Three-Unit Multifamily
For Sale
$750,000
Pending
703 Athenian Way Unit A B, Las Cruces, NM 88011
Fully occupied property with spacious three-bedroom layouts and two bathrooms in each unit.
Property Size4,604 SF
Days on Market62
Property Features for 703 Athenian Way Unit A B
General Information
Standard status
Pending
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
Listing Agency:
EXIT Realty Vista
Listed By:
Andrew J Palmer · License #LCN2588
Source:
Searchlascruceshomesforsale
Added: Jul 8
Changed: Sep 6
Last Checked: Sep 7 at 9:53AM
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 EXIT Realty Vista
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 totals 4,604 square feet and is currently 100% occupied, providing an established rental arrangement across all three units.
The property is located at 703 Athenian Way Unit A, B, in Las Cruces, New Mexico, within the Foothills area. Its three-unit configuration and consistent occupancy provide a straightforward multifamily format for evaluating residential income operations.
The property is located at 703 Athenian Way Unit A, B, in Las Cruces, New Mexico, within the Foothills area. Its three-unit configuration and consistent occupancy provide a straightforward multifamily format for evaluating residential income operations.
Key Highlights
- Three‑unit triplex with 4,604 square feet
- Each unit includes 3 bedrooms and 2 bathrooms
- Approximately 1,535 square feet per unit
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 property with spacious three-bedroom layouts and two bathrooms in each unit.
Where is this triplex located?
The property is located at 703 Athenian Way Unit A B 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 4,604 square feet; Each unit includes 3 bedrooms and 2 bathrooms; Approximately 1,535 square feet per unit
