Four-Bay Flex
For Sale
$439,900
815 S MAIN Avenue, Aztec, NM 87410
COMMERCIAL - Aztec, NM
Property Size2,580 SF
Lot Size1.00 Acre
Price / SF$170.50
Days on Market12
Property Features for 815 S MAIN Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Directions
South on Main Ave in Aztec l for apron 1.5 miles. Building will be on the left at 815 S Main Ave.
Subdivision
Aztec
Standard status
Active
Size
2,580 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
BEG. BK.1523 PG.159 ESC BK.1735 PG.957
Tax Annual Amount
5019
Legal Description
BEG. BK.1523 PG.159 ESC BK.1735 PG.957
Utilities
Heating system
Natural Gas
Cooling system
Evaporative Cooling
Amenities
private office spaces
storage room
bathroom
Building Details
Floors in Building
1
Listing Agency:
San Juan Realty
(505) 327-4837
Listed By:
Richard Buffington · License #REC20240555
(505) 327-4837
Added: Jul 30
Changed: Aug 4
Last Checked: Aug 10 at 7:06AM
MLS# 26-945
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 four-bay flex shop sits on a lot of over one acre and is set up for a variety of commercial uses. The building includes four spacious shop bays, an outdoor wash bay, and indoor support space with two private office spaces, one storage room, and one bathroom. Natural gas heating and evaporative cooling are provided.
The property is located at 815 S MAIN Avenue in Aztec, New Mexico, in San Juan County. The expansive lot offers room for equipment, fleet vehicles, trailers, or future expansion, with ample parking described on-site.
With its functional shop layout and yard space, the property is designed to support businesses that need both enclosed work bays and outdoor wash or staging space.
The property is located at 815 S MAIN Avenue in Aztec, New Mexico, in San Juan County. The expansive lot offers room for equipment, fleet vehicles, trailers, or future expansion, with ample parking described on-site.
With its functional shop layout and yard space, the property is designed to support businesses that need both enclosed work bays and outdoor wash or staging space.
Key Highlights
- Over one‑acre lot size
- Four spacious shop bays
- Outdoor wash bay
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
$25,510
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
5.80%
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%
$510,200
$510.2K
Cap Rate 7%
$364,429
$364.4K
Cap Rate 9%
$283,444
$283.4K
Market Conditions
NOI Build-Up for 2,580 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
$38.1K $14.76/SF
− Vacancy
−$1.6K −$0.63/SF
EGI
$36.4K $14.13/SF
− OpEx
−$10.9K −$4.24/SF
NOI
$25.5K $9.89/SF
Area
San Juan County, NM
Vacancy
4.30%
Lease Rate
$14.76 /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%
$510,200
Cap Rate 7%
$364,429
Cap Rate 9%
$283,444
Alternative Uses
Best Use
Retail
$364.4K
$318.9K – $425.2K
NOI $25,510 @ 7.0% cap · market cap 5.80%
Second Best
Warehouse
$274.7K
$240.4K – $320.5K
NOI $19,230 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$533.7K
$467.0K – $622.7K
NOI $37,361 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Service bays
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 87410, NM
16,064
Population
6,402
Households
2.5
Avg Household Size
40
Median Age
17%
College-Educated
88%
High-School Grad
265.6 sq mi
ZIP Area
60
Density / Sq Mi
$51,283
Median Household Income
$31,436
Median Earnings
$802
Median Rent
$192,600
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex shop on a 1-acre lot with four shop bays, an outdoor wash bay, offices, and natural gas heating.
Where is this flex space located?
The property is located at 815 S MAIN Avenue Aztec, NM.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Over one‑acre lot size; Four spacious shop bays; Outdoor wash bay
