Homes for Sale in New Mexico - Investment

• 

  

  

  /20

  $160,000

  • Land
  • 9.69 Acres
  • $16,512 per Acre

  6 LOTS Road 3777 3783 & 3784, Farmington, NM 87401

  An excellent opportunity for builders and investors to secure six subdivided building lots in the highly desirable Morningstar Town Ranches subdivision in Farmington, NM, located less than an hour from Durango, CO. Positioned on an elevated hilltop with sweeping views, these lots are ideally located near the future Piñon Hills Bypass, adding long-term convenience and potential value to the area.

  

  Allen Elmore

  Exp Realty, LLC

  6 LOTS Road 3777 3783 & 3784, Farmington, NM 87401
• 

  

  

  /20

  $1,300,000

  • 54 Beds
  • 36 Baths

  1 Thru 16 Sams Ct, La Luz, NM 88337

  Incredible GROWING investment opportunity in the heart of La Luz, New Mexico! This property offers an approximate cap rate over 7% and features 29 total spaces with existing meter infrastructure. Currently, 20 spaces are occupied by manufactured homes all separately metered with 11 of those homes already rehabbed, providing immediate income with additional upside. The property is also being

  

  Thomas Gallegos

  Berkshire Hathaway NM Prop

  1 Thru 16 Sams Ct, La Luz, NM 88337
• 

  

  

  /30

  $398,500

  $27K PRICE DROP

  • 3 Beds
  • 2 Baths
  • 2,257 Sq Ft

  111 University Dr, Ruidoso, NM 88345

  Welcome to this beautifully maintained single-level retreat nestled in the serene mountain village of Ruidoso, New Mexico. Generous open-concept living: the spacious living room flows seamlessly into the dining area and kitchen--ideal for casual living and entertaining. Comfortable sleeping quarters: three well-sized bedrooms and two full baths. Built in 1995 and in a solid Southwest home style,

  

  Leslie Sisk

  Mountain Home Properties NM

  111 University Dr, Ruidoso, NM 88345
• 

  

  

  /32

  $605,000

  • 4 Baths
  • 3,196 Sq Ft

  1129 Calle Del Rio, Bloomfield, NM 87413

  ''Riverview RV Park'' Outstanding investment opportunity!!! Scenic riverfront RV park, ideally located along the breathtaking San Juan River in Bloomfield, NM. With direct signage exposure on U.S. Highway 550 and traffic counts exceeding 15,000 vehicles per day, this property offers excellent visibility and accessibility for both short- and long-term guests. The property features three

  

  Allen Elmore

  EXP Realty, LLC

  1129 Calle Del Rio, Bloomfield, NM 87413
• 

  

  

  /6

  $75,000

  • 2 Beds
  • 1 Bath
  • 840 Sq Ft

  1108 N Reid St, Clovis, NM 88101

  Welcome to 1108 N Reid, a charming 2-bedroom, 1-bath home offering comfort, functionality, and plenty of outdoor space. This property features a practical floor plan with inviting living areas, making it an excellent option for first-time homebuyers, investors, or anyone looking to downsize. One of the standout features is the spacious workshop, perfect for hobbies, woodworking, storage, or a

  

  Consuelo Mercadal

  Simplihom

  1108 N Reid St, Clovis, NM 88101
• 

  

  /17

  $1,180,000

  • Land
  • 118 Acres
  • $10,000 per Acre

  N of 200 E Harkness Rd, Carlsbad, NM 88220

  118 acres located in south Carlsbad in Eddy County offering outstanding potential for residential, commercial, or industrial development. Situated outside city limits with no known deed restrictions, this versatile property provides flexibility for a wide range of uses. With ample acreage and convenient southern access, the land is especially well-suited for industrial operations, equipment

  

  Meagan Carpenter

  DUNAGAN ASSOCIATES

  N of 200 E Harkness Rd, Carlsbad, NM 88220
• 

  

  /15

  $150,000

  • 4 Beds
  • 2 Baths
  • 1,388 Sq Ft

  1303 E 8th St, Alamogordo, NM 88310

  Fantastic investment opportunity! This multi-family property features two separate homes on one lot. The front house offers 3 spacious bedrooms and 1 bathroom, while the back house includes 1 bedroom and 1 bathroom, perfect for rental income, extended family, or guests. Both units are finished with low-maintenance laminate and tile flooring throughout. With versatile living options and strong

