Flex Facility with
For Sale
$340,000
914 Sandstone Ave, Farmington, NM 87401
Commercial Sale, Farmington, NM
Property Size3,836 SF
Lot Size0.42 Acres
Price / SF$88.63
Days on Market105
Property Features for 914 Sandstone Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Interior features
Overhead Door(s)
Directions
N on Sandstone from US 64
Subdivision
New Mexico Mls
Standard status
Active
APN
2073171470044
Size
3,836 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Description
BEG S89-25W 1980 FT AND N00-34W 383 FT FROM S1/4 CORNER OF SEC 13 29 13. THENCE N00-34W 272.11 FT, S65-37W 163.78 FT, S1
Tax Annual Amount
3233
Legal Description
BEG S89-25W 1980 FT AND N00-34W 383 FT FROM S1/4 CORNER OF SEC 13 29 13. THENCE N00-34W 272.11 FT, S65-37W 163.78 FT, S1
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1991
Roof type
Metal
Listing Agency:
Exp Realty, LLC
(505) 554-3873
Listed By:
Allen Elmore · License #53691
(505) 686-3831
Added: May 22
Changed: Sep 2
Last Checked: Sep 3 at 11:06AM
MLS# 20263036
Copyright © 2026 New Mexico MLS. 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 property combines a 2,164-square-foot shop with 836 square feet of office space and an additional 836-square-foot loft. The front workspace includes a reception area, kitchenette, two private offices, and two ADA-compliant restrooms, including one with a shower. Shop improvements include 16-foot ceilings, insulated construction, finished metal walls, LED lighting, air plumbing, a utility sink, a 12' x 12' roll-up door, and a separate man door. Two evaporative coolers, two gas heaters, and three-phase electrical service support ongoing operations.
The property is located in Farmington's Southeast corridor near US Hwy 64 and Browning Parkway. Exterior features include a 55' x 122' asphalt parking area and a 3,400-square-foot secured fenced backyard. Built in 1991, the facility also has a metal roof and overhead door access.
The property is located in Farmington's Southeast corridor near US Hwy 64 and Browning Parkway. Exterior features include a 55' x 122' asphalt parking area and a 3,400-square-foot secured fenced backyard. Built in 1991, the facility also has a metal roof and overhead door access.
Key Highlights
- 2,164‑square‑foot shop with 16‑foot ceilings and 3,836 square feet of total property space
- 836 square feet of office space plus an 836‑square‑foot loft with full 8‑foot ceilings
- 12' x 12' roll‑up door, separate man door, air plumbing, and utility sink
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
$28,592
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
8.41%
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%
$571,840
$571.8K
Cap Rate 7%
$408,457
$408.5K
Cap Rate 9%
$317,689
$317.7K
Market Conditions
NOI Build-Up for 3,836 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
$36.4K $9.48/SF
− Vacancy
−$2.7K −$0.71/SF
EGI
$33.6K $8.77/SF
− OpEx
−$5.0K −$1.32/SF
NOI
$28.6K $7.45/SF
Area
San Juan County, NM
Vacancy
7.50%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$571,840
Cap Rate 7%
$408,457
Cap Rate 9%
$317,689
Alternative Uses
Best Use
Warehouse
$408.5K
$357.4K – $476.5K
NOI $28,592 @ 7.0% cap · market cap 8.41%
Second Best
Industrial
$336.4K
$294.3K – $392.5K
NOI $23,547 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$793.6K
$694.4K – $925.8K
NOI $55,549 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
148
Businesses Nearby
Well-served
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 - Office, loft storage, and secured outdoor space complement the functional work area.
Where is this flex space located?
The property is located at 914 Sandstone Ave Farmington, NM.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 2,164‑square‑foot shop with 16‑foot ceilings and 3,836 square feet of total property space; 836 square feet of office space plus an 836‑square‑foot loft with full 8‑foot ceilings; 12' x 12' roll‑up door, separate man door, air plumbing, and utility sink
