Tri-Level Bed-and-Breakfast
For Sale
Contact for pricing
5353 Spirit Ridge Road, Las Cruces, NM 88007
Tri-level lodge with nine suites, multiple kitchens, and extensive covered patios set on 5 acres.
Property Size10,000 SF
Lot Size5.00 Acres
Price / SF$92.50
Days on Market314
Property Features for 5353 Spirit Ridge Road
General Information
Standard status
Active
Size
10,000 SF
Class
B
Total Parking Spaces
10
Lot size
5.00 Acres
Property subtype
Business for Sale, Mixed Use, Multifamily
Zoning
Conditional C1
Occupancy
90%
Investment Type
Institutional
Net Operating Income
$84,000
Additional Details
Fenced Yard
Yes
Amenities
covered patios
balconies
two-story atrium with rock waterfall
balcony library
double garage
laundry rooms
solar power
stone walls
adobe walls
wrought iron enclosure
Cantera fountain
covered outdoor kitchen
storage
office
Building Details
Year Built
1965
Year Renovated
2022
Buildings
1
Stories
2
Units
7
Tenancy
Multi
Listing Agency:
Debbie Johnson
Listed By:
Luke Johnson · License #0943
Source:
Crexi
Added: Nov 2, 2025
Changed: Sep 2
Last Checked: Sep 11 at 8:25AM
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 Debbie Johnson
Investment Insights
Based on property information with market context.
A lodge built in 1965 and expanded into a bed-and-breakfast in 1996, this tri-level property features approximately 10,000 to 12,000 square feet of heated and cooled space plus 1,900 square feet of covered patios and balconies. The layout includes nine suites, 10 full baths and three half baths, seven kitchens with an outdoor partial kitchen, and on-site office space. Interior amenities include a two-story atrium with a rock waterfall and a balcony library. Outside, there is a large east-facing patio with a Cantera fountain, covered outdoor kitchen, two bathrooms, and storage.
The lodge is fully enclosed with stone walls, adobe walls, and wrought iron, with a double garage and both a main laundry room and a guest laundry room. Additional infrastructure includes solar power and a 450-foot deep well. The property sits on 5 acres, with approximately 2 acres fenced in the backyard and many shade trees.
Large parties and events are supported by the property’s extensive patio and balcony areas, along with covered outdoor space designed for hosting.
The lodge is fully enclosed with stone walls, adobe walls, and wrought iron, with a double garage and both a main laundry room and a guest laundry room. Additional infrastructure includes solar power and a 450-foot deep well. The property sits on 5 acres, with approximately 2 acres fenced in the backyard and many shade trees.
Large parties and events are supported by the property’s extensive patio and balcony areas, along with covered outdoor space designed for hosting.
Key Highlights
- Tri‑level lodge built in 1965; expanded into a bed‑and‑breakfast in 1996
- Approx. 10,000–12,000 SF heated and cooled area with 9 suites, 10 full baths, and 3 half baths
- Seven kitchens plus an outdoor partial kitchen, office, main laundry room, and guest laundry room
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
$61,560
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
6.66%
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%
$1,231,200
$1.2M
Cap Rate 7%
$879,429
$879.4K
Cap Rate 9%
$684,000
$684.0K
Market Conditions
NOI Build-Up for 10,000 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
$144.0K $14.40/SF
− Vacancy
−$14.4K −$1.44/SF
EGI
$129.6K $12.96/SF
− OpEx
−$68.0K −$6.80/SF
NOI
$61.6K $6.16/SF
Area
Las Cruces, NM
Vacancy
10.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
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%
$1,231,200
Cap Rate 7%
$879,429
Cap Rate 9%
$684,000
Alternative Uses
Best Use
Hotel Hospitality
$879.4K
$769.5K – $1.03M
NOI $61,560 @ 7.0% cap · market cap 6.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,496 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 88007, NM
24,803
Population
10,262
Households
2.4
Avg Household Size
41
Median Age
29%
College-Educated
87%
High-School Grad
328.6 sq mi
ZIP Area
75
Density / Sq Mi
$65,022
Median Household Income
$36,864
Median Earnings
$794
Median Rent
$232,200
Median Home Value
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Similar Off Market Nearby
- A Lodge On the Desert — 5353 Spirit Rdg Ct, Las Cruces, NM 88007
Frequently Asked Questions
What type of property is this?
Bed & breakfast - Tri-level lodge with nine suites, multiple kitchens, and extensive covered patios set on 5 acres.
Where is this bed & breakfast located?
The property is located at 5353 Spirit Ridge Road Las Cruces, NM.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Tri‑level lodge built in 1965; expanded into a bed‑and‑breakfast in 1996; Approx. 10,000–12,000 SF heated and cooled area with 9 suites, 10 full baths, and 3 half baths; Seven kitchens plus an outdoor partial kitchen, office, main laundry room, and guest laundry room
