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Historic Restaurant Property in Las Cruces
For Sale
$775,000
Pending

118 N Mesquite St, Las Cruces, NM 88001

Restored restaurant with unique features in the Mesquite Historic District.

Property Size3,234 SF
Days on Market228

Property Features for 118 N Mesquite St

General Information

Standard status Pending
Size 3,234 SF
Property subtype Retail
Zoning C-2

Amenities

Power
Water
Sewer
Natural Gas
Listing Agency: STEINBORN / TCN Commercial Real Estate
Listed By: Kary Bulsterbaum · License #43302
Source: Carnm.resimplifi
Added: Mar 17 Changed: Oct 26 Last Checked: Oct 28 at 4:43AM

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 STEINBORN / TCN Commercial Real Estate

Rey
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Investment Insights

Based on property information with market context.

This is a historically preserved restaurant property with unique features, located in the Mesquite Historic District and the Arts and Cultural District of Las Cruces. The original structure was built in 1940 and has been restored with attention to detail. Unique elements include original light fixtures above the gas fireplace, renovated and restored original windows, and enhancement of the original stone. The entire internal and external electrical system has been upgraded to full commercial grade. Internal and external lighting packages have been upgraded and offer dimming capabilities. A full-scale state-of-the-art commercial kitchen, bar, and walk-in wine closet were constructed in 2020. Separate HVAC systems are in place for the dining area and kitchen areas, and the wine rack system has its own mini-split cooling system. An extensive equipment inventory is offered with the property. In 2023, an extensive expansion of an outdoor patio space and bar added almost 1000 square feet of space under the roof, with lighting options, drainage, outdoor heaters, and outdoor cooling and vent systems. Both the interior and exterior areas have a sound system. Additional land area can be converted for additional private event space or dining areas, and a residential apartment allows for creative use of space. An 8 ft X 10 ft cellar in the main building and covered storage behind the residential apartment offer additional storage space. The property sits in the original southerly pass of El Camino Real de Tierra Adentro and due east of the revitalized Main Street Downtown District, with ease of access and centralization off of major streets and roadways. The location is at the front doorstep of Klein Park and directly adjacent to the "Bean" coffee shop and La Nueva Casita Cafe. The property size is 3234 square feet.

Key Highlights

  • Prime location in the Mesquite Historic District and Arts & Cultural District, near Klein Park and other businesses, with easy access to major roadways.
  • Fully equipped, state‑of‑the‑art commercial kitchen, bar, and walk‑in wine closet built in 2020 with dedicated cooling.**
  • Extensive outdoor patio and bar expansion (almost 1000 sq ft) with lighting, drainage, heaters, and cooling systems.**

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr
$29,615
Cap Rate
3.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$592,300 $592.3K
Cap Rate 7%
$423,071 $423.1K
Cap Rate 9%
$329,056 $329.1K
Market Conditions
NOI Build-Up for 3,234 SF
Gross rent
$42.7K $13.20/SF
− Vacancy
−$3.2K −$0.99/SF
EGI
$39.5K $12.21/SF
− OpEx
−$9.9K −$3.05/SF
NOI
$29.6K $9.16/SF
Area
Las Cruces, NM
Vacancy
7.50%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$592,300
Cap Rate 7%
$423,071
Cap Rate 9%
$329,056

Alternative Uses

Best Use
Specialty Retail
$423.1K
$370.2K – $493.6K (±1% cap)
NOI $29,615 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$565.9K
$495.2K – $660.3K (±1% cap)
NOI $39,615 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Miguel's On Mesquite Bar & Pub

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Grocery & Convenience Store Storage Facility Clothing & Fashion Store Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,729
Businesses Nearby
Under-served
Demand for This Use

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
Check the figures for this property Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics

Market

Vacancy Rate% for Retail in West region

7% 2020
6.3% 2021
5.5% 2022
5.3% 2023
5.5% 2024
5.8% 2025

Frequently Asked Questions

What type of property is this?
Conventional restaurant - Restored restaurant with unique features in the Mesquite Historic District.
Where is this conventional restaurant located?
The property is located at 118 N Mesquite St Las Cruces, NM.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Prime location in the Mesquite Historic District and Arts & Cultural District, near Klein Park and other businesses, with easy access to major roadways.; Fully equipped, state‑of‑the‑art commercial kitchen, bar, and walk‑in wine closet built in 2020 with dedicated cooling.**; Extensive outdoor patio and bar expansion (almost 1000 sq ft) with lighting, drainage, heaters, and cooling systems.**
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