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

    2290 Griggs Ave Las Cruces, NM 88001-2648

    • Office buildings
    • 16,840 SF
    • 4.56 lot acres
    OFF-MARKET
    Value Estimations
    $2,830,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0332561
    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

    • United States Drug Enforcement Agency / Justice Department

    Property Details for 2290 Griggs Ave

    Year built
    2009
    Lot size
    4.56 lot acres
    Property size
    16,840 SF
    Zone code
    SNGL-FAM-RES
    Property type
    Office buildings
    APN
    4-008-134-490-528
    APU
    4008134490528

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,650,000
      6.5%
      $2,445,000
      7%
      $2,270,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,210,000
      Market price range: $956k - $3.21M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,190,000
      Current use
      RESTAURANT
      $2,320,000
      Change: +6% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,990,000
      Change: -9% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,940,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Cruces
    County
    Dona Ana
    State
    New Mexico
    Longitude
    -106.753
    Latitude
    32.3158
    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
    $38,418
    $197,600
    $928,961
    $1,126,561
    -
    $592,800
    $2,786,882
    $3,379,682

    Comparable in this City

    • Value Estimation by Request
      1,552 SF

      209 Solano Dr

      OFFICE BUILDING • 1,552 SF
      209 Solano Dr, Las Cruces, NM 88001-2972
      View Details
    • Value Estimation by Request
      1,268 SF

      632 Almendra St

      OFFICE BUILDING • 1,268 SF
      632 Almendra St, Las Cruces, NM 88001-2707
      View Details
    • Value Estimation by Request
      1,440 SF

      1016 Amador Ave

      OFFICE BUILDING • 1,440 SF
      1016 Amador Ave, Las Cruces, NM 88001-3206
      View Details
    • Value Estimation by Request
      1,247 SF

      937 Lohman Ave

      OFFICE BUILDING • 1,247 SF
      937 Lohman Ave, Las Cruces, NM 88001-3368
      View Details
    • Value Estimation by Request
      1,737 SF

      703 Lohman Ave

      OFFICE BUILDING • 1,737 SF
      703 Lohman Ave, Las Cruces, NM 88001-3372
      View Details
    • Value Estimation by Request
      406 SF

      1600 Main St

      OFFICE BUILDING • 406 SF
      1600 Main St, Las Cruces, NM 88001-1110
      View Details

    Similar Nearby for Sale

    • $210,000
      Pending

      Commercial Office Building with Apartment

      Commercial office with studio apartment on a busy street.
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    • $2,400,000
      15,589 SF

      Las Cruces Office Building For Sale

      Office building with long-term tenants in Arrowhead Research Park.
      4605 Research Park Cir, Las Cruces, NM 88001
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    • New
      $120,000
      0.22 Acres

      Las Cruces Commercial Opportunity

      Commercial property near downtown Las Cruces, ideal for retail or office.
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    • $2,400,000
      15,589 SF

      Las Cruces Office Building - $2.4M

      15,589 SF Office Building, 8.16% Cap Rate
      4605 Research Park Cir, Las Cruces, NM 88001
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    • $79,000

      Downtown Las Cruces Development Opportunity

      Small lot ideal for retail, office, or apartment development.
      1995 N Solano Dr, Las Cruces, NM 88001
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    • $1,040,000
      5,170 SF

      Las Cruces Retail/Office Property

      Retail and office space available for purchase in Las Cruces.
      199 W Willoughby Ave, Las Cruces, NM 88001
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    Similar Nearby for Lease

    • $14 SF/Yr

      Las Cruces Office Space For Lease

      Prime Retail/Office Space Available Now
      1125 Solano Dr, Las Cruces, NM 88001
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    • $18 SF/Yr
      2,400 SF

      Prime Corner Office Space

      Office space with high visibility in the heart of Las Cruces.
      1135 N Solano Dr, Las Cruces, NM 88001
      View Details
    • $14 SF/Yr
      1,605 SF

      Downtown Las Cruces Office Space

      Office space in the heart of Las Cruces' Downtown District.
      125 Downtown Mall, Las Cruces, NM 88001
      View Details
    • Contact for pricing
      4,863 SF

      Madrid Retail Center: Lease Space Now

      Prime retail/office space available on N Main St.
      2300- Main St, Las Cruces, NM 88001
      View Details
    • $14 SF/Yr
      1,605 SF

      Downtown Las Cruces Office Space

      Office space in the heart of Las Cruces' Downtown District.
      100 S Church St, Las Cruces, NM 88001
      View Details
    • $14 SF/Yr
      4,137 SF

      Prime Commercial Space in Las Cruces

      Versatile space with high visibility in a central location.
      808-820 Spruce Ave, Las Cruces, NM 88001
      View Details
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    2290 Griggs Ave
    Las Cruces, NM 88001-2648
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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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