Dual-Suite Residential Income
For Sale
$269,000
3650 Morningstar Drive, Las Cruces, NM 88011
Updated condo with private balconies, home office, gated-community amenities, and an oversized two-car garage.
Property Size1,587 SF
Price / SF$169.50
Days on Market65
Property Features for 3650 Morningstar Drive
General Information
Standard status
Active
Size
1,587 SF
Total Parking Spaces
2
Property subtype
Commercial
Additional Details
Multifamily Units
1
Amenities
indoor/outdoor pools
fitness center
clubhouse
BBQ areas
Building Details
Year Built
2007
Listing Agency:
Mesa Flats Realty
Listed By:
Joel Gilbert · License #REC20230006
(575) 639-0093
Source:
Mesaflatsrealty
Added: Aug 15
Changed: Oct 11
Last Checked: Oct 16 at 5:47AM
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 Mesa Flats Realty
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Investment Insights
Based on property information with market context.
Built in 2007, this 1,587-square-foot condo features two primary suites, each with a private ensuite bath, along with 2.5 total baths and a dedicated home office. The open floor plan includes an updated kitchen, tile flooring across the main level, and a new stone fireplace. Outdoor spaces include two private balconies and a covered downstairs porch. An oversized two-car garage with epoxy flooring provides additional utility.
The residence is located within a gated community with indoor and outdoor pools, a gym, clubhouse, and BBQ areas. Fresh exterior stucco has been added, and the property is situated near Sonoma Ranch Golf Course, DACC, shopping, and dining at 3650 Morningstar Drive in Las Cruces.
The residence is located within a gated community with indoor and outdoor pools, a gym, clubhouse, and BBQ areas. Fresh exterior stucco has been added, and the property is situated near Sonoma Ranch Golf Course, DACC, shopping, and dining at 3650 Morningstar Drive in Las Cruces.
Key Highlights
- 1,587‑square‑foot condo with two primary suites and 2.5 total baths
- Each primary suite includes a private ensuite bath
- Dedicated home office plus an open floor plan
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,632
Cap Rate
3.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$192,640
$192.6K
Cap Rate 7%
$137,600
$137.6K
Cap Rate 9%
$107,022
$107.0K
Market Conditions
NOI Build-Up for 1,587 SF
Gross rent
$18.5K $11.64/SF
− Vacancy
−$961 −$0.61/SF
EGI
$17.5K $11.03/SF
− OpEx
−$7.9K −$4.97/SF
NOI
$9.6K $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 Rate 5%
$192,640
Cap Rate 7%
$137,600
Cap Rate 9%
$107,022
Alternative Uses
Best Use
Apartment 5plus
$137.6K
$120.4K – $160.5K
NOI $9,632 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$277.7K
$243.0K – $324.0K
NOI $19,440 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
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Business Placement
Demographics for 88011, NM
32,885
Population
15,160
Households
2.2
Avg Household Size
43
Median Age
55%
College-Educated
95%
High-School Grad
251.7 sq mi
ZIP Area
131
Density / Sq Mi
$75,139
Median Household Income
$43,093
Median Earnings
$1,053
Median Rent
$315,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condo with private balconies, home office, gated-community amenities, and an oversized two-car garage.
Where is this residential income property located?
The property is located at 3650 Morningstar Drive Las Cruces, NM.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: 1,587‑square‑foot condo with two primary suites and 2.5 total baths; Each primary suite includes a private ensuite bath; Dedicated home office plus an open floor plan
