Flex Warehouse and Office
For Sale
$435,000
Pending
660 S Dustin Rd, Farmington, NM 87401
Two buildings total 6,000 sq ft, including office space and multiple roll-up doors on a fenced gravel yard.
Property Size6,000 SF
Lot Size0.91 Acres
Days on Market268
Property Features for 660 S Dustin Rd
General Information
Standard status
Pending
Size
6,000 SF
Lot size
0.91 Acres
Additional Details
Fenced Yard
Yes
Drive-In Doors
4
Office Units
4
Taxes and HOA fees
Annual Taxes
$4,013
Listing Agency:
real estate pros
(407) 381-7861
Listed By:
Scott Hawkes · License #53887
(505) 320-7487
Source:
Exprealty
Added: Dec 10, 2025
Changed: Sep 4
Last Checked: Sep 4 at 1:23PM
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 real estate pros
Investment Insights
Based on property information with market context.
This property includes two separate buildings on approximately 0.91 acres. The first building totals 3,600 sq ft and features 1,200 sq ft of office space with four offices, a kitchen area, and two bathrooms, with the remaining 2,400 sq ft supported by two 10-foot roll-up doors. The second building totals 2,400 sq ft and includes one 10-foot roll-up door and one 12-foot roll-up door.
The yard is graveled and enclosed with 6-foot chain link fencing, and the site has paved parking. The configuration supports flex-style use with dedicated office space alongside warehouse bay access.
Offered for sale, the property is well suited for automotive repair, welding, construction, or oilfield service operations based on the door count, office setup, and fenced outdoor work area.
The yard is graveled and enclosed with 6-foot chain link fencing, and the site has paved parking. The configuration supports flex-style use with dedicated office space alongside warehouse bay access.
Offered for sale, the property is well suited for automotive repair, welding, construction, or oilfield service operations based on the door count, office setup, and fenced outdoor work area.
Key Highlights
- Two buildings totaling 6,000 SF on 0.91 acres
- 3600 SF first building with 1200 SF office (4 offices), kitchen area, and 2 bathrooms
- First building includes 2, 10‑ft roll‑up doors and paved parking
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
Warehouse
$638.9K
$559.0K – $745.4K
NOI $44,722 @ 7.0% cap · market cap 10.28%
Second Best
Industrial
$526.1K
$460.4K – $613.8K
NOI $36,830 @ 7.0% cap · market cap 8.47%
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
Property Profile
Current Use
Lease Details
4
Drive-in doors
4
Office units
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
Market
Vacancy Rate% for Industrial 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 buildings total 6,000 sq ft, including office space and multiple roll-up doors on a fenced gravel yard.
Where is this flex space located?
The property is located at 660 S Dustin Rd 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 buildings totaling 6,000 SF on 0.91 acres; 3600 SF first building with 1200 SF office (4 offices), kitchen area, and 2 bathrooms; First building includes 2, 10‑ft roll‑up doors and paved parking
