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Historic Restaurant Property in Las Cruces

118 N Mesquite St Las Cruces, NM 88001

118 N Mesquite St, Las Cruces, NM, 88001
Contact for pricing
For Sale
Contact for pricing

Restored restaurant with unique features in the Mesquite Historic District.

Property Size3,234 SF
Price / SF$239.64
Days on Market683

Property Features for 118 N Mesquite St

General Information

Standard status
Active
Size
3,234 SF
Property subtype
Retail
Listing Agency STEINBORN / TCN Commercial Real Estate
Listed by Kary Bulsterbaum · License #NM 43302
Source Crexi
Added: Sep 5, 2024 Checked: Jul 19 at 5:14 am

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 STEINBORN / TCN Commercial Real Estate


Investment Insights

Based on property information with market context.

This is a historically preserved restaurant property with unique features, located in the Mesquite Historic District and the Arts and Cultural District of Las Cruces. The original structure was built in 1940 and has been restored with attention to detail. Unique elements include original light fixtures above the gas fireplace, renovated and restored original windows, and enhancement of the original stone. The entire internal and external electrical system has been upgraded to full commercial grade. Internal and external lighting packages have been upgraded and offer dimming capabilities. A full-scale state-of-the-art commercial kitchen, bar, and walk-in wine closet were constructed in 2020. Separate HVAC systems are in place for the dining area and kitchen areas, and the wine rack system has its own mini-split cooling system. An extensive equipment inventory is offered with the property. In 2023, an extensive expansion of an outdoor patio space and bar added almost 1000 square feet of space under the roof, with lighting options, drainage, outdoor heaters, and outdoor cooling and vent systems. Both the interior and exterior areas have a sound system. Additional land area can be converted for additional private event space or dining areas, and a residential apartment allows for creative use of space. An 8 ft X 10 ft cellar in the main building and covered storage behind the residential apartment offer additional storage space. The property sits in the original southerly pass of El Camino Real de Tierra Adentro and due east of the revitalized Main Street Downtown District, with ease of access and centralization off of major streets and roadways. The location is at the front doorstep of Klein Park and directly adjacent to the "Bean" coffee shop and La Nueva Casita Cafe. The property size is 3234 square feet.

Key Highlights

  • Prime location in the Mesquite Historic District and Arts & Cultural District, near Klein Park and other businesses, with easy access to major roadways.
  • Fully equipped, state‑of‑the‑art commercial kitchen, bar, and walk‑in wine closet built in 2020 with dedicated cooling.
  • Extensive outdoor patio and bar expansion (almost 1000 sq ft) with lighting, drainage, heaters, and cooling systems.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $42.7k $13.20
− Vacancy −$3.2k −$0.99
EGI $39.5k $12.21
− OpEx −$9.9k −$3.05
NOI $29.6k $9.16
3,234 SF · lease $13.20/SF/yr · vacancy 7.50% · expense 25.00%

Alternative Uses

Best Use
Specialty Retail
$423.1K
$370.2K – $493.6K (±1% cap)
NOI $29,615 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$565.9K
$495.2K – $660.3K (±1% cap)
NOI $39,615 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Miguel's On Mesquite Bar & Pub

Suggested Use

Locksmith (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Grocery & Convenience Store Grocery & Convenience Store (Bike/Boat/Book/etc) Store Storage Facility Clothing & Fashion Store Butcher Supermarket

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Conventional restaurant - Restored restaurant with unique features in the Mesquite Historic District.
Where is this conventional restaurant located?
The property is located at 118 N Mesquite St Las Cruces, NM.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Prime location in the Mesquite Historic District and Arts & Cultural District, near Klein Park and other businesses, with easy access to major roadways.; **Fully equipped, state‑of‑the‑art commercial kitchen, bar, and walk‑in wine closet built in 2020 with dedicated cooling.**; **Extensive outdoor patio and bar expansion (almost 1000 sq ft) with lighting, drainage, heaters, and cooling systems.**
Contact an agent
(575) 639-1208 Call to check price and availability
More about this property
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