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 Market205
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
Carport, On Street
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: Oct 18
Last Checked: Oct 23 at 12:06AM
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.
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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 / Yr
$10,398
Cap Rate
3.85%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,162
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
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