  

  Kanda Serrano

  NM PREMIER REAL ESTATE, LLC

  1303 E 8th St, Alamogordo, NM 88310
• 

  

  /19

  $79,900

  $9K PRICE DROP

  • 3 Beds
  • 1 Bath
  • 1,500 Sq Ft

  2900 Smith Ave, Clovis, NM 88101

  Great investment opportunity! Ideal location in an established neighborhood with convenience and proximity to local amenities. Plus an easy commute to Cannon Airforce Base! This home is situated on a spacious corner lot. With a functional floorpan, and lots of potential, this is an amazing opportunity!

  

  Natalie Reyes

  REALTY ONE OF NEW MEXICO - NATALIE

  2900 Smith Ave, Clovis, NM 88101
• 

  

  /3

  $300,000

  • Land
  • 1.63 Acres
  • $184,049 per Acre

  XX E Main St, Farmington, NM 87401

  Prime 1.63-acre level commercial lot with excellent East Main Frontage, ideally located near downtown Farmington, NM! This versatile property offers unparalleled exposure for any business venture, with utilities conveniently on-site for a seamless development experience. The strategic location and high visibility make this lot a fantastic investment opportunity for retail, office, or mixed-use

  

  Allen Elmore

  eXp Realty, LLC

  XX E Main St, Farmington, NM 87401
• 

  

  /6

  $40,000

  • 2 Beds
  • 1.5 Baths
  • 1,120 Sq Ft

  606 Maryland Ave, Alamogordo, NM 88310

  Investor opportunity! This fixer-upper is full of potential and ready for your vision. The property was originally configured as two apartments and offers possibilities for restoration, renovation, or conversion. Whether you're looking for an investment property, rental income potential, or a project to make your own, this property offers plenty of opportunity. Bring your ideas and transform this

  

  Lori Hoyt

  Coldwell Banker Sudderth Nelson

  606 Maryland Ave, Alamogordo, NM 88310
• 

  

  /17

  $325,000

  • Land
  • 34.81 Acres
  • $9,337 per Acre

  Lot 6 Illinois Camp Rd, Carlsbad, NM 88220

  Don't miss out on this exceptional opportunity to own nearly 35 acres on desirable Illinois Camp Rd outside the Carlsbad city limits! This versatile property is being cleared off and ready for building right away. Direct access from Illinois Camp Rd makes the property easily accessible while still maintaining a private, rural feel. With investment and growth potential galore, this prime acreage

  

  Meagan Carpenter

  DUNAGAN ASSOCIATES

  Lot 6 Illinois Camp Rd, Carlsbad, NM 88220
• 

  

  /3

  $32,500

  • Land
  • 1.13 Acres
  • $28,761 per Acre

  LOT 300 Road 3775, Farmington, NM 87401

  The cut across from Southside River Road to Pinon Hills/Main Street Intersection is almost complete....MEANING...Morningstar Town Ranches is now minutes away from shopping and entertainment. Large 1.13 acre lot with protective covenants in place to protect your investment. 360 degree views that include Shiprock and the La Plata mountains in the distance! Call today for details!

  

  Amanda Banks

  S.J. Gabaldon Constr. & Realty

  LOT 300 Road 3775, Farmington, NM 87401
• 

  

  /11

  $19,900

  • Land
  • 21,780 Sq Ft
  • $39,800 per Acre

  5029 Hummell Rd NE, Rio Rancho, NM 87144

  Great investment lot close to underground gas and electric. Seller will consider owner financing with $2500 down and the remaining balance at 6% interest over 10 years. Contact broker for details. Buyer to verify cost and location of all utilities prior to closing.

