Standalone Office
For Sale
Contact for pricing
1007 El Paseo Rd, Las Cruces, NM 88001
Open-shell commercial space at a signalized corner intersection supports retail or professional office use.
Property Size3,120 SF
Lot Size0.37 Acres
Price / SF$121.79
Days on Market194
Property Features for 1007 El Paseo Rd
General Information
Standard status
Active
Size
3,120 SF
Lot size
0.37 Acres
Property subtype
Office, Retail
Site & Location
Corner Location
Yes
Road Access
Yes
Building Details
Buildings
1
Listing Agency:
NAI 1st Valley
(575) 521-1535
Listed By:
Jessie Carreon · License #NM 53098
Source:
Crexi
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 6:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI 1st Valley
Investment Insights
Based on property information with market context.
This standalone office building contains approximately 3,120 SF on an approximately 0.37-acre corner lot. Its open-shell condition provides a flexible starting point for retail or professional office occupancy, with the interior configuration available for user-specific buildout.
The property is located at 1007 El Paseo Rd in Las Cruces, New Mexico, at the signalized intersection of El Paseo Road and Wyatt Drive. The site has prominent frontage along a major city corridor and benefits from high traffic counts and strong visibility.
The property is located at 1007 El Paseo Rd in Las Cruces, New Mexico, at the signalized intersection of El Paseo Road and Wyatt Drive. The site has prominent frontage along a major city corridor and benefits from high traffic counts and strong visibility.
Key Highlights
- ±3,120 SF standalone building
- ±0.37‑acre corner lot
- Open‑shell condition suited to retail or professional office use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,610
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.27%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$552,200
$552.2K
Cap Rate 7%
$394,429
$394.4K
Cap Rate 9%
$306,778
$306.8K
Market Conditions
NOI Build-Up for 3,120 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$43.1K $13.80/SF
− Vacancy
−$6.2K −$2.00/SF
EGI
$36.8K $11.80/SF
− OpEx
−$9.2K −$2.95/SF
NOI
$27.6K $8.85/SF
Area
Las Cruces, NM
Vacancy
14.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$552,200
Cap Rate 7%
$394,429
Cap Rate 9%
$306,778
Alternative Uses
Best Use
Office B
$394.4K
$345.1K – $460.2K
NOI $27,610 @ 7.0% cap · market cap 7.27%
Second Best
Retail
$361.7K
$316.5K – $422.0K
NOI $25,317 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$546.0K
$477.7K – $637.0K
NOI $38,219 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,830
Businesses Nearby
Explore this area
Business Placement
Demographics for 88001, NM
36,831
Population
16,985
Households
2.2
Avg Household Size
30
Median Age
29%
College-Educated
83%
High-School Grad
11.1 sq mi
ZIP Area
3,318
Density / Sq Mi
$32,978
Median Household Income
$23,195
Median Earnings
$797
Median Rent
$158,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Open-shell commercial space at a signalized corner intersection supports retail or professional office use.
Where is this office building located?
The property is located at 1007 El Paseo Rd Las Cruces, NM.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: ±3,120 SF standalone building; ±0.37‑acre corner lot; Open‑shell condition suited to retail or professional office use
