Quadplex with Attached
For Sale
$399,000
13700 State Highway 478, Mesilla Park, NM 88047
Residential Income, Mesilla Park, NM
Property Size4,158 SF
Lot Size0.80 Acres
Price / SF$95.96
Days on Market12
Property Features for 13700 State Highway 478
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 6, Bathroom 4, Bedroom 2, Bathroom 5, Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 2
Parking features
Garage
Appliances
Dryer, Refrigerator, Dishwasher, Range, Washer
Subdivision
Mesilla Park Area
Directions
Get on I-25 S from E Lohman Ave. Follow I-25 S and I-10 E. Take Mesquite exit 151 from I-10 E. Turn right off exit toward Stern Dr. Turn left onto Stern Dr. Turn right onto NM-228 W. Turn right onto NM-478. Destination will be on the right. Use GPS
Standard status
Active
APN
4-011-144-359-185
Lot size
0.80 Acres
Taxes and HOA fees
Tax Description
S: 35 T: 24S R: 2E BRM 17 TR 43A1B EOF HIGHWAY 80 - 85 ALT
Legal Description
S: 35 T: 24S R: 2E BRM 17 TR 43A1B EOF HIGHWAY 80 - 85 ALT
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Evaporative Cooling
Water source
Well, Public
Building Details
Year built
1950
Number of units
4
Building materials
Frame, Stucco
Listing Agency:
Keller Williams Realty
(575) 527-0880
Listed By:
Angel R. Guevara · License #REC-20220644
(575) 222-5605
Added: Aug 21
Changed: Aug 27
Last Checked: Sep 1 at 8:06PM
MLS# 2602657
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.
This quadplex-style residential property combines a primary home with three attached studio spaces on 0.80 acres. The approximately 4,158-square-foot configuration includes 6 bedrooms and 5 bathrooms. The main residence measures approximately 2,142 square feet and includes an updated kitchen, fresh paint, and refrigerated air. The upper studio is approximately 1,008 square feet, while the two lower studios together provide approximately 1,008 square feet. Appliances include a range, refrigerator, dishwasher, washer, and dryer.
Located at 13700 State Highway 478 in Mesilla Park, the property includes a detached one-car garage, well and public water sources, public sewer, and fully fenced grounds with a rock wall. Mountain views, horse allowance, and outdoor area add to the property's practical flexibility. The building was constructed in 1950 and uses frame and stucco construction.
Located at 13700 State Highway 478 in Mesilla Park, the property includes a detached one-car garage, well and public water sources, public sewer, and fully fenced grounds with a rock wall. Mountain views, horse allowance, and outdoor area add to the property's practical flexibility. The building was constructed in 1950 and uses frame and stucco construction.
Key Highlights
- Main home plus 3 attached studios
- Approximately 4,158 sq ft with 6 bedrooms and 5 bathrooms
- Set on 0.80 acres at 13700 State Highway 478
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
$28,055
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
7.03%
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%
$561,100
$561.1K
Cap Rate 7%
$400,786
$400.8K
Cap Rate 9%
$311,722
$311.7K
Market Conditions
NOI Build-Up for 4,158 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
$42.4K $10.20/SF
− Vacancy
−$2.3K −$0.56/SF
EGI
$40.1K $9.64/SF
− OpEx
−$12.0K −$2.89/SF
NOI
$28.1K $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%
$561,100
Cap Rate 7%
$400,786
Cap Rate 9%
$311,722
Alternative Uses
Best Use
Multifamily LT 5
$400.8K
$350.7K – $467.6K
NOI $28,055 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$360.5K
$315.4K – $420.6K
NOI $25,235 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$727.6K
$636.7K – $848.9K
NOI $50,934 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 88047, NM
1,897
Population
741
Households
2.6
Avg Household Size
39
Median Age
31%
College-Educated
76%
High-School Grad
6.4 sq mi
ZIP Area
296
Density / Sq Mi
$39,814
Median Household Income
$19,811
Median Earnings
$522
Median Rent
$109,600
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?
Quadplex - Four connected living spaces combine residential flexibility with a detached garage, fenced grounds, and well service.
Where is this quadplex located?
The property is located at 13700 State Highway 478 Mesilla Park, NM.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Main home plus 3 attached studios; Approximately 4,158 sq ft with 6 bedrooms and 5 bathrooms; Set on 0.80 acres at 13700 State Highway 478