  

  Michael Schlichte

  Absolute Real Estate

  5029 Hummell Rd NE, Rio Rancho, NM 87144
• 

  

  /46

  $259,000

  • 2 Beds
  • 2 Baths
  • 891 Sq Ft

  155 Calle Ojo Feliz Unit P, Santa Fe, NM 87505

  Welcome to Los Arroyos Compound, where comfort, nature, and convenience come together in one of Santa Fe’s most beloved communities! Tucked within approximately 18 acres of native landscaping, tall grasses, and winding walking trails, this charming 2-BR, 2-bath, 2nd floor condo offers a peaceful retreat minutes from schools, shopping, medical facilities, and downtown Santa Fe. Thoughtfully

  

  Kathy Mahoney

  Keller Williams Realty

  

  155 Calle Ojo Feliz Unit P, Santa Fe, NM 87505
• 

  

  /61

  $599,000

  • 4 Beds
  • 3 Baths
  • 1,831 Sq Ft

  322 Princeton Dr SE, Albuquerque, NM 87106

  A rare, fully reimagined property near UNM, CNM, UNM Hospital, and Presbyterian! This beautifully renovated home offers exceptional flexibility with a fully updated main residence plus a newly finished casita/ADU -- perfect for multi-generational living, guest quarters, rental income, or investment potential. The main home features new flooring, updated windows, renovated bathrooms, a stylish

  

  Cassandra Morrison

  Real Broker, LLC

  322 Princeton Dr SE, Albuquerque, NM 87106
• 

  

  /15

  $52,500

  • Land
  • 42,688 Sq Ft
  • $53,571 per Acre

  513 French Dr, Aztec, NM 87410

  Consider this spacious plot for your dream home, offering breathtaking views of the La Plata Mountains and stunning sunsets from your future back porch. Located in the highly attractive Kokopelli Park subdivision, this property comes with protective covenants to safeguard your investment. Enjoy the convenience of city water, natural gas, sewer, and electricity readily available. Seize this

  

  Amanda Banks

  S.J. Gabaldon Constr. & Realty

  513 French Dr, Aztec, NM 87410
• 

  

  /5

  $195,000

  • Land
  • 32.38 Acres
  • $6,023 per Acre

  Tract B Mayflower Rd, Alamogordo, NM 88310

  Excellent opportunity to own over 32 acres of flat land in a prime location close to HWY's 70 & 54 surrounded by established businesses and residential areas. Perfect location for RV resort, storage facility, multi family, apartment complex or other investment dreams your heart may desire to come true. The lot can be subdivided and sections can be purchased separately. Sellers financing is

  

  Anastasia Kviatkivska

  Coldwell Banker Sudderth Nelson

  Tract B Mayflower Rd, Alamogordo, NM 88310
• 

  

  /3

  $25,000

  $10K PRICE DROP

  • Land
  • 14,810 Sq Ft
  • $73,529 per Acre

  Lot 9A Lake Shore Ct, Alto, NM 88312

  Nestled in the tall pines of the Sacramento Mountains, Lot 9A on Lake Shore Ct offers an exceptional opportunity to build your dream mountain retreat in the heart of Alto, New Mexico. This beautifully situated homesite combines peaceful forest surroundings with easy access to area amenities, creating the perfect balance of privacy and convenience. Become a member of the sought after Alto Lakes

  

  Leslie Sisk

  Mountain Home Properties NM

  Lot 9A Lake Shore Ct, Alto, NM 88312
• 

  

  /7

  $1,720,000

  • Land
  • 7.18 Acres
  • $239,554 per Acre

  0 28 72 Acres Off I-25 Bypass Rd, Belen, NM 87002

  Great developmental opportunity awaits, located right as you drive into the city of Belen! This is a total of 28.72 acres which is hard to find in town! A great chance to invest in a community that is booming with new businesses and residents. With the demand for new growth and business on the rise, owning land in Belen could be a smart investment for the future or your business. Don't miss out

  

  Jessica Rasband

  Realty One of New Mexico

  0 28 72 Acres Off I-25 Bypass Rd, Belen, NM 87002
• 

  

  /5

  $30,000

  • Land
  • 21,780 Sq Ft
  • $60,000 per Acre

  610 Inca Rd SE, Rio Rancho, NM 87124

  A single 1/2-acre lot available, with the option to purchase three additional adjoining 1/2-acre lots for a total of four lots (2 acres). Each lot is priced at $30,000, or all four can be purchased together as a package with each lot at $27,500. The area is seeing steady growth with expanding utilities and increasing development activity, offering strong long-term investment potential. With

  

  Marsha Strange

  Top Tier Realty

  610 Inca Rd SE, Rio Rancho, NM 87124
• 

  

