4-Unit Strip
For Sale
$1,100,000
144 Wyatt Dr, Las Cruces, NM 88005
Fully leased retail property with shared restrooms, break room, central air, and forced-air heating.
Property Size7,380 SF
Price / SF$149.05
Days on Market346
Property Features for 144 Wyatt Dr
General Information
Standard status
Active
Size
7,380 SF
Total Parking Spaces
17
Property subtype
Retail
Occupancy
100%
Amenities
shared break room
shared restrooms
Power
Water
Sewer
17 Parking Spaces
Building Details
Year Built
1976
Buildings
1
Tenancy
Multi
Listing Agency:
STEINBORN / TCN Commercial Real Estate
(575) 522-3698
Listed By:
Crystal McCaslin
(575) 522-3698
Source:
Carnm.resimplifi
Added: Sep 20, 2025
Changed: Aug 29
Last Checked: Aug 30 at 1:46PM
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
Investment Insights
Based on property information with market context.
This four-unit retail property presents a fully leased configuration with shared restrooms and a common break room for tenant use. The building includes sheet rock and concrete interior elements, stucco exterior construction, central air, and forced-air heating. Paved surfaces and city-street access support daily property operations.
The property is identified within the Downtown Area of Las Cruces and has public sewer service, with electricity available. Conforming zoning and a lot size listed from .51 to .75 AC add context for evaluating the existing retail improvements. The address is 144 Wyatt Drive, Las Cruces, NM 88005.
The property is identified within the Downtown Area of Las Cruces and has public sewer service, with electricity available. Conforming zoning and a lot size listed from .51 to .75 AC add context for evaluating the existing retail improvements. The address is 144 Wyatt Drive, Las Cruces, NM 88005.
Key Highlights
- Four‑unit retail building with all units fully leased
- Shared restrooms and break room for tenants and staff
- Central air and forced‑air heating
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
$59,884
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
5.44%
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%
$1,197,680
$1.2M
Cap Rate 7%
$855,486
$855.5K
Cap Rate 9%
$665,378
$665.4K
Market Conditions
NOI Build-Up for 7,380 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
$93.0K $12.60/SF
− Vacancy
−$7.4K −$1.01/SF
EGI
$85.5K $11.59/SF
− OpEx
−$25.7K −$3.48/SF
NOI
$59.9K $8.11/SF
Area
Las Cruces, NM
Vacancy
8.00%
Lease Rate
$12.60 /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%
$1,197,680
Cap Rate 7%
$855,486
Cap Rate 9%
$665,378
Alternative Uses
Best Use
Retail
$855.5K
$748.6K – $998.1K
NOI $59,884 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,402 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,577
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased retail property with shared restrooms, break room, central air, and forced-air heating.
Where is this strip mall located?
The property is located at 144 Wyatt Dr Las Cruces, NM.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four‑unit retail building with all units fully leased; Shared restrooms and break room for tenants and staff; Central air and forced‑air heating
