Redevelopment Opportunity Farmington, NM

Office for Sale
Sale Pending/Contingent
Catylist Listing ID: 30770232
Property Subtypes: Institutional, Office Building, Other
Status: Pending/Contingent
Building Size (RSF): 43,462 SF
Gross Building Area: 46,157 SF
Gross Land Area: 62,750 - 62.75 SF
Sale Price: $895,000
Unit Price: $20.59 PSF
Ceiling: 10 ft.
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Former Bank Building and Additional Land
Class of Space: Class D
Usable Size (USF): 40,406 SF
Core Factor: 8%
Sale Terms: Cash to Seller
Last Updated: 5/15/2022

Overview / Comments

The properties are in an Opportunity Zone and a Redevelopment area.

The building is an average quality, three-story, concrete frame office building with a flat roof and built up tar and gravel cover. The ground floor is configured as a walk-in retail bank with a built in teller station and two vaults. The upper floors consist of individual offices, conference rooms, large open areas, restrooms, a large, secure file storage room, break room, several wet bars, and mechanical and service rooms. There is below grade parking, and ground level parking accessed from the alley and at each end of the building. There are three small hydraulic elevators and three sets of stairways. The HVAC system is four pipe central system with gas fired boiler and electric chiller unit that delivers hot and chilled water to ceiling mounted fan coil units with individual thermostats on each of the floors.. The site contains 26,500 sf.

The additional land consists of a 50 x 105 vacant lot at the SWC of Commercial and Broadway, and a full half block [125 x 250], at 100 Animas Ave.

Additional Details

Nearest MSA: Farmington
County: San Juan
Taxing Authority: San Juan County
Tax ID/APN: R0023465 and others
Property Located Between: Orchard and Commercial on Broadway [Highway 64]
Property Visibility: Excellent
Highway Access: Highway 64 [Broadway]
Airports: Farmington
Site Description: The building site is rectangular in shape, at street grade along all streets, and is generally level except for the below grade, open parking garage. The entrances are at the NEC of Orchard and Broadway and the NWC of Commercial and Broadway. There is also an elevator and stairway entrance from the below grade parking garage. The site is rectangular in shape, at street grade along the streets, and generally level except for the parking garage that is depressed below the street. . It fronts approximately 250 feet along the east side of East Broadway and the alley, 105 feet along the west side of Commercial Avenue and the east side of Orchard Avenue. The site has accessible curb cuts along Commercial Ave. and Orchard Ave. and at the rear public alley. The site has very good street visibility and good accessibility and is served by city utilities. There is street parking along Broadway, as well as Commercial and Orchard. The additional land is consists of [1] a small pad site at the SWC of commercial and Broadway with a curb cut on commercial and alley access; and [2] half block bounded by Orchard and commercial Avenuse, Animas and an alley the half block has curb cuts on Orchard .
Area Description: The area of the properties is considered to be Downtown Farmington. Downtown Farmington includes the Farmington Historic Downtown Commercial District, a 22 acre historic district that is listed on the National Register of Historic Places and includes approximately eight blocks along Main St. and Broadway, from Auburn Ave. to Miller Ave. There are numerous retail establishments, office buildings and service retail businesses as well a number of restaurants. The Farmington Civic Center is also located in this area. The offices of the Chamber of Commerce are located across Orchard.
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 15,000 SF
Year Built: 1979
Year Renovated: 2009
Roof Type: Flat
Construction/Siding: Concrete
Exterior Description: The exterior of the building is painted concrete stucco. The ground floor has large windows fronting on Broadway and limited windows on the upper floors.
Parking Ratio: 1.2 (per 1000 SF)
Parking Type: Surface, Underground
Parking Description: Parking is provided under the building in an open area, off the alley, and at the two entrances into the under-building parking, in addition to street parking, . There is additional parking possible on the additional land - approximately 100 spaces.
Total Parking Spaces: 156
Passenger Elevators: 3
Sprinklers: None
Heat Type: Natural Gas, Hot Water
Heat Source: Central, Ceiling Units
Air Conditioning: Engineered System, Other
Internet Access: Cable
Interior Description: The ground floor is a typical large bank lobby with permitere offices, vaults, restrooms, break room and small storage areas. the upper floors are offices, open floor plan areas, large secure file storage room, break room and service and mechanical areas.
Zoning Description: The building and the small lot at Commercial and Broadway are zoned Central Business (CB) by the City of Farmington. The CB district is intended to accommodate moderate to high intensity business activities that characterize the city's cultural and business center. Allowed uses are broad and include most types of office use, many retail / commercial uses, medical uses, church and education uses, hotels and motels, and some residential uses.. The half block fronting on Animas is zoned General Commercial (GC). This district is intended to accommodate commercial uses. The GC district is not a neighborhood-oriented district [as is CB]. It is intended to be used to accommodate existing commercial uses along thoroughfares. It may also be used to accommodate new development proposals. In all cases, new development in the GC district should be adequately served by infrastructure. The specific uses are somewhat like those is the CB district, but vary in ways such as parking.
Lot Frontage: 250
Lot Depth: 105,
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Easements Description: Utilities
Land Ownership: Fee
Legal Description: Building: Lots 6-15, Block 6 of the Original Townsite of Farmington, San Juan County, shown on the Plat of said Subdivision filed for record August 19, 1891. Additional Land: Lots 1& 2, and 11-15 Block 11 of the Original Townsite of Farmington, San Juan County, shown on the Plat of said Subdivision filed for record August 19, 1891.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,168 31,010 51,934
Median Age: 37.36 33.14 33.49
Households: 1,921 11,644 18,405


Photograph of Listing Agent

Samuel H Carnes

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