Building Details

Year Built 1908

Year Renovated 2026

Buildings 1

Units 12

Tenancy Multi

Listing Agency: Steinborn Commercial Real Estate

Listed By: Grady Oxford · License #NM 11039

Source: Crexi

Added: Jul 28 Changed: Sep 7 Last Checked: Sep 14 at 5:05AM

Report an Issue

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 Commercial Real Estate

Investment Insights

Based on property information with market context.

Originally built as a schoolhouse in 1908, this remodeled mixed-use property includes a commercial section of approximately 1,600+ SF and an apartment unit of about 600 SF. The apartment is described as being in outstanding condition and features a wraparound patio.

The property provides direct highway visibility with visibility described as 10,000+ daily traffic. Zoning is described as extensive and flexible, and the remarks indicate the site may support a wide range of concepts, including retail, office, day care, educational and community uses, religious facilities, cultural centers, personal services, and open markets. The facility is also described as having potential for a unique tasting room or eatery.

Set at 15890 B Street in Organ, NM, the surrounding area is described as being dominated by construction service companies serving White Sands, NASA, and other federal installations, with nearby households primarily consisting of married or widowed older adults nearing retirement or retired.

Key Highlights

• Originally built as a schoolhouse in 1908 and extensively remodeled
• Commercial section of approximately 1,600+ SF
• Apartment unit of about 600 SF in outstanding condition

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

$20,389

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

5.10%

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%

$407,780 $407.8K

Cap Rate 7%

$291,271 $291.3K

Cap Rate 9%

$226,544 $226.5K

Market Conditions

NOI Build-Up for 2,298 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

$35.8K $15.60/SF

− Vacancy

−$3.2K −$1.40/SF

EGI

$32.6K $14.20/SF

− OpEx

−$12.2K −$5.32/SF

NOI

$20.4K $8.87/SF

Area

Dona Ana County, NM

Vacancy

9.00%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

37.50%

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%

$407,780

Cap Rate 7%

$291,271

Cap Rate 9%

$226,544

Alternative Uses

Best Use

Mixed Use

$291.3K

$254.9K – $339.8K (±1% cap)

NOI $20,389 @ 7.0% cap · market cap 5.10%

Second Best

Office B

$290.5K

$254.2K – $338.9K (±1% cap)

NOI $20,336 @ 7.0% cap · market cap 5.08%

Theoretical Best

Office A

$402.1K

$351.9K – $469.2K (±1% cap)

NOI $28,150 @ 7.0% cap · market cap 7.04%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Retail space

Suggested Use

Top Pick HVAC Service Bed & Breakfast Hotel & Motel Restaurant

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

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

18

Businesses Nearby

Explore this area Business Placement

Demographics for 88052, NM

291

Population

118

Households

2.5

Avg Household Size

51

Median Age

41%

College-Educated

84%

High-School Grad

6.1 sq mi

ZIP Area

48

Density / Sq Mi

$240,903

Median Household Income

$134,038

Median Earnings

$121,500

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mixed-use property - Historic schoolhouse-turned mixed-use building with remodeled commercial space and an apartment unit with a wraparound patio.

Where is this mixed-use property located?

The property is located at 15890 B Street Organ, NM.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: Originally built as a schoolhouse in 1908 and extensively remodeled; Commercial section of approximately 1,600+ SF; Apartment unit of about 600 SF in outstanding condition