Two-Home Multifamily
For Sale
$242,000
306 S San Pedro St, Las Cruces, NM 88001
Pair of historic-district residences with separate layouts, shared storage, and proximity to civic and downtown destinations.
Property Size1,866 SF
Price / SF$129.69
Days on Market50
Property Features for 306 S San Pedro St
General Information
Standard status
Active
Size
1,866 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
shared detached storage
exterior security lighting
Building Details
Year Built
1950
Buildings
2
Listing Agency:
Keller Williams Realty
(575) 915-2461
Listed By:
Kayla Fikany
(575) 915-2461
Source:
Zrealestate
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 28 at 10:09AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This multifamily offering includes two detached residences totaling 1,866 square feet on separate addresses. The 1,050-square-foot home at 306 S San Pedro St has one bedroom, one bath, a bonus room, and a separate laundry or office area. Its interior includes high ceilings, newer cabinetry, an electric stove, dishwasher, refrigerator, and newer vinyl flooring. The 672-square-foot residence at 330 Bowman has two bedrooms, one bath, tile flooring, a walk-in shower, a new countertop, and a five-year-old under-counter washer. One home is vacant, while the other is currently rented.
The property is located in the original Mesquite Historic District, minutes from Downtown, the Farmers Market, Branigan Library, and City Hall. Natural gas service, furnaces in all rooms, exterior security lighting, and shared detached storage with separate spaces serve the residences. Exterior painting was completed one year ago, and living and dining room windows were installed about three years ago.
The property is located in the original Mesquite Historic District, minutes from Downtown, the Farmers Market, Branigan Library, and City Hall. Natural gas service, furnaces in all rooms, exterior security lighting, and shared detached storage with separate spaces serve the residences. Exterior painting was completed one year ago, and living and dining room windows were installed about three years ago.
Key Highlights
- Two residences totaling 1,866 square feet at 306 S San Pedro St and 330 Bowman
- 306 S San Pedro: 1,050 square feet, 1 bedroom, 1 bath, bonus room, and separate laundry or office
- 330 Bowman: 672 square feet, 2 bedrooms, 1 bath, fenced yard, and walk‑in shower
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
$11,325
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
4.68%
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%
$226,500
$226.5K
Cap Rate 7%
$161,786
$161.8K
Cap Rate 9%
$125,833
$125.8K
Market Conditions
NOI Build-Up for 1,866 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
$21.7K $11.64/SF
− Vacancy
−$1.1K −$0.61/SF
EGI
$20.6K $11.03/SF
− OpEx
−$9.3K −$4.97/SF
NOI
$11.3K $6.07/SF
Area
Las Cruces, NM
Vacancy
5.20%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
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%
$226,500
Cap Rate 7%
$161,786
Cap Rate 9%
$125,833
Alternative Uses
Best Use
Apartment 5plus
$161.8K
$141.6K – $188.8K
NOI $11,325 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$326.5K
$285.7K – $381.0K
NOI $22,858 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,770
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Pair of historic-district residences with separate layouts, shared storage, and proximity to civic and downtown destinations.
Where is this multifamily property located?
The property is located at 306 S San Pedro St Las Cruces, NM.
What is the asking price?
The asking price for this property is $242,000.
What are key features of this property?
This property features: Two residences totaling 1,866 square feet at 306 S San Pedro St and 330 Bowman; 306 S San Pedro: 1,050 square feet, 1 bedroom, 1 bath, bonus room, and separate laundry or office; 330 Bowman: 672 square feet, 2 bedrooms, 1 bath, fenced yard, and walk‑in shower
