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    Property profile & analytics

    908 Solano Dr Las Cruces, NM 88001-3802

    • Individual retail properties
    • 1,022 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Mar 04, 2022
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-1631563
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Outpost Cannabis / Cannabis Store

    Property Details for 908 Solano Dr

    Year built
    1945
    Construction
    ADOBE
    Lot size
    0.15 lot acres
    Property size
    1,022 SF
    Zone code
    GEN-COMMERCL
    Property type
    Individual retail properties
    APN
    4-008-135-151-445
    APU
    4008135151445

    Description

    This exceptional storefront property at 908 S Solano Dr, Las Cruces, NM 88001, presents a fantastic investment opportunity. The 1,022 square foot building sits on a 6,500 square foot lot and is currently vacant, offering immediate occupancy. Recently renovated, the space is ready for a new tenant. The asking price is $249,000, translating to a price per square foot of $243.64. The property's classification is retail, specifically a storefront, and is part of a larger potential acquisition. A joint sale opportunity exists with the adjacent property at 1007 El Paseo, offering a combined purchase price of $695,000 for both properties. This location in Doña Ana County provides excellent visibility and accessibility, making it ideal for a variety of retail businesses. The property's single building structure offers simplicity and ease of management. Serious inquiries are encouraged to explore this promising investment prospect further. Detailed information regarding the joint sale opportunity is available upon request. This is a rare chance to acquire a newly renovated, well-located storefront in a thriving market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $219,000
      Market price range: $107k - $219k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Las Cruces
    County
    Dona Ana
    State
    New Mexico
    Longitude
    -106.764
    Latitude
    32.3035
    CBSA code
    29740
    CBSA name
    LAS CRUCES, NM METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,510
    $6,500
    $37,787
    $44,287
    -
    $19,500
    $113,360
    $132,860

    Comparable in this City

    • Value Estimation
      $275,000
      1,104 SF

      1680 Main St

      BARBER, HAIR SALON • 1,104 SF
      1680 Main St, Las Cruces, NM 88001-1110
      View Details
    • Value Estimation
      $300,000
      3,686 SF

      604 Solano Dr

      BARBER, HAIR SALON • 3,686 SF
      604 Solano Dr, Las Cruces, NM 88001-3209
      View Details
    • Value Estimation
      $305,000
      1,950 SF

      675 Solano Dr

      BARBER, HAIR SALON • 1,950 SF
      675 Solano Dr, Las Cruces, NM 88001-3242
      View Details
    • Value Estimation
      $305,000
      2,880 SF

      1750 Lohman Ave

      BARBER, HAIR SALON • 2,880 SF
      1750 Lohman Ave, Las Cruces, NM 88001-0702
      View Details
    • Value Estimation
      $280,000
      493 SF

      1150 Idaho Ave

      BARBER, HAIR SALON • 493 SF
      1150 Idaho Ave, Las Cruces, NM 88001-3752
      View Details
    • Value Estimation
      $275,000
      1,750 SF

      420 Manzanita St

      LAUNDROMAT (SELF-SERVICE) • 1,750 SF
      420 Manzanita St, Las Cruces, NM 88001-3334
      View Details

    Similar Nearby for Sale

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      Prime Lohman Ave. Retail Space

      11,754 SF Storefront - High Traffic
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      Big Lots NNN Retail Investment

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      NNN leased HTeaO franchise with rent increases for sale.
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    Similar Nearby for Lease

    • $10 SF/Yr
      2,199 SF

      Retail Space Near NMSU

      Retail space with access to high-income demographics and student population.
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      Retail space featuring an office area and bathroom with shower.
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    • $12 SF/Yr
      5,492 SF

      Retail Spaces on Missouri Avenue

      Retail spaces available in high-traffic area near university.
      1404-1480 Missouri Ave, Las Cruces, NM 88001
      View Details
    • Contact for pricing
      1,263 SF

      Las Cruces Retail Space Available

      Retail spaces available for lease in Las Cruces, NM.
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      View Details
    • $16 SF/Yr
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      Retail Space with High Visibility

      Retail space for lease with excellent visibility and access.
      2501 N Main St, Las Cruces, NM 88001
      View Details
    • $15 SF/Yr
      5,000 SF

      Downtown Retail Space Available

      Retail space in downtown location needing complete remodel.
      127 Amador Ave, Las Cruces, NM 88001
      View Details
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    908 Solano Dr
    Las Cruces, NM 88001-3802
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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