NNN Industrial Property with Renovated
For Sale
$815,000
615 CARLTON Ave S, Farmington, NM 87401
Commercial Sale, Farmington, NM
Property Size10,892 SF
Lot Size3.72 Acres
Price / SF$74.83
Days on Market62
Property Features for 615 CARLTON Ave S
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From Bloomfield Highway turn South on Carlton. Property is on the West side of Carlton.
Standard status
Active
APN
2075171168142
Lot size
3.72 Acres
Taxes and HOA fees
Tax Description
BEG E 1279.4 FT AND N 1305.08 FT FROM SW COR OF SW1/4SE1/4 15 29 13 N 227.3 FT, W 630 FT, S 227.3 FT, E 630 FT TO BEG 3.
Tax Annual Amount
7268
Legal Description
BEG E 1279.4 FT AND N 1305.08 FT FROM SW COR OF SW1/4SE1/4 15 29 13 N 227.3 FT, W 630 FT, S 227.3 FT, E 630 FT TO BEG 3.
Utilities
Heating system
Heat Pump (Heating), Forced Air, Natural Gas
Amenities
conference room
break room
electronic gated access
Building Details
Year built
1976
Roof type
Metal
Listing Agency:
Exp Realty, LLC
(505) 554-3873
Listed By:
Allen Elmore · License #53691
(505) 686-3831
Added: Aug 18
Changed: Sep 12
Last Checked: Oct 18 at 4:06PM
MLS# 26000698
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.
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Investment Insights
Based on property information with market context.
This NNN industrial property comprises approximately 10,892 square feet of improvements on fully fenced industrial-zoned acreage. Building A totals 5,600 square feet, including approximately 2,800 square feet renovated in April 2024 with a reception area, seven offices, a conference room, break room, and two ADA restrooms. The balance provides heated warehouse space with two overhead roll-up doors. Building B adds enclosed and covered storage, while Building C offers adaptable meeting, office, restroom, warehouse, and covered portico areas.
The property is fully leased under a 5-year lease that began January 1, 2024, with a corresponding 5-year municipal contract and matching renewal options. The lease includes 3% annual rent escalations and averages a 9% cap rate. Capital work includes a Building A roof installed in June 2024 with warranty coverage, a heating system added in October 2022, updated evaporative cooling, fence replacement, and door repairs. Electronic gated access serves the site.
The property is fully leased under a 5-year lease that began January 1, 2024, with a corresponding 5-year municipal contract and matching renewal options. The lease includes 3% annual rent escalations and averages a 9% cap rate. Capital work includes a Building A roof installed in June 2024 with warranty coverage, a heating system added in October 2022, updated evaporative cooling, fence replacement, and door repairs. Electronic gated access serves the site.
Key Highlights
- Approximately 10,892sf of improvements across three buildings on 3.72 acres
- Fully leased NNN structure with a 5‑year lease commencing 1/1/24
- 9% average cap rate with 3% annual rent escalations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,858
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,337,160
$1.3M
Cap Rate 7%
$955,114
$955.1K
Cap Rate 9%
$742,867
$742.9K
Market Conditions
NOI Build-Up for 10,892 SF
Gross rent
$103.3K $9.48/SF
− Vacancy
−$7.7K −$0.71/SF
EGI
$95.5K $8.77/SF
− OpEx
−$28.7K −$2.63/SF
NOI
$66.9K $6.14/SF
Area
San Juan County, NM
Vacancy
7.50%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,337,160
Cap Rate 7%
$955,114
Cap Rate 9%
$742,867
Alternative Uses
Best Use
Office B
$1.39M
$1.22M – $1.62M
NOI $97,244 @ 7.0% cap · market cap 11.93%
Second Best
Warehouse
$1.16M
$1.01M – $1.35M
NOI $81,185 @ 7.0% cap · market cap 9.96%
Theoretical Best
Office A
$2.25M
$1.97M – $2.63M
NOI $157,727 @ 7.0% cap · market cap 19.35%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
428
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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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
NNN property - Fully leased industrial asset with fenced acreage, gated entry, warehouse capacity, and renovated office space.
Where is this nnn property located?
The property is located at 615 CARLTON Ave S Farmington, NM.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: Approximately 10,892sf of improvements across three buildings on 3.72 acres; Fully leased NNN structure with a 5‑year lease commencing 1/1/24; 9% average cap rate with 3% annual rent escalations
