Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    623 Main St Farmington, NM 87401-2713

    • Retail space
    • 3,000 SF
    • 0.17 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0399414
    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

    • Havens Bikes Inc / Bicycle Shop

    Property Details for 623 Main St

    Year built
    1951
    Lot size
    0.17 lot acres
    Property size
    3,000 SF
    Property type
    Retail space
    APN
    2075171302454
    APU
    2075171302454

    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
    -108.195
    Latitude
    36.7318
    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
    $1,590
    $0.00
    $0.00
    $58,773
    -
    $0.00
    $0.00
    $176,319

    Comparable in this City

    • Value Estimation by Request
      3,250 SF

      1900 Schofield Ln

      RETAIL STORES (PERSONAL SERVICES) • 3,250 SF
      1900 Schofield Ln, Farmington, NM 87401-2513
      View Details
    • Value Estimation by Request
      630 SF

      1825 Schofield Ln

      RETAIL STORES (PERSONAL SERVICES) • 630 SF
      1825 Schofield Ln, Farmington, NM 87401-2510
      View Details
    • Value Estimation by Request
      2,400 SF

      1701 Schofield Ln

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      1701 Schofield Ln, Farmington, NM 87401-2508
      View Details
    • Value Estimation by Request
      1,626 SF

      5833 Us 64

      RETAIL STORES (PERSONAL SERVICES) • 1,626 SF
      5833 Us 64, Farmington, NM 87401-1555
      View Details
    • Value Estimation by Request
      5,000 SF

      910 San Juan Blvd

      RETAIL STORES (PERSONAL SERVICES) • 5,000 SF
      910 San Juan Blvd, Farmington, NM 87401-2722
      View Details
    • Value Estimation by Request
      10,860 SF

      422 Main St

      RETAIL STORES (PERSONAL SERVICES) • 10,860 SF
      422 Main St, Farmington, NM 87401-8425
      View Details

    Similar Nearby for Sale

    • $2,900,000
      16,498 SF

      Modern Multi-Use Commercial Building

      Upscale commercial property with high-income tenant and expansion potential.
      2050 Knudsen Ave, Farmington, NM 87401
      View Details
    • $199,000
      Pending

      Farmington Commercial Property on Main

      Versatile 3,200+ sq ft commercial building in revitalized downtown Farmington.
      216 W 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
    • $2,571,429
      2,331 SF

      Farmington Retail Net Lease Property

      Freestanding retail property with a corporate net lease.
      719 W Main St, Farmington, NM 87401
      View Details
    • $2,455,415
      1,294 SF

      Farmington Retail Net Lease Property

      Retail property with a 10-year corporate net lease.
      505 E 20Th St, Farmington, NM 87401
      View Details
    • $475,000
      7,750 SF

      Farmington Commercial Building For Sale

      Two-story commercial building in downtown Farmington with multiple units.
      120 S Commercial Ave, Farmington, NM 87401
      View Details

    Similar Nearby for Lease

    • $135,000
      5,000 SF

      Retail Space on Main Street

      Retail space with drive-thru in high-traffic Farmington corridor.
      2632 E Main St, Farmington, NM 87401
      View Details
    • $10 SF/Yr
      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
    • Contact for pricing

      Retail Pad Ready for Drive-Thru

      1.4 acre retail pad site anchored by Walmart Supercenter.
      1289 W Main St, Farmington, NM 87401
      View Details
    • $7 SF/Yr
      4,960 SF

      NM 170 Warehouse For Sale

      Single-tenant industrial warehouse.
      3100 Nm 170, Farmington, NM 87401
      View Details
    • $0.70 SF/Yr
      17,790 SF

      Prime Farmington Land: Ground Lease Opportunity

      1.89 Acres, General Commercial Zoning
      2203 Main St, Farmington, NM 87401
      View Details
    • $15 SF/Yr
      2,300 SF

      Farmington Commercial Land Opportunity

      Prime 2,300 sq ft lot, single tenant.
      2901 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.
    623 Main St
    Farmington, NM 87401-2713
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.