Three-Unit Multifamily
For Sale
$750,000
703 Athenian Way, Las Cruces, NM 88011
Fully occupied residential income property with three-bedroom layouts and two bathrooms in each residence.
Property Size4,604 SF
Price / SF$162.90
Days on Market29
Property Features for 703 Athenian Way
General Information
Standard status
Active
Size
4,604 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
3 x 3BR/2BA
Multifamily Units
3
Building Details
Year Built
2001
Buildings
1
Listing Agency:
Keller Williams Realty
(575) 915-2461
Listed By:
Kayla Fikany
(575) 915-2461
Source:
Zrealestate
Added: Aug 1
Changed: Aug 28
Last Checked: Aug 28 at 1:58PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 2001, this triplex contains three residential units, each offering approximately 1,535 square feet with three bedrooms and two bathrooms. The property is 100% occupied, providing an established rental operation across all three residences.
The property is located in the Foothills area of Las Cruces, with an address of 703 Athenian Way, Las Cruces, NM 88011. Current rents are below market value, while the unit configuration and full occupancy provide a clear basis for evaluating the existing rental performance and future income profile.
The property is located in the Foothills area of Las Cruces, with an address of 703 Athenian Way, Las Cruces, NM 88011. Current rents are below market value, while the unit configuration and full occupancy provide a clear basis for evaluating the existing rental performance and future income profile.
Key Highlights
- Three‑unit triplex with 3 bedrooms and 2 bathrooms per unit
- Approximately 1,535 square feet of living space in each unit
- 100% occupied
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
$31,065
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
4.14%
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%
$621,300
$621.3K
Cap Rate 7%
$443,786
$443.8K
Cap Rate 9%
$345,167
$345.2K
Market Conditions
NOI Build-Up for 4,604 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
$47.0K $10.20/SF
− Vacancy
−$2.6K −$0.56/SF
EGI
$44.4K $9.64/SF
− OpEx
−$13.3K −$2.89/SF
NOI
$31.1K $6.75/SF
Area
Las Cruces, 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%
$621,300
Cap Rate 7%
$443,786
Cap Rate 9%
$345,167
Alternative Uses
Best Use
Multifamily LT 5
$443.8K
$388.3K – $517.8K
NOI $31,065 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$399.2K
$349.3K – $465.7K
NOI $27,942 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$805.7K
$705.0K – $940.0K
NOI $56,397 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,096
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied residential income property with three-bedroom layouts and two bathrooms in each residence.
Where is this triplex located?
The property is located at 703 Athenian Way Las Cruces, NM.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three‑unit triplex with 3 bedrooms and 2 bathrooms per unit; Approximately 1,535 square feet of living space in each unit; 100% occupied
