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    Downtown Las Cruces Mixed-Use Property Title is generated by Realmo AI

    506 E May Avenue, Las Cruces, NM 88001

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    Claim this Listing
    For Lease
    $600,000

    COMMERCIAL - Las Cruces, NM

    Lot size:
    0.39 Acres
    Added:
    Nov 18, 2025
    Days on Market:
    177
    Last Refresh:
    May 14 at 9:06 pm

    Property Features for 506 E May Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    APN
    4-007-135-371-223
    Lot size
    0.39 Acres

    Taxes and HOA fees

    Tax Description
    Subd: ORIGINAL TOWNSITE Lot: 3 Block: 74 S: 18 T: 23S R: 2E

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Evaporative Cooling
    Water source
    Public

    Building Details

    Floors in Building
    1
    Number of units
    6
    Flooring type
    Carpet, Tile - Ceramic
    Building materials
    Stucco
    Roof type
    Flat, Tar/Gravel

    We can help!

    Listing Contact
    Terriane M Everhart

    Listing agent Terriane M Everhart License #15542

    Listing office Berkshire Hathaway Homeservices - NM Properties 424 N. Main Street Ste 100, Las Cruces, NM

    Listing date Nov 18, 2025

    MLS# 2503612

    Copyright © 2026 Las Cruces Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown Las Cruces location with high foot traffic, near restaurants, breweries, and boutiques.
    • Newly remodeled mixed‑use property with strong income potential.
    • Six rental units: one 3‑bedroom and five 1‑bedroom apartments.
    • High‑demand, low‑vacancy rental units.
    • Value‑add potential through improvements or short‑term rentals.
    • A+ location in a revitalized corridor.

    Overview

    This mixed-use property is located in downtown Las Cruces, New Mexico. The property features one 3-bedroom rental unit and five 1-bedroom, 1-bath apartments. It is situated steps from the heart of downtown Las Cruces, surrounded by restaurants, breweries, and boutiques, with year-round foot traffic. The property is in a revitalized corridor. The location offers potential for value-add improvements, short-term rental options, or re-imagined urban living spaces. The lot size is 0.39 acres. Purchase is subject to existing leases on all 6 units.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Las Cruces
    County
    Dona Ana
    State
    New Mexico
    Longitude
    -106.773731
    Latitude
    32.309587

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    FAQs

    What type of property is this?
    Apartment building - Remodeled mixed-use property in revitalized downtown Las Cruces.
    Where is this apartment building located?
    The property is located at 506 E May Avenue Las Cruces, NM.
    What is the lease rate?
    The lease rate is $600,000.
    What are key features of this property?
    This property features: Prime downtown Las Cruces location with high foot traffic, near restaurants, breweries, and boutiques.; Newly remodeled mixed‑use property with strong income potential.; Six rental units: one 3‑bedroom and five 1‑bedroom apartments.
    (575) 639-1138
    We can help!
    Listing Contact
    Terriane M Everhart
    Real Estate License ID: 15542
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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