Remodeled Cannabis Retail
For Sale
$499,999
750 S Main St, Las Cruces, NM 88001
C-2 zoning, ample parking, and a new three-year lease support the property’s established retail operation.
Property Size2,879 SF
Price / SF$173.67
Days on Market332
Property Features for 750 S Main St
General Information
Standard status
Active
Size
2,879 SF
Property subtype
Investment
Zoning
C-2 Community Commercial Zone
Listing Agency:
Absolute Investment Realty
(505) 489-8538
Listed By:
Rita Cordova · License #50862
(505) 489-8538
Source:
Carnm.resimplifi
Added: Oct 1, 2025
Changed: Aug 28
Last Checked: Aug 28 at 6:51AM
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 Absolute Investment Realty
Investment Insights
Based on property information with market context.
This 2879 SF cannabis retail property is positioned at 750 S Main St in Las Cruces, at the signalized corner of S Main St and S Alameda Blvd. The building has been recently remodeled and includes refrigerated air, dedicated parking, and prominent building and roadway signage. C-2 Community Commercial Zone supports the current commercial setting.
The property is occupied by Field of Dreams Dispensary, which is opening its second Las Cruces location. A new tenant is in place under a 3-year lease. The hard-corner setting, illuminated intersection, parking supply, and signage provide practical features for an operating retail business.
The property is occupied by Field of Dreams Dispensary, which is opening its second Las Cruces location. A new tenant is in place under a 3-year lease. The hard-corner setting, illuminated intersection, parking supply, and signage provide practical features for an operating retail business.
Key Highlights
- 2879 SF cannabis retail property
- C‑2 Community Commercial Zone
- New tenant in place with a 3‑year lease
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
$23,361
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
4.67%
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%
$467,220
$467.2K
Cap Rate 7%
$333,729
$333.7K
Cap Rate 9%
$259,567
$259.6K
Market Conditions
NOI Build-Up for 2,879 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
$36.3K $12.60/SF
− Vacancy
−$2.9K −$1.01/SF
EGI
$33.4K $11.59/SF
− OpEx
−$10.0K −$3.48/SF
NOI
$23.4K $8.11/SF
Area
Las Cruces, NM
Vacancy
8.00%
Lease Rate
$12.60 /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%
$467,220
Cap Rate 7%
$333,729
Cap Rate 9%
$259,567
Alternative Uses
Best Use
Retail
$333.7K
$292.0K – $389.4K
NOI $23,361 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$503.8K
$440.8K – $587.8K
NOI $35,267 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,005
Businesses Nearby
Explore this area
Business Placement
Demographics for 88001, NM
36,831
Population
16,985
Households
2.2
Avg Household Size
30
Median Age
29%
College-Educated
83%
High-School Grad
11.1 sq mi
ZIP Area
3,318
Density / Sq Mi
$32,978
Median Household Income
$23,195
Median Earnings
$797
Median Rent
$158,300
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Cannabis property - C-2 zoning, ample parking, and a new three-year lease support the property’s established retail operation.
Where is this cannabis property located?
The property is located at 750 S Main St Las Cruces, NM.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: 2879 SF cannabis retail property; C‑2 Community Commercial Zone; New tenant in place with a 3‑year lease
