Remodeled Brick
For Sale
$675,000
1820 Rentfrow Ave, Las Cruces, NM 88001
Four-unit property with updated interiors, private outdoor areas, and dedicated parking for each apartment.
Property Size3,312 SF
Price / SF$203.80
Days on Market126
Property Features for 1820 Rentfrow Ave
General Information
Standard status
Active
Size
3,312 SF
Property subtype
Multi-Family
Building Details
Year Built
1965
Listing Agency:
Makeityourplace
(575) 644-5607
Listed By:
Bruce Crichton · License #20475
Source:
Searchlascruceshomesforsale
Added: Apr 28
Changed: Aug 29
Last Checked: Aug 30 at 5:56PM
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 Makeityourplace
Investment Insights
Based on property information with market context.
This four-unit residential income property offers 3,312 SF within a brick exterior building constructed in 1965. A partial renovation completed in 2025 included new furnaces, water heaters, granite countertops, kitchen and bathroom cabinetry, toilets, hardware, faucets, doors, lighting, ceiling fans, sheetrock work, and electrical improvements.
Each apartment includes a patio, a small yard with a rock wall, and two parking spaces positioned near the front entrance. Water and trash are included with the rent, while residents pay electric and gas. The property is located at 1820 Rentfrow Ave in Las Cruces, with restaurants and businesses nearby and highway access available for travel throughout the area.
Each apartment includes a patio, a small yard with a rock wall, and two parking spaces positioned near the front entrance. Water and trash are included with the rent, while residents pay electric and gas. The property is located at 1820 Rentfrow Ave in Las Cruces, with restaurants and businesses nearby and highway access available for travel throughout the area.
Key Highlights
- Four‑unit brick property totaling 3,312 SF
- Partial remodel completed in 2025
- New furnaces and water heaters installed
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
$22,347
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
3.31%
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%
$446,940
$446.9K
Cap Rate 7%
$319,243
$319.2K
Cap Rate 9%
$248,300
$248.3K
Market Conditions
NOI Build-Up for 3,312 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
$33.8K $10.20/SF
− Vacancy
−$1.9K −$0.56/SF
EGI
$31.9K $9.64/SF
− OpEx
−$9.6K −$2.89/SF
NOI
$22.3K $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%
$446,940
Cap Rate 7%
$319,243
Cap Rate 9%
$248,300
Alternative Uses
Best Use
Multifamily LT 5
$319.2K
$279.3K – $372.5K
NOI $22,347 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$287.2K
$251.3K – $335.0K
NOI $20,101 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$579.6K
$507.1K – $676.2K
NOI $40,571 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
736
Businesses Nearby
Explore this area
Business Placement
Demographics for 88001, NM
36,831
Population
16,985
Households
2.2
Avg Household Size
30
Median Age
29%
College-Educated
83%
High-School Grad
11.1 sq mi
ZIP Area
3,318
Density / Sq Mi
$32,978
Median Household Income
$23,195
Median Earnings
$797
Median Rent
$158,300
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Quadplex - Four-unit property with updated interiors, private outdoor areas, and dedicated parking for each apartment.
Where is this quadplex located?
The property is located at 1820 Rentfrow Ave Las Cruces, NM.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four‑unit brick property totaling 3,312 SF; Partial remodel completed in 2025; New furnaces and water heaters installed