  /23

  $470,235

  $157K PRICE DROP

  • Land
  • 32.43 Acres
  • $14,500 per Acre

  0 Unit 1093071, Rio Communities, NM 87002

  Don't miss this rare opportunity to own 32 acres of prime land in the growing area of Rio Communities, New Mexico. Perfectly positioned for future development, this expansive parcel offers a world of potential for investors and developers alike. Water & Sewer are located at the NW corner of the lot.Zoned for residential use, the property sits in a rapidly developing area with city water nearby,

  

  Danielle Martinez

  Realty One Group Concierge

  0 Unit 1093071, Rio Communities, NM 87002
• 

  

  /31

  $165,000

  $10K PRICE DROP

  • 1,962 Sq Ft

  718 Liles St, Socorro, NM 87801

  Great investment opportunity in Socorro! This home features a recently installed 30-year TPO roof, a 2019 furnace, and an enclosed, heated sunroom which is perfect for extra living space, hobbies, or a bonus workspace. Inside, you'll find updated laminate flooring in the kitchen and dining area, MasterCool evaporative cooling, and a functional layout. Located just a 5-minute walk to NM Tech, this

  

  Jonathan Nunez

  LPT Realty

  718 Liles St, Socorro, NM 87801
• 

  

  /14

  $185,000

  • Land
  • 6.05 Acres
  • $30,579 per Acre

  Lot 3 Corner Park Rd, Angel Fire, NM 87710

  Calling all horse enthusiasts! Tucked away in the Moreno Valley, this private, 6.05 acre wooded sanctuary serves as the ultimate high-country basecamp for your horses and the perfect setting to live out your mountain dreams. You’ll enjoy direct easement access into the expansive Carson National Forest. Imagine waking up in your dream custom mountain home to the sound of the wind through the pines

  

  The Weeks Group

  Coldwell Banker Mountain Properties

  Lot 3 Corner Park Rd, Angel Fire, NM 87710
• 

  

  /17

  $3,250,000

  • Land
  • 186.5 Acres
  • $17,426 per Acre

  153 Road 6470, Kirtland, NM 87417

  186.5 Acres of Versatile Land in Kirtland, NM. Discover 186.5 acres of wide-open desert land on the north side of Kirtland, New Mexico. This expansive property offers endless possibilities with no restrictions and easy access to utilities, making it an ideal canvas for your vision. Whether you're considering a large-scale solar farm, an off-road or dirt bike track, mobile home parks, residential

  

  Allen Elmore

  Exp Realty, LLC

  153 Road 6470, Kirtland, NM 87417
• 

  

  /24

  $450,000

  • 3 Beds
  • 2.5 Baths
  • 1,254 Sq Ft

  50 Vail Ave Unit 2 Bldg. 2, Angel Fire, NM 87710

  Discover this one-of-a-kind mountain condo in the heart of Angel Fire, New Mexico! This unique layout offers the perfect blend of comfort, style, and functionality with 3 full bedrooms, 2.5 baths, plus a fun bunk loft that sleeps four — the ultimate kids’ clubhouse/treehouse retreat! Completely remodeled in 2021, this condo is move-in ready with thoughtful updates throughout. Enjoy easy access to

  

  The Weeks Group

  Coldwell Banker Mountain Properties

  50 Vail Ave Unit 2 Bldg. 2, Angel Fire, NM 87710
• 

  

  /33

  $455,000

  • 2 Beds
  • 2.5 Baths
  • 1,175 Sq Ft

  65 Vail Ave Unit C5, Angel Fire, NM 87710

  Come and discover this recently updated 2 bedroom, 2.5 bathroom condo at Ski Run in Angel Fire, NM! While many mountain condos may feel like a squeeze, this end unit has a spacious floor plan and offers the perfect balance of privacy and space to entertain. With ski-in/ski-out access, you can transition seamlessly from the slopes or world-class mountain biking trails right back to your front door

  

  The Weeks Group

  Coldwell Banker Mountain Properties

  65 Vail Ave Unit C5, Angel Fire, NM 87710
• 

  

  /15

  $26,000

  • Land
  • 21,780 Sq Ft
  • $52,000 per Acre

  Lot 173 Taos Dr, Angel Fire, NM 87710

  Build your dream home or getaway retreat on this beautiful half-acre lot that backs directly up to the Cougar Hiking Trail! Enjoy the rare combination of privacy, nature, and convenience, with trail access right from your property and a possible mountain view depending on your homesite placement and selective tree thinning. This peaceful setting offers the ideal escape for outdoor enthusiasts,

