Residential Income Property with
905 Conway Avenue, Las Cruces, NM 88005
For Sale
New
$315,000
A three-bedroom condo combines an enclosed atrium, bonus loft, covered patio, and two-car garage.
Property Size1,859 SF
Price / SF$169.45
Days on Market3
Property Features for 905 Conway Avenue
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Multifamily Units
Amenities
community pool
covered patio
Building Details
Year Built
Listing Agency:
Mesa Flats Realty
Listed By:
Joel Gilbert · License NM REC20230006
(575) 639-0093
Source:
Mesaflatsrealty
Added: Nov 12
Last Checked: Nov 14 at 2:12AM
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 Mesa Flats Realty
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Investment Insights
Based on property information with market context.
This 1,859-square-foot, three-bedroom, two-bath condo was built in 1977. Interior features include high ceilings, skylights, a fireplace, and an enclosed atrium. The kitchen has white cabinetry, counter space, and storage. The primary suite includes a walk-in closet and French doors that open to the rear patio. A bonus loft adds flexible interior space and is not counted in the reported square footage. The property also has a walled outdoor area with a covered patio and a two-car garage.
Residents have access to a community pool surrounded by mature trees and landscaping.
Residents have access to a community pool surrounded by mature trees and landscaping.
Key Highlights
- 1,859‑square‑foot condo with three bedrooms and two bathrooms
- Bonus loft is excluded from the reported square footage
- Enclosed atrium and primary suite with walk‑in closet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,282
Cap Rate
3.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$225,640
$225.6K
Cap Rate 7%
$161,171
$161.2K
Cap Rate 9%
$125,356
$125.4K
Market Conditions
NOI Build-Up for 1,859 SF
Gross rent
$21.6K $11.64/SF
− Vacancy
−$1.1K −$0.61/SF
EGI
$20.5K $11.03/SF
− OpEx
−$9.2K −$4.97/SF
NOI
$11.3K $6.07/SF
Area
Las Cruces, NM
Vacancy
5.20%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$225,640
Cap Rate 7%
$161,171
Cap Rate 9%
$125,356
Alternative Uses
Best Use
Apartment 5plus
$161.2K
$141.0K – $188.0K
NOI $11,282 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$325.3K
$284.7K – $379.5K
NOI $22,772 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
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Business Placement
Demographics for 88005, NM
26,997
Population
12,039
Households
2.2
Avg Household Size
41
Median Age
31%
College-Educated
85%
High-School Grad
150.9 sq mi
ZIP Area
179
Density / Sq Mi
$51,770
Median Household Income
$28,908
Median Earnings
$899
Median Rent
$207,100
Median Home Value
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Market
Properties on Market for Residential income properties in Las Cruces
Frequently Asked Questions
What type of property is this?
Residential income property - A three-bedroom condo combines an enclosed atrium, bonus loft, covered patio, and two-car garage.
Where is this residential income property located?
The property is located at 905 Conway Avenue Las Cruces, NM.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 1,859‑square‑foot condo with three bedrooms and two bathrooms; Bonus loft is excluded from the reported square footage; Enclosed atrium and primary suite with walk‑in closet
