Flex Industrial Building with Two Leased
1507 W Picacho Avenue Las Cruces, NM 88005
1507 W Picacho Avenue, Las Cruces, NM, 88005
$575,000
For Sale
$575,000
Two front-facing leased units and a rear storage warehouse with an office and two large garage doors.
Property Size6,754 SF
Price / SF$85.13
Days on Market799
Property Features for 1507 W Picacho Avenue
General Information
- Standard status
- Active
- Size
- 6,754 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1950
Listing agency
Exit Realty Horizons
(575) 532-5678
Listed by
Cristal Garcia · License #53772
Source
Xome
Added: May 14, 2024 Updated: Jul 21 at 1:31PM Checked: Jul 21 at 1:31PM
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 Exit Realty Horizons
Investment Insights
Based on property information with market context.
This flex/industrial property includes two front-facing units and a separate rear storage warehouse. The first unit is approximately 1,748 sq. ft. and was previously used as a barbershop; it is currently utilized as storage. The second front unit spans approximately 2,254 sq. ft. and functions as office space. A durable metal roof was installed in 2017.
At the rear of the property, there is a storage warehouse that includes an office and two large garage doors for easy in-and-out access. This rear structure is located with a zero lot line on the west side and is also occupied, currently used for additional storage.
The arrangement provides multiple income streams through the two front units and the occupied rear storage warehouse, with flexibility for future use depending on tenant and operational needs.
At the rear of the property, there is a storage warehouse that includes an office and two large garage doors for easy in-and-out access. This rear structure is located with a zero lot line on the west side and is also occupied, currently used for additional storage.
The arrangement provides multiple income streams through the two front units and the occupied rear storage warehouse, with flexibility for future use depending on tenant and operational needs.
Key Highlights
- Two front‑facing units are currently leased: 1,748 SF unit and 2,254 SF unit
- Second unit includes office space; first unit is currently utilized as storage
- Metal roof installed in 2017
Local Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.7k | $8.40 |
| − Vacancy | −$3.1k | −$0.46 |
| EGI | $53.6k | $7.94 |
| − OpEx | −$8.0k | −$1.19 |
| NOI | $45.6k | $6.75 |
6,754 SF · lease $8.40/SF/yr · vacancy 5.50% · expense 15.00%
Alternative Uses
Best Use
Office B
$853.8K
$747.1K – $996.1K
NOI $59,768 @ 7.0% cap · market cap 10.39%
Second Best
Warehouse
$651.0K
$569.6K – $759.5K
NOI $45,571 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,734 @ 7.0% cap · market cap 14.39%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
FAQs
What type of property is this?
Flex space - Two front-facing leased units and a rear storage warehouse with an office and two large garage doors.
Where is this flex space located?
The property is located at 1507 W Picacho Avenue Las Cruces, NM.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two front‑facing units are currently leased: 1,748 SF unit and 2,254 SF unit; Second unit includes office space; first unit is currently utilized as storage; Metal roof installed in 2017
