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: May 21 Changed: Sep 6 Last Checked: Sep 9 at 11:43AM

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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 BHGRE Steinborn & Associates - South

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 = 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

$30,093

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

6.34%

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%

$601,860 $601.9K

Cap Rate 7%

$429,900 $429.9K

Cap Rate 9%

$334,367 $334.4K

Market Conditions

NOI Build-Up for 4,460 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

$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 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%

$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 6.34%

Second Best

Apartment 5plus

$386.7K

$338.4K – $451.1K (±1% cap)

NOI $27,068 @ 7.0% cap · market cap 5.70%

Theoretical Best

Office A

$780.5K

$682.9K – $910.6K (±1% cap)

NOI $54,633 @ 7.0% cap · market cap 11.50%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Quadplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Carpet & Flooring Store Big Box & Wholesale Store Grocery & Convenience Store Daycare Center Food Market

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

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

Questions? Ask Rey

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

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

Similar For Sale Nearby

Corner-Lot Flex Space

221 Principal Street, La Mesa, NM 88044

$500,000

0.65 Acres

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Adobe Quadplex With Casita

393 E San Miguel Street, La Mesa, NM 88044

$475,000

0.49 Acres

View details

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 $475,000.

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