Flex Space with Multiple Roll-Up
For Sale
$435,000
660 S DUSTIN Road, Farmington, NM 87401
COMMERCIAL - Farmington, NM
Property Size6,000 SF
Lot Size0.92 Acres
Price / SF$72.50
Days on Market245
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
Active
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
Building Details
Floors in Building
1
Listing Agency:
Real Estate PROS
(505) 588-7767
Listed By:
Brandon Ryan · License #53887
(505) 588-7767
Added: Dec 10, 2025
Changed: Aug 4
Last Checked: Aug 12 at 12:06PM
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 space includes two separate buildings totaling 6,000 SF on 0.92 acres. The first building is 3,600 SF and features 1,200 SF of office space with four offices, a kitchen area, and two bathrooms. The remaining 2,400 SF includes two 10-ft roll-up doors. The second building is 2,400 SF with one 10-ft roll-up door and one 12-ft roll-up door.
The property has paved parking and a graveled yard enclosed by 6-ft chain link fencing. The site is equipped with natural gas heating and evaporative cooling.
This setup supports a range of service and light industrial uses, including automotive repair, welding, construction, or oilfield service. The property is tenant occupied.
The property has paved parking and a graveled yard enclosed by 6-ft chain link fencing. The site is equipped with natural gas heating and evaporative cooling.
This setup supports a range of service and light industrial uses, including automotive repair, welding, construction, or oilfield service. The property is tenant occupied.
Key Highlights
- Two buildings totaling 6,000 SF on 0.92 acres
- First building: 3,600 SF with 1,200 SF office plus two 10‑ft roll‑up doors
- Second building: 2,400 SF with one 10‑ft and one 12‑ft roll‑up door
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
Warehouse
$638.9K
$559.0K – $745.4K
NOI $44,722 @ 7.0% cap · market cap 10.28%
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
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
241
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-building flex property with fenced yard and roll-up doors, office space, and natural gas heat with evaporative cooling.
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 buildings totaling 6,000 SF on 0.92 acres; First building: 3,600 SF with 1,200 SF office plus two 10‑ft roll‑up doors; Second building: 2,400 SF with one 10‑ft and one 12‑ft roll‑up door
