Two-Unit Brick
For Sale
$270,000
1029 N Melendres Street, Las Cruces, NM 88005
Residential Income, Las Cruces, NM
Property Size1,541 SF
Lot Size0.32 Acres
Price / SF$175.21
Days on Market157
Property Features for 1029 N Melendres Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Rooms
Bedroom 2, Bedroom 1
Parking features
On Street, Carport
Appliances
Range
Subdivision
Hess Terrace
Directions
GPS
Standard status
Active
APN
4-006-134-429-494
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
Subd: HESS TERRACE IN PETERSON PLACE REPLAT NO 2 (BK 18PG 165 - 9428719) Lot: 7A Block: 7 S: 12 T: 23S R: 1E
Legal Description
Subd: HESS TERRACE IN PETERSON PLACE REPLAT NO 2 (BK 18PG 165 - 9428719) Lot: 7A Block: 7 S: 12 T: 23S R: 1E
Utilities
Heating system
Forced Air
Cooling system
Evaporative Cooling
Amenities
evaporative coolers
Building Details
Year built
1971
Number of units
2
Building materials
Brick
Listing Agency:
The Palms Realty
(575) 621-5780
Listed By:
Luke Gabriel Johnson
(575) 649-3722
Added: Apr 2
Changed: Aug 19
Last Checked: Sep 5 at 6:06PM
MLS# 2601052
Copyright © 2026 Las Cruces Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1971, this duplex comprises two separate, zero-lot-line parcels at 1029 and 1031 N Melendres Street. The combined living area totals 1,541 square feet, with brick construction, forced-air heating, and evaporative cooling in both residences.
The larger unit contains 851 square feet, three bedrooms, two bathrooms, and a carport. The second residence measures 690 square feet and includes two bedrooms and one bathroom. A range is included, while parking consists of the carport and on-street spaces. The property is located in Las Cruces, New Mexico, within Dona Ana County.
The larger unit contains 851 square feet, three bedrooms, two bathrooms, and a carport. The second residence measures 690 square feet and includes two bedrooms and one bathroom. A range is included, while parking consists of the carport and on-street spaces. The property is located in Las Cruces, New Mexico, within Dona Ana County.
Key Highlights
- Two separate zero‑lot‑line parcels at 1029 & 1031 N Melendres
- Combined living space of 1,541 sq ft
- 851 sq ft unit with 3 bedrooms, 2 bathrooms, and a carport
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
$10,398
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
3.85%
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%
$207,960
$208.0K
Cap Rate 7%
$148,543
$148.5K
Cap Rate 9%
$115,533
$115.5K
Market Conditions
NOI Build-Up for 1,541 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
$15.7K $10.20/SF
− Vacancy
−$865 −$0.56/SF
EGI
$14.9K $9.64/SF
− OpEx
−$4.5K −$2.89/SF
NOI
$10.4K $6.75/SF
Area
Las Cruces, NM
Vacancy
5.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$207,960
Cap Rate 7%
$148,543
Cap Rate 9%
$115,533
Alternative Uses
Best Use
Multifamily LT 5
$148.5K
$130.0K – $173.3K
NOI $10,398 @ 7.0% cap · market cap 3.85%
Second Best
Apartment 5plus
$133.6K
$116.9K – $155.9K
NOI $9,352 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$269.7K
$236.0K – $314.6K
NOI $18,877 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,162
Businesses Nearby
Explore this area
Business Placement
Demographics for 88005, NM
26,997
Population
12,039
Households
2.2
Avg Household Size
41
Median Age
31%
College-Educated
85%
High-School Grad
150.9 sq mi
ZIP Area
179
Density / Sq Mi
$51,770
Median Household Income
$28,908
Median Earnings
$899
Median Rent
$207,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate parcels provide distinct two- and three-bedroom layouts with carport parking and evaporative cooling.
Where is this duplex located?
The property is located at 1029 N Melendres Street Las Cruces, NM.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Two separate zero‑lot‑line parcels at 1029 & 1031 N Melendres; Combined living space of 1,541 sq ft; 851 sq ft unit with 3 bedrooms, 2 bathrooms, and a carport
