Building Details

Buildings 2

Construction adobe

Listing Agency: BHGRE Steinborn & Associates - South

Listed By: Ramon H Aguilar Armendariz · License #47795 Show Phone

Source: Searchlascruceshomesforsale

Added: Jun 8 Changed: Oct 28 Last Checked: Oct 28 at 8:59AM

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Investment Insights

Based on property information with market context.

This adobe quadruplex spans 4,460 square feet across two buildings on approximately 0.49 acre. The primary structure contains three apartments: two two-bedroom units with one bathroom and three-quarter bathroom configurations, while the separate casita provides a one-bedroom, one-bath layout. Each apartment includes a washer and dryer, refrigerator, and stove.

Traditional adobe craftsmanship appears throughout, including nichos, vigas, exposed beams, Talavera accents, and ceramic tile flooring. Units 1, 2, and 4 have mini-split systems for heating and cooling. The property is served by community water, sewer, El Paso Electric, and natural gas, and is located on E San Miguel St in La Mesa, New Mexico.

Key Highlights

• 4,460 square feet across two buildings on approximately 0.49 acre
• Four apartments: three 2‑bedroom units and one 1‑bedroom casita
• Main building contains 3 apartments; separate casita provides Unit 4

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,093

Cap Rate

6.70%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$601,860 $601.9K

Cap Rate 7%

$429,900 $429.9K

Cap Rate 9%

$334,367 $334.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,460 SF

Gross rent

$45.5K $10.20/SF

− Vacancy

−$2.5K −$0.56/SF

EGI

$43.0K $9.64/SF

− OpEx

−$12.9K −$2.89/SF

NOI

$30.1K $6.75/SF

Area

Dona Ana County, 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 Rate 5%

$601,860

Cap Rate 7%

$429,900

Cap Rate 9%

$334,367

Alternative Uses

Best Use

Multifamily LT 5

$429.9K

$376.2K – $501.6K (±1% cap)

NOI $30,093 @ 7.0% cap · market cap 6.70%

Second Best

Apartment 5plus

$386.7K

$338.4K – $451.1K (±1% cap)

NOI $27,068 @ 7.0% cap · market cap 6.03%

Theoretical Best

Office A

$780.5K

$682.9K – $910.6K (±1% cap)

NOI $54,633 @ 7.0% cap · market cap 12.17%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Lease Details

4

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

33

Businesses Nearby

Explore this area Business Placement

Demographics for 88044, NM

3,289

Population

1,331

Households

2.5

Avg Household Size

44

Median Age

23%

College-Educated

80%

High-School Grad

594.3 sq mi

ZIP Area

6

Density / Sq Mi

$60,855

Median Household Income

$40,068

Median Earnings

$540

Median Rent

$194,000

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Frequently Asked Questions

What type of property is this?

Quadplex - Four apartments across two buildings offer flexible residential income or multi-generational living arrangements.

Where is this quadplex located?

The property is located at 393 E San Miguel St Unit 1-4 La Mesa, NM.

What is the asking price?

The asking price for this property is $449,000.

What are key features of this property?

This property features: 4,460 square feet across two buildings on approximately 0.49 acre; Four apartments: three 2‑bedroom units and one 1‑bedroom casita; Main building contains 3 apartments; separate casita provides Unit 4