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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1001 Hope Ave Farmington, NM 87401

    • Commercial real estate
    For Sale
    View listing
    $64,999
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0403826
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1001 Hope Ave

    Property type
    Commercial real estate

    Description

    This exceptional 43,560 square foot lot, located at 1001 HOPE Avenue in Farmington, New Mexico, presents a unique opportunity for homebuyers seeking to build their dream home. Situated within an established subdivision specifically designed for manufactured double-wide homes, this property offers convenience and ease of development. The lot is serviced by readily accessible utilities directly on the street, including natural gas connections. An existing septic system and foundation are already in place, significantly reducing the initial development costs and streamlining the construction process. This translates to substantial time and cost savings for the future homeowner. The property's location in Farmington, New Mexico, zip code 87401, provides access to local amenities and services. The address is 1001 HOPE Avenue, San Juan County. The asking price for this ready-to-build lot is $69,900. Don't miss this chance to acquire a well-positioned and prepared building site in a desirable neighborhood. This is an ideal opportunity for those seeking a straightforward path to building their perfect home. The property is classified as land.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Farmington
    County
    San Juan
    State
    New Mexico
    Longitude
    -108.124172
    Latitude
    36.721124

    Comparable in this City

    • Contact for pricing

      Farmington, NM Land - $29,500

      Build Your Dream Home on 43,560 SF Lot
      5900 Kristy St, Farmington, NM 87401
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    • $32,500

      Farmington Land: 1.13 Acres

      Build Your Dream Home in NM
      0 Lot 300 Rd 3775, Farmington, NM 87401
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    • $245,000
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      Farmington Commercial Land - $245K

      Prime 1-acre commercial lot, highway frontage.
      5833 Us 64, Farmington, NM 87401
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    • $32,500

      Farmington Land: Prime Development Opportunity

      Large lot, excellent location, utilities available.
      0 Lot 259A Rd 3778, Farmington, NM 87401
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    • $55,000

      Farmington Land: 4.24 Acres

      Build Your Dream Home: Spacious lot, utilities available.
      Farmington, NM 87401
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    • $253,500

      Farmington Land: 37 Acres Available

      Prime NM Land - Investment Opportunity
      0 Xx Pinon Hl Blvd, Farmington, NM 87401
      View Details

    Similar Nearby for Sale

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      Farmington Commercial Land - $550K

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    Similar Nearby for Lease

    • $6 SF/Yr
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      Prime Commercial Land, Broadway Ave

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      Prime Farmington Land: Ground Lease Opportunity

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      Prime 2,300 sq ft lot, single tenant.
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    • $60,000
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      Prime Commercial Land For Lease

      One-acre commercial land with high-visibility frontage on W. Main Street.
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    • $8 SF/Yr
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      Prime Commercial Land, Eastside

      12,732 sq ft lot, single tenant potential
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      View Details
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    1001 Hope Ave
    Farmington, NM 87401
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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