Two-Story Mixed-Use
For Sale
$1,200,000
729 E MAIN Street, Farmington, NM 87401
COMMERCIAL - Farmington, NM
Property Size7,200 SF
Price / SF$166.67
Days on Market139
Property Features for 729 E MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Directions
S Butler, left on Main, Property on right
Subdivision
7G
Standard status
Active
Size
7,200 SF
Taxes and HOA fees
Tax Description
BEG S 396.4 FT AND N50-5-0E 176.5 FTFROM NW CORNER OF NE/4 OF SEC 15 29 13. THENCE N50-5-0E 100 FT, S39-55-0E 125 FT, S
Tax Annual Amount
10072
Legal Description
BEG S 396.4 FT AND N50-5-0E 176.5 FTFROM NW CORNER OF NE/4 OF SEC 15 29 13. THENCE N50-5-0E 100 FT, S39-55-0E 125 FT, S
Listing Agency:
R1 New Mexico Farmington
(505) 326-0110
Listed By:
Doug Farley · License #REC20250711
(970) 946-6511
Added: Apr 1
Changed: Aug 4
Last Checked: Aug 17 at 2:06PM
MLS# 26-370
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 two-story mixed-use property contains 7,200 square feet of total space, including a 2,400-square-foot residential build-out on the upper floor. The first level is configured as commercial space suitable for retail, office, or service-oriented operations, creating a combined business and residential layout within one building.
The property is located at 729 E MAIN Street in Farmington, New Mexico, within ZIP Code 87401. Its configuration brings commercial functionality and an upstairs residential component together for an owner-user or other live-work application.
The property is located at 729 E MAIN Street in Farmington, New Mexico, within ZIP Code 87401. Its configuration brings commercial functionality and an upstairs residential component together for an owner-user or other live-work application.
Key Highlights
- 7,200 square feet of total building area
- 2,400‑square‑foot residential build‑out on the upper level
- Two‑story configuration with commercial space on the main floor
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
$64,282
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
5.36%
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%
$1,285,640
$1.3M
Cap Rate 7%
$918,314
$918.3K
Cap Rate 9%
$714,244
$714.2K
Market Conditions
NOI Build-Up for 7,200 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
$107.1K $14.88/SF
− Vacancy
−$21.4K −$2.98/SF
EGI
$85.7K $11.90/SF
− OpEx
−$21.4K −$2.98/SF
NOI
$64.3K $8.93/SF
Area
San Juan County, NM
Vacancy
20.00%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
25.00%
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%
$1,285,640
Cap Rate 7%
$918,314
Cap Rate 9%
$714,244
Alternative Uses
Best Use
Office B
$918.3K
$803.5K – $1.07M
NOI $64,282 @ 7.0% cap · market cap 5.36%
Second Best
Mixed Use
$563.7K
$493.3K – $657.7K
NOI $39,461 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,263 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
769
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Upper-level residential improvements support a practical live-work arrangement above flexible commercial space.
Where is this mixed-use property located?
The property is located at 729 E MAIN Street Farmington, NM.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 7,200 square feet of total building area; 2,400‑square‑foot residential build‑out on the upper level; Two‑story configuration with commercial space on the main floor
