Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2603 Main St Farmington, NM 87401-7725

    • Office properties & Spaces
    • 2,160 SF
    • 0.56 lot acres
    OFF-MARKET
    Last Sale
    Oct 05, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0400185
    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

    • UPS Customer Center / Courier Service / Postal Service
    • Chipman's Accounting & Income Tax Service / Tax Preparation
    • Mega Loans / Loan Service
    • Western Culture Resource Management / Bank / Credit Union

    Property Details for 2603 Main St

    Year built
    1965
    Lot size
    0.56 lot acres
    Property size
    2,160 SF
    Property type
    Office properties & Spaces
    APN
    2074172162236
    APU
    2074172162236

    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
    -108.172
    Latitude
    36.7401
    CBSA code
    22140
    CBSA name
    FARMINGTON, NM METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,945
    $0.00
    $0.00
    $108,900
    -
    $0.00
    $0.00
    $326,702

    Comparable in this City

    • Value Estimation by Request
      1,118 SF

      1908 Schofield Ln

      OFFICE (GENERAL) • 1,118 SF
      1908 Schofield Ln, Farmington, NM 87401-2513
      View Details
    • Value Estimation by Request
      5,223 SF

      900 Schofield Ln

      OFFICE (GENERAL) • 5,223 SF
      900 Schofield Ln, Farmington, NM 87401-7431
      View Details
    • Value Estimation by Request
      3,679 SF

      904 Schofield Ln

      OFFICE (GENERAL) • 3,679 SF
      904 Schofield Ln, Farmington, NM 87401-7431
      View Details
    • Value Estimation by Request
      2,275 SF

      5716 Us 64

      OFFICE (GENERAL) • 2,275 SF
      5716 Us 64, Farmington, NM 87401-1578
      View Details
    • Value Estimation by Request
      3,000 SF

      115 Ute St

      OFFICE (GENERAL) • 3,000 SF
      115 Ute St, Farmington, NM 87401-6155
      View Details
    • Value Estimation by Request
      1,586 SF

      1405 Utton Ln

      OFFICE (GENERAL) • 1,586 SF
      1405 Utton Ln, Farmington, NM 87401-7640
      View Details

    Similar Nearby for Sale

    • $549,000

      Land Suitable for Apartments/Offices

      Land with multi-use zoning, ideal for apartments or offices.
      W Apache St, Farmington, NM 87401
      View Details
    • $265,000
      3,543 SF

      Mixed-Use Property with Tower Potential

      Historically notable mixed-use property with income-producing possibilities.
      212 W Apache St, Farmington, NM 87401
      View Details
    • $2,300,000
      8,835 SF

      Farmington Office Building Investment

      8,835 SF Office, 10-Year Lease, 8.83% Cap Rate
      4650 Butler Ave, Farmington, NM 87401
      View Details
    • $1,450,000
      17,790 SF

      Farmington Warehouse - $1.45M

      17,790 SF Warehouse, 2.14 Acres
      2203 Main St, Farmington, NM 87401
      View Details
    • $309,000
      1,890 SF

      Remodeled Commercial Building on Two Lots

      Remodeled commercial building with expansion potential in the heart of Farmington.
      1218 Schofield Ln, Farmington, NM 87401
      View Details
    • $749,000
      6,360 SF

      Farmington Office/Warehouse Property For Sale

      Office/warehouse property featuring offices, shop building, and fenced yard.
      900 Resource Ave, Farmington, NM 87401
      View Details

    Similar Nearby for Lease

    • $2,050 /Mo

      Downtown Office/Retail Space Available

      Office/retail space featuring multiple offices, break room, and conference room.
      418 W Broadway Ave, Farmington, NM 87401
      View Details
    • $16 SF/Yr
      2,700 SF

      Farmington Commercial Land Opportunity

      Prime 2,700 sq ft lot, single tenant.
      2844 Main St, Farmington, NM 87401
      View Details
    • $6 SF/Yr
      4,112 SF

      Prime Commercial Land, Broadway Ave

      Single-tenant land; 4,112 sq ft.
      418 Broadway Ave, Farmington, NM 87401
      View Details
    • Contact for pricing
      59,388 SF

      Retail and Restaurant Space Available

      Retail and restaurant spaces ranging from 843 to 59,388 SF.
      3040 E 20Th St, Farmington, NM 87401
      View Details
    • $8 SF/Yr
      2,000 SF

      Farmington Commercial Land Opportunity

      Prime 2,000 sq ft lot, single tenant.
      2100 River Rd, Farmington, NM 87401
      View Details
    • $8 SF/Yr
      12,732 SF

      Prime Commercial Land, Eastside

      12,732 sq ft lot, single tenant potential
      2621 20Th St, Farmington, NM 87401
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2603 Main St
    Farmington, NM 87401-7725
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!