  

  Judy Willingham

  Coldwell Banker Mountain Properties

  Lot 173 Taos Dr, Angel Fire, NM 87710
• 

  

  /3

  $199,000

  • Land
  • 11.87 Acres
  • $16,765 per Acre

  0 Enchanted Mesa Unit 12 Unit 1083486, Rio Communities, NM 87002

  Don't miss this incredible opportunity to own 11.87 acres of commercial-zoned vacant land in the growing community of Rio Communities, NM. Located in an area experiencing new development and expansion, this level parcel offers excellent potential for a variety of commercial uses. With convenient access via Rio Communities Blvd and De Haan Loop, the property is ideally positioned for future

  

  Jason Jenkins

  CENTURY 21 Camco Realty

  0 Enchanted Mesa Unit 12 Unit 1083486, Rio Communities, NM 87002
• 

  

  /9

  $17,500

  • Land
  • 21,780 Sq Ft
  • $35,000 per Acre

  5110 Liszt Ct NE, Rio Rancho, NM 87144

  Great investment lot in Niklas Ridge, the hidden gem of Rio Rancho! .5 Acre lot is ready for a new custom home! Underground Gas and Electric. Wells and septic in the area. Adjacent lot is also listed, buy both for a whole acre. VIEWS for MILES! Owner financing available. Do not miss your chance at a great lot!

  

  Michael Schlichte

  Absolute Real Estate

  5110 Liszt Ct NE, Rio Rancho, NM 87144
• 

  

  /80

  $375,000

  • Land
  • 10.38 Acres
  • $36,127 per Acre

  16923 Highway 550, Aztec, NM 87410

  ''Inca Gold'' Rare opportunity to own 10.38 irrigated acres on the site of the historic stagecoach stop and rail town of Inca, NM. Conveniently located just 19 minutes from Durango, CO and 13 minutes from Aztec, NM, this property offers excellent highway frontage, strong water resources, and endless potential for farming, ranching, or future investment. The land is irrigated with 10-inch piping,

  

  Allen Elmore

  EXP Realty, LLC

  16923 Highway 550, Aztec, NM 87410
• 

  

  /19

  $399,900

  • 2 Beds
  • 1 Bath
  • 1,080 Sq Ft

  95 Mescalero Ave, Mayhill, NM 88339

  This versatile property is zoned both residential and commercial, offering endless possibilities in the heart of Cloudcroft. This beautifully remodeled two-bedroom home is ideally located just steps from downtown shops, restaurants, and local attractions, while the nearby forest provides easy access to hiking, nature, and the cool mountain air. Currently operating as a successful Airbnb, the

  

  ARTHUR CONDITO

  Equity Real Estate of Alamogordo LLC

  95 Mescalero Ave, Mayhill, NM 88339
• 

  

  /24

  $733,960

  $91K PRICE DROP

  • 2 Beds
  • 2 Baths
  • 1,246 Sq Ft

  624 Galisteo St Unit 27, Santa Fe, NM 87505

  Tucked within the desirable Las Brisas community, 624 Galisteo Street, Unit 27 offers an exceptional opportunity to own a true lock-and-leave residence in the heart of Santa Fe. Just a short walk from the historic Santa Fe Plaza, this thoughtfully designed condominium places world-class dining, galleries, shopping, and cultural landmarks right at your doorstep, making it equally well suited as a

  

  Mark Rochester

  Berkshire Hathaway HomeService

  

  624 Galisteo St Unit 27, Santa Fe, NM 87505
• 

  

  /29

  $375,000

  • 3 Beds
  • 2.5 Baths
  • 1,792 Sq Ft

  108 Pippin St, Ruidoso, NM 88345

  Charming and full of character, this unique 3 bedroom, 2.5 bath home offers a warm, inviting atmosphere in the heart of Ruidoso New Mexico. Enjoy a functional galley style kitchen with stainless steel appliances, spacious living room with a gas fireplace and distinctive floor plan that sets this home apart. The fenced front and back yards with mature fir trees provide room for pets, gardening or

  

  Leslie Sisk

  Mountain Home Properties NM

  108 Pippin St, Ruidoso, NM 88345
• 

  

