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    Versatile Multifamily Property on Acreage Title is generated by Realmo AI

    158 Independence Avenue, Las Vegas, NM 87701

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    For Sale
    $384,900

    MULTI_FAMILY - Las Vegas, NM

    Property size:
    3,515 SF
    Lot size:
    1.41 Acres
    Price / SF:
    $109/SF
    Added:
    Mar 30, 2026
    Days on Market:
    50
    Last Refresh:
    May 18 at 10:06 am

    Property Features for 158 Independence Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    7
    Bathrooms
    4
    Rooms
    Bedroom 5, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 4, Bedroom 2, Bedroom 7, Bedroom 6
    Appliances
    FreeStandingGasRange, Disposal, Refrigerator
    Standard status
    Active
    APN
    1094092521323
    Size
    3,515 SF
    Lot size
    1.41 Acres

    Taxes and HOA fees

    Tax Description
    SUBD: TOWN OF LAS VEGAS BLOCK: L-7 L-8 S: 27 T: 16 R: 16
    Tax Annual Amount
    2100

    Utilities

    Heating system
    Central

    Building Details

    Year built
    1950
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Tile, Carpet
    Building materials
    Frame, Stucco

    We can help!

    Listing Contact
    Jonathan M Ortiz

    Listing agent Jonathan M Ortiz License #44118

    Listing office Southwest Elite Real Estate 8100 Wyoming M4 #412, Albuquerque, NM

    Listing date Mar 30, 2026

    MLS# 1100794 Listing URL

    Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Three separate homes on over an acre, offering income potential or multi‑generational living.
    • Includes two lots, increasing property value and development possibilities.
    • Rear home features 3 bedrooms, 1.75 baths, and a 2‑car garage.
    • Front home has 3 bedrooms and a 3/4 bath.
    • Efficiency apartment with spacious bedroom, living area, and 3/4 bath.
    • Multiple storage sheds and outbuildings provide ample space for hobbies, storage, or workspace.

    Overview

    This multifamily property offers an investment opportunity with versatility, situated on over an acre comprising two lots and three separate homes. The front home features approximately 1,120 square feet with 3 bedrooms and a 3/4 bath. The middle structure is an efficiency apartment complete with a spacious bedroom, living area, and 3/4 bath. The rear home offers 3 bedrooms, 1.75 baths, and its own 2-car garage. The property also includes a detached single-car garage, multiple storage sheds, and various outbuildings suitable for hobbyists, storage, or workspace needs. Mature trees and a rock wall enhance the property's outdoor appeal. The total property size is 3,515 square feet.
    Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    San Miguel
    State
    New Mexico
    Longitude
    -105.221774
    Latitude
    35.587204

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    FAQs

    What type of property is this?
    Multifamily property - Three homes on over an acre, potential income property.
    Where is this multifamily property located?
    The property is located at 158 Independence Avenue Las Vegas, NM.
    What is the asking price?
    The asking price for this property is $384,900.
    What are key features of this property?
    This property features: Three separate homes on over an acre, offering income potential or multi‑generational living.; Includes two lots, increasing property value and development possibilities.; Rear home features **3 bedrooms, 1.75 baths, and a 2‑car garage.**
    (505) 363-8451
    We can help!
    Listing Contact
    Jonathan M Ortiz
    Real Estate License ID: 44118
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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