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Historic Building with Versatile Use

503 N AUBURN Avenue Farmington, NM 87401

Claim this Listing
For Sale
$375,000

Charming historic building suitable for office or commercial space.

Type:Commercial/Industrial
Property size:
2,571 SF
Lot size:
1.86 Acres
Price / SF:
$145/SF
Added:
Mar 6, 2024
Days on Market:
859
Last Refresh:
May 19 at 10:24 pm

Property Features for 503 N AUBURN Avenue

General Information

Standard status
Active
Size
2,571 SF
Lot size
1.86 Acres
Property subtype
Commercial/Industrial

Listing office Keller Williams

Listing date Mar 6, 2024

Source Exitrealty

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 Keller Williams


Investment Insights

Based on property information with market context.

This historic building in Farmington offers a versatile space, previously utilized as a doctor's office and a real estate office. The building features a layout that includes 7 to 8 offices, 1 to 2 waiting rooms, a reception area, and kitchen space. It also contains a storage/IT room. Accessibility is enhanced by 2 handicap-accessible restrooms and a ramped side entrance. Modern amenities include forced air, 2 refrigerated A/C units, and a security system. Situated on a corner lot spanning 1.86 acres, the property provides ample parking with potential for expansion. The grounds are well-irrigated. The owner will consider leasing the property.

Key Highlights

  • Versatile use: Previously a doctor's and real estate office.
  • Accessibility: Features 2 handicap‑accessible restrooms and a ramped side entrance.
  • Ample parking on a large 1.86‑acre corner lot with expansion potential.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $38.3k $14.88
− Vacancy −$7.7k −$2.98
EGI $30.6k $11.90
− OpEx −$7.7k −$2.98
NOI $23.0k $8.93
2,571 SF · lease $14.88/SF/yr · vacancy 20.00% · expense 25.00%

Alternative Uses

Best Use
Office B
$327.9K
$286.9K – $382.6K (±1% cap)
NOI $22,954 @ 7.0% cap · market cap 6.12%
Second Best
Healthcare Medical
$290.1K
$253.9K – $338.5K (±1% cap)
NOI $20,310 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$531.9K
$465.4K – $620.5K (±1% cap)
NOI $37,231 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Miller Carol W Physician

Suggested Use

Parking Lot & Garage Garden Center (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Veterinary Clinic Catering Service Tanning Salon Locksmith Pet Store HVAC Service

Zoning and permitted uses should be independently verified with local authorities.

Similar Off Market Nearby

  • Animal Haven Veterinary — Farmington, NM 87401

FAQs

What type of property is this?
Medical Office Space - Charming historic building suitable for office or commercial space.
Where is this medical office space located?
The property is located at 503 N AUBURN Avenue Farmington, NM.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Versatile use: Previously a doctor's and real estate office.; Accessibility: Features 2 handicap‑accessible restrooms and a ramped side entrance.; Ample parking on a large 1.86‑acre corner lot with expansion potential.
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