Multi-Building Flex
For Sale
Contact for pricing
603 E MAIN Street, Farmington, NM 87401
Three commercial structures combine retail, storage, and office space along Main Street in Farmington.
Property Size5,150 SF
Price / SF$86.99
Days on Market141
Property Features for 603 E MAIN Street
General Information
Standard status
Active
Size
5,150 SF
Property subtype
Industrial
Additional Details
Road Access
Yes
Amenities
dedicated paint room
large overhead shop door
three cooling units
large heater
large access door
Building Details
Buildings
3
Listing Agency:
EXP Realty, LLC
(505) 325-0744
Listed By:
Kimberly Prado · License #48917
Source:
Crexi
Added: Apr 13
Changed: Aug 30
Last Checked: Aug 30 at 5:54PM
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
Investment Insights
Based on property information with market context.
This flex property at 603 E Main Street includes three units positioned across three lots. The primary structure contains 4,200+ square feet and is configured for retail use, with a rear paint room, overhead shop door, three cooling units, and a large heater. A second building provides storage space and includes a large access door. The third structure is a small office on a large lot and is leased to a car dealer.
The property offers frontage along Main Street in Farmington, with multiple buildings supporting separate retail, storage, and office functions. Existing improvements include dedicated work and storage areas, mechanical equipment, and access features suited to the current commercial configuration.
The property offers frontage along Main Street in Farmington, with multiple buildings supporting separate retail, storage, and office functions. Existing improvements include dedicated work and storage areas, mechanical equipment, and access features suited to the current commercial configuration.
Key Highlights
- 4,200+ SF main building currently operating as a retail store
- Three units situated across three lots
- Rear paint room and large overhead shop door in the main building
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
$38,386
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
8.57%
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%
$767,720
$767.7K
Cap Rate 7%
$548,371
$548.4K
Cap Rate 9%
$426,511
$426.5K
Market Conditions
NOI Build-Up for 5,150 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
$48.8K $9.48/SF
− Vacancy
−$3.7K −$0.71/SF
EGI
$45.2K $8.77/SF
− OpEx
−$6.8K −$1.32/SF
NOI
$38.4K $7.45/SF
Area
San Juan County, NM
Vacancy
7.50%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$767,720
Cap Rate 7%
$548,371
Cap Rate 9%
$426,511
Alternative Uses
Best Use
Retail
$727.5K
$636.5K – $848.7K
NOI $50,922 @ 7.0% cap · market cap 11.37%
Second Best
Warehouse
$548.4K
$479.8K – $639.8K
NOI $38,386 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$1.07M
$932.2K – $1.24M
NOI $74,577 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
768
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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Three commercial structures combine retail, storage, and office space along Main Street in Farmington.
Where is this flex space located?
The property is located at 603 E MAIN Street Farmington, NM.
What is the asking price?
The asking price for this property is $448,000.
What are key features of this property?
This property features: 4,200+ SF main building currently operating as a retail store; Three units situated across three lots; Rear paint room and large overhead shop door in the main building
