Fenced Flex Industrial
For Sale
$435,000
Pending
660 S DUSTIN Road, Farmington, NM 87401
Commercial Sale, Farmington, NM
Property Size6,000 SF
Lot Size0.92 Acres
Days on Market290
Property Features for 660 S DUSTIN Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Security features
Security Lighting
Directions
From South Side River Road, turn south onto S Dustin, property will be on the east side of the street. From Hwy 64, turn north onto S Dustin, property will be on the east side of the street.
Subdivision
S.S.R.R. - Farm
Standard status
Pending
Size
6,000 SF
Lot size
0.92 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BEG N89-52E 25 FT AND S00-06E 271.63 FT FROM NW CORNER OF SW1/4 SE1/4 OF SEC 14 29 13. THENCE N89-50-30E 294.75 FT,
Tax Annual Amount
4013
Legal Description
BEG N89-52E 25 FT AND S00-06E 271.63 FT FROM NW CORNER OF SW1/4 SE1/4 OF SEC 14 29 13. THENCE N89-50-30E 294.75 FT,
Utilities
Heating system
Natural Gas
Cooling system
Evaporative Cooling
Amenities
paved parking
graveled yard with 6 ft chain link fencing
2 roll up doors (10 ft)
1 roll up door (10 ft)
1 roll up door (12 ft)
office space
4 offices
kitchen area
2 bathrooms
Building Details
Floors in Building
1
Listing Agency:
Real Estate PROS
Listed By:
Brandon Ryan · License #53887
(505) 588-7767
Added: Dec 10, 2025
Changed: Aug 19
Last Checked: Sep 26 at 11:06PM
MLS# 25-1556
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 flex property includes two separate buildings totaling 6,000 square feet. The primary 3,600-square-foot building combines 1,200 square feet of office area with four offices, a kitchen, and two bathrooms. Its remaining 2,400 square feet provides two 10-foot roll-up doors. The second building measures 2,400 square feet and adds one 10-foot roll-up door and one 12-foot roll-up door.
Paved parking serves the office building, while the full gravel yard is enclosed by a 6-foot chain-link fence. The property has natural gas heating and evaporative cooling. It is currently tenant occupied and is located at 660 S Dustin Road in Farmington, New Mexico.
Paved parking serves the office building, while the full gravel yard is enclosed by a 6-foot chain-link fence. The property has natural gas heating and evaporative cooling. It is currently tenant occupied and is located at 660 S Dustin Road in Farmington, New Mexico.
Key Highlights
- Two separate buildings totaling 6,000 square feet
- Primary building offers 3,600 square feet, including 1,200 square feet of office space
- Four offices, kitchen area, and 2 bathrooms 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
$36,830
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
8.47%
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%
$736,600
$736.6K
Cap Rate 7%
$526,143
$526.1K
Cap Rate 9%
$409,222
$409.2K
Market Conditions
NOI Build-Up for 6,000 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
$56.9K $9.48/SF
− Vacancy
−$4.3K −$0.71/SF
EGI
$52.6K $8.77/SF
− OpEx
−$15.8K −$2.63/SF
NOI
$36.8K $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 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%
$736,600
Cap Rate 7%
$526,143
Cap Rate 9%
$409,222
Alternative Uses
Best Use
Retail
$847.5K
$741.6K – $988.8K
NOI $59,326 @ 7.0% cap · market cap 13.64%
Second Best
Office B
$765.3K
$669.6K – $892.8K
NOI $53,568 @ 7.0% cap · market cap 12.31%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,886 @ 7.0% cap · market cap 19.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Balanced
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
View Realmo Analytics
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?
Flex space - Two-building industrial setup with offices, roll-up access, paved parking, and a secured yard.
Where is this flex space located?
The property is located at 660 S DUSTIN Road Farmington, NM.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Two separate buildings totaling 6,000 square feet; Primary building offers 3,600 square feet, including 1,200 square feet of office space; Four offices, kitchen area, and 2 bathrooms in the main building