  /9

  $4,800

  • Land
  • 1.04 Acres
  • $4,615 per Acre

  1,2,3,4 Block 19 Unit 47, Rio Communities, NM 87002

  ** Opportunity for investment, future development (subject to zoning and county approval), or land hold in an area with convenient access and area views: 1.04 acre = 4 consecutive lots near Sherrod Blvd and Manzano Express Way, Rio Communities: Rectangle shape, together 335x133 or 3 lots, approx. 80x133 each and 1 lot approx 97x133. Don't wait Invest today the land is affordable! Current Taxes $5

  

  Sandra Hildebrand

  Berkshire Hathaway NM Prop

  1,2,3,4 Block 19 Unit 47, Rio Communities, NM 87002
• 

  

  /6

  $24,700

  • Land
  • 5.6 Acres
  • $4,411 per Acre

  19 Lots Subd: Rio Del Oro Lp N, Los Lunas, NM 87031

  **Investment opportunity - 19 lots bordering maintained Rio Del Oro Loop N in the Rio Del Oro Subdivision, just a short drive to and from the central area of the Village of Los Lunas. ** Opportunity for investment, future development (subject to zoning and county approval), or land hold in an area with convenient access and area views. Lots are not all contiguous (see picture of map); available

  

  Sandra Hildebrand

  Berkshire Hathaway NM Prop

  19 Lots Subd: Rio Del Oro Lp N, Los Lunas, NM 87031
• 

  /2

  $6,000

  • Land
  • 0 Sq Ft

  0 40th St & 2nd Ave SW Unit 1090595, Rio Rancho, NM 87124

  This lot is a great price today that could have a great investment value in the future. On approved credit there is a vacant lot program available for this lot that only requires 20-25% down and has a 30 year repayment period. Call me today for loan officers information.

  

  Marsha Strange

  Top Tier Realty

  0 40th St & 2nd Ave SW Unit 1090595, Rio Rancho, NM 87124
• 

  

  /7

  $290,000

  • 3 Beds
  • 2 Baths
  • 1,000 Sq Ft

  10 Evergreen Rd, Questa, NM 87556

  Upon entry into this quaint and cozy single-level modular home is the welcoming living room featuring a comfortable seating area, wood burning stove, well equipped kitchen with lots of storage and counterspace, dishwasher, gas range/stove, refrigerator and dining area/work space. Adjacent to the kitchen, you'll find the pantry/laundry area housing the full sized front load washer/dryer set.

  

  Lindsey Casali

  Casali Real Estate

  10 Evergreen Rd, Questa, NM 87556
• 

  

  /11

  $124,900

  • Land
  • 5.03 Acres
  • $24,831 per Acre

  lot 99 Zia Rd, Angel Fire, NM 87710

  Beautiful forested land in the Aspens with mature pines and once a few trees are cleared, you'll enjoy a beautiful, unobstructed view overlooking the Valley of the Utes. Zoned for equestrian use, the property welcomes horses and related facilities, offering ample space for stables and riding trails. Utilities are nearby or at the lot line, and access is typically via a well-maintained rural road,

  

  Lisa Sutton

  Coldwell Banker Mountain Properties

  lot 99 Zia Rd, Angel Fire, NM 87710
• 

  

  /7

  $37,500

  • Land
  • 28,314 Sq Ft
  • $57,692 per Acre

  5214 Nambe Rd NE, Rio Rancho, NM 87144

  Great investment lot in Niklas Ridge, the hidden gem of Rio Rancho! Oversized .65 lot is ready for a new custom home! Underground Gas and Electric. Wells and septic in the area. Owner financing available. Do not miss your chance at a great lot! Buyer to verify cost and location of all utilities prior to closing.

  

  Michael Schlichte

  Absolute Real Estate

  5214 Nambe Rd NE, Rio Rancho, NM 87144
• 

  /2

  $100,000

  • Land
  • 34,848 Sq Ft
  • $125,000 per Acre

  109 Junction Rd, Ruidoso, NM 88345

  Spacious three-lot parcel totaling just under one acre, offering an excellent opportunity to build a full-time residence, vacation retreat, or investment property. Located in and established neighborhood, this private tract provides utilities nearby (buyer to verify) and convenient access from Highway 70.

  

  Paula Sommers

  Pinnacle Real Estate & Dev

  109 Junction Rd, Ruidoso, NM 88345

Showing Results 81 - 120, Page 3 of 18