Office Building with
For Sale
$339,000
Pending
770 Spruce Avenue, Las Cruces, NM 88001
Commercial Sale, Las Cruces, NM
Property Size1,344 SF
Lot Size0.27 Acres
Days on Market94
Property Features for 770 Spruce Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Subdivision
Coxs Second Subdivision
Directions
TRAVEL SOUTH ON SOLANO DR TURN LEFT ON SPRUCE PROPERTY ON THE LEFT
Standard status
Pending
APN
4-007-134-378-385
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
SUBD: COX'S SECOND SUBDIVISION (BK 4 PG 31) 130 LOT: PT 7-10 INCL & VAC ALY BLOCK:C SUBD: SPRUCE AVENUE DEDICATION (BK 18 PG 585-590- 9626728) S: 7 T: 23S R:2E SPRUCE ST
Legal Description
SUBD: COX'S SECOND SUBDIVISION (BK 4 PG 31) 130 LOT: PT 7-10 INCL & VAC ALY BLOCK:C SUBD: SPRUCE AVENUE DEDICATION (BK 18 PG 585-590- 9626728) S: 7 T: 23S R:2E SPRUCE ST
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
back patio
Building Details
Flooring type
Tile - Ceramic, Carpet
Building materials
Frame
Listing Agency:
Cripple Creek Realty, LLC
(575) 343-5980
Listed By:
Schabrina Schnyder Montoya · License #51162
(575) 740-2251
Added: Jun 13
Changed: Sep 12
Last Checked: Sep 14 at 6:06AM
MLS# 2601902
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.
Investment Insights
Based on property information with market context.
This frame office property occupies a 0.27-acre parcel and includes three private offices, a reception area, kitchen space, and a rear patio. Carpet and ceramic tile flooring are installed throughout, with forced-air heating and central air conditioning. Public water and public sewer serve the property, and a dedicated parking lot supports visitor and staff access.
The building is positioned near Solano Drive and Lohman Avenue in Las Cruces, providing access within an established area. Its recent office operation and earlier salon use provide documented commercial-use history, while the existing layout includes several functional areas for professional service operations.
The building is positioned near Solano Drive and Lohman Avenue in Las Cruces, providing access within an established area. Its recent office operation and earlier salon use provide documented commercial-use history, while the existing layout includes several functional areas for professional service operations.
Key Highlights
- 0.27‑acre office property near Solano Drive and Lohman Avenue
- Three private offices plus reception and kitchen areas
- Rear patio and dedicated parking lot
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
$11,893
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
3.51%
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%
$237,860
$237.9K
Cap Rate 7%
$169,900
$169.9K
Cap Rate 9%
$132,144
$132.1K
Market Conditions
NOI Build-Up for 1,344 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
$18.5K $13.80/SF
− Vacancy
−$2.7K −$2.00/SF
EGI
$15.9K $11.80/SF
− OpEx
−$4.0K −$2.95/SF
NOI
$11.9K $8.85/SF
Area
Las Cruces, NM
Vacancy
14.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
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%
$237,860
Cap Rate 7%
$169,900
Cap Rate 9%
$132,144
Alternative Uses
Best Use
Office B
$169.9K
$148.7K – $198.2K
NOI $11,893 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$235.2K
$205.8K – $274.4K
NOI $16,463 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,001
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Professional property with private offices, reception space, a kitchen area, and dedicated on-site parking.
Where is this office building located?
The property is located at 770 Spruce Avenue Las Cruces, NM.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: 0.27‑acre office property near Solano Drive and Lohman Avenue; Three private offices plus reception and kitchen areas; Rear patio and dedicated parking lot
