Two-Bedroom Condo with
Properties - Mesa Flats Realty, Las Cruces, NM 88011
For Sale
$255,000
A two-bedroom, two-bathroom residence offers flexible space and the convenience of condominium living.
Property Size1,355 SF
Price / SF$188.19
Days on Market44
Property Features for Properties - Mesa Flats Realty
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Multifamily Units
Building Details
Year Built
Listing Agency:
Mesa Flats Realty
Listed By:
Joel Gilbert · License NM REC20230006
(575) 639-0093
Source:
Mesaflatsrealty
Added: Sep 28
Changed: Nov 10
Last Checked: Nov 10 at 5:04AM
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 1,355-square-foot condo includes two bedrooms, two bathrooms, and a two-car garage. New carpet has been installed throughout, and the second bedroom can accommodate a range of household needs, including guest space or a home office.
Built in 2006, the residence is located in Sonoma Ranch in Las Cruces, New Mexico.
Built in 2006, the residence is located in Sonoma Ranch in Las Cruces, New Mexico.
Key Highlights
- 1,355‑square‑foot condo with two bedrooms and two bathrooms
- Two‑car garage
- New carpet throughout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,224
Cap Rate
3.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$164,480
$164.5K
Cap Rate 7%
$117,486
$117.5K
Cap Rate 9%
$91,378
$91.4K
Market Conditions
NOI Build-Up for 1,355 SF
Gross rent
$15.8K $11.64/SF
− Vacancy
−$820 −$0.61/SF
EGI
$15.0K $11.03/SF
− OpEx
−$6.7K −$4.97/SF
NOI
$8.2K $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%
$164,480
Cap Rate 7%
$117,486
Cap Rate 9%
$91,378
Alternative Uses
Best Use
Apartment 5plus
$117.5K
$102.8K – $137.1K
NOI $8,224 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$237.1K
$207.5K – $276.6K
NOI $16,598 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
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Business Placement
Demographics for 88011, NM
32,885
Population
15,160
Households
2.2
Avg Household Size
43
Median Age
55%
College-Educated
95%
High-School Grad
251.7 sq mi
ZIP Area
131
Density / Sq Mi
$75,139
Median Household Income
$43,093
Median Earnings
$1,053
Median Rent
$315,100
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 two-bedroom, two-bathroom residence offers flexible space and the convenience of condominium living.
Where is this residential income property located?
The property is located at Properties - Mesa Flats Realty Las Cruces, NM.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1,355‑square‑foot condo with two bedrooms and two bathrooms; Two‑car garage; New carpet throughout
