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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1029 Spruce Ave Las Cruces, NM 88001-2359

    • Retail space
    • 4,482 SF
    • 1.80 lot acres
    OFF-MARKET
    Value Estimations
    $605,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0708429
    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

    • Gateway Storage Center / Rv Storage Facility

    Property Details for 1029 Spruce Ave

    Year built
    1996
    Construction
    FRAME
    Lot size
    1.80 lot acres
    Property size
    4,482 SF
    Zone code
    GEN-COMMERCL
    Property type
    Retail space
    APN
    4-007-134-435-308
    APU
    4007134435308

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $605,000
      6.5%
      $560,000
      7%
      $520,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $650,000
      Market price range: $187k - $650k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $400,000
      Current use
      OFFICE BUILDING
      $585,000
      Change: +45% Conversion: Easy
      AUTO REPAIR, GARAGE
      $530,000
      Change: +32% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $390,000
      Change: -3% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Cruces
    County
    Dona Ana
    State
    New Mexico
    Longitude
    -106.772
    Latitude
    32.3217
    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
    $9,578
    $52,272
    $228,581
    $280,853
    -
    $156,816
    $685,744
    $842,560

    Comparable in this City

    • Value Estimation by Request
      3,406 SF

      340 Campo St

      RETAIL STORES (PERSONAL SERVICES) • 3,406 SF
      340 Campo St, Las Cruces, NM 88001-3433
      View Details
    • Value Estimation by Request
      2,420 SF

      1114 Espanola St

      RETAIL STORES (PERSONAL SERVICES) • 2,420 SF
      1114 Espanola St, Las Cruces, NM 88001-4104
      View Details
    • Value Estimation by Request
      3,018 SF

      2260 Locust St

      RETAIL STORES (PERSONAL SERVICES) • 3,018 SF
      2260 Locust St, Las Cruces, NM 88001-5752
      View Details
    • Value Estimation by Request
      1,680 SF

      403 Lohman Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,680 SF
      403 Lohman Ave, Las Cruces, NM 88001-3665
      View Details
    • Value Estimation by Request
      3,443 SF

      140 Madrid Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,443 SF
      140 Madrid Ave, Las Cruces, NM 88001-1651
      View Details
    • Value Estimation by Request
      4,398 SF

      900 Solano Dr

      RETAIL STORES (PERSONAL SERVICES) • 4,398 SF
      900 Solano Dr, Las Cruces, NM 88001-3802
      View Details

    Similar Nearby for Sale

    • $1,250,000
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      Las Cruces Retail Investment Property

      Retail property in Las Cruces with high visibility and accessibility.
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      Las Cruces Retail/Office Property

      Retail and office space available for purchase in Las Cruces.
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      Prime Las Cruces Storefront

      High-traffic retail space, vacant & ready.
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      Prime Lohman Ave. Retail Space

      11,754 SF Storefront - High Traffic
      2350 Lohman Ave, Las Cruces, NM 88001
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    • New
      $425,000
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      High-Visibility Commercial Property, Las Cruces

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    • $179,000
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      Las Cruces Retail/Office Space

      Retail or office space with flexible layout in Las Cruces.
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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.
      2205-2265 S Main St, Las Cruces, NM 88001
      View Details
    • $12 SF/Yr
      2,700 SF

      Retail Space with Office Area

      Retail space featuring an office area and bathroom with shower.
      1021 E Amador Ave, Las Cruces, NM 88001
      View Details
    • $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
    • $24 SF/Yr
      900 SF

      Retail Space in Las Cruces

      Retail spaces available in high-traffic Las Cruces plaza.
      1303 E Lohman Ave, Las Cruces, NM 88001
      View Details
    • Contact for pricing
      4,000 SF

      Retail Space in Las Cruces

      4,000 SF retail space available for rent.
      2001 E Lohman Ave, Las Cruces, NM 88001
      View Details
    • $18 SF/Yr
      6,820 SF

      Retail Space on El Paseo

      In-line retail space available along a busy corridor.
      304-312 El Paseo Rd, Las Cruces, NM 88001
      View Details
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    1029 Spruce Ave
    Las Cruces, NM 88001-2359
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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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