947 P.311 TH S60'35'W 176.10 FT, N31'26'W
Legal Description
THAT PART OF NENW 15 29 13 BEG AT SW COR OF TRACT CONVEYED TO VANIX CORP. IN B.947 P.311 TH S60'35'W 176.10 FT, N31'26'W
Utilities
Cooling system
Central Air
Building Details
Floors in Building
1
Listing Agency:
R1 New Mexico Farmington
(505) 326-0110
Listed By:
Doug Farley · License #41550
(970) 946-6511
Added: Sep 10
Last Checked: Sep 10 at 11:06PM
MLS# 26-1146
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 strip mall property comprises approximately 13,313 square feet of commercial space across two parcels totaling approximately 1.41 acres. The improvements include a medical business and Gene's Rent-to-Own, with the latter including a bay and overhead door. Central air serves the property, and on-site parking is provided.
The property occupies the corner of East Main Street and Butler in Farmington, New Mexico, with access from both streets. Existing businesses operate under active leases, creating a multi-tenant commercial configuration with established occupancy. The two parcels measure approximately 0.19 acres and 1.22 acres, respectively.
The property occupies the corner of East Main Street and Butler in Farmington, New Mexico, with access from both streets. Existing businesses operate under active leases, creating a multi-tenant commercial configuration with established occupancy. The two parcels measure approximately 0.19 acres and 1.22 acres, respectively.
Key Highlights
- Approximately 13,313 SF of commercial space
- Two‑parcel property totaling approximately 1.41 acres
- Located at the corner of East Main Street and Butler
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
$131,635
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
4.54%
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%
$2,632,700
$2.6M
Cap Rate 7%
$1,880,500
$1.9M
Cap Rate 9%
$1,462,611
$1.5M
Market Conditions
NOI Build-Up for 13,313 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
$196.5K $14.76/SF
− Vacancy
−$8.4K −$0.63/SF
EGI
$188.1K $14.13/SF
− OpEx
−$56.4K −$4.24/SF
NOI
$131.6K $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%
$2,632,700
Cap Rate 7%
$1,880,500
Cap Rate 9%
$1,462,611
Alternative Uses
Best Use
Retail
$1.88M
$1.65M – $2.19M
NOI $131,635 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,786 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
768
Businesses Nearby
101k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 44%
Hotels & Casinos 6%
Home Improvements & Furnishings 2%
Dollar Tree
Shops & Services
20,869 visits/mo
0.2 miles
Denny's
Dining
13,431 visits/mo
0.3 miles
Blake's LotaBurger
Dining
10,221 visits/mo
0.3 miles
Dollar General
Shops & Services
9,862 visits/mo
0.1 miles
KFC
Dining
8,788 visits/mo
0.1 miles
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 Retail in West region
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Frequently Asked Questions
What type of property is this?
Strip mall - Multi-tenant commercial property with established businesses, active leases, central air, and on-site parking.
Where is this strip mall located?
The property is located at 600 E MAIN Street Farmington, NM.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Approximately 13,313 SF of commercial space; Two‑parcel property totaling approximately 1.41 acres; Located at the corner of East Main Street and Butler
