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

    413 Griggs Ave Las Cruces, NM 88005-2605

    • Retail space
    • 2,143 SF
    • 0.71 lot acres
    OFF-MARKET
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    5.5%
    Retail space
    Location Intelligence
    Property ID
    US61-0349724
    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

    • Retail space

    Property Details for 413 Griggs Ave

    Year built
    1920
    Lot size
    0.71 lot acres
    Property size
    2,143 SF
    Zone code
    MED-FAM-RES
    Property type
    Retail space
    APN
    4-007-135-114-270
    APU
    4007135114270

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $290,000
      6.5%
      $270,000
      7%
      $250,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $200,000
      Market price range: $91.8k - $248k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $255,000
      COMMERCIAL (GENERAL)
      $240,000
      OFFICE BUILDING
      $230,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Cruces
    County
    Dona Ana
    State
    New Mexico
    Longitude
    -106.782
    Latitude
    32.3083
    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
    $1,946
    $15,467
    $41,608
    $57,075
    -
    $46,400
    $124,824
    $171,224

    Comparable in this City

    • Value Estimation
      $245,000
      4,648 SF

      1244 Picacho Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,648 SF
      1244 Picacho Ave, Las Cruces, NM 88005-2228
      View Details
    • Value Estimation
      $305,000
      704 SF

      1025 Picacho Ave

      RETAIL STORES (PERSONAL SERVICES) • 704 SF
      1025 Picacho Ave, Las Cruces, NM 88005-2231
      View Details
    • Value Estimation
      $365,000
      3,592 SF

      1212 Picacho Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,592 SF
      1212 Picacho Ave, Las Cruces, NM 88005
      View Details
    • Value Estimation
      $320,000
      2,700 SF

      617 Picacho Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,700 SF
      617 Picacho Ave, Las Cruces, NM 88005-2143
      View Details
    • Value Estimation
      $290,000
      3,000 SF

      415 Foster Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,000 SF
      415 Foster Rd, Las Cruces, NM 88005-3208
      View Details
    • Value Estimation
      $305,000
      2,416 SF

      260 3rd Crosses Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,416 SF
      260 3rd Crosses Ave, Las Cruces, NM 88005-1442
      View Details

    Similar Nearby for Sale

    • New
      $260,000
      800 SF

      Las Cruces Commercial Property

      Commercial property in high-traffic location with tenants in place.
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      NNN Leased Auto Shop, Strong ROI
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      Spacious lot with mountain views and utilities in place.
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      Three-acre lot suitable for custom home development with mountain views.
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      Land with City Views

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      Land available for M-1 users with completed engineering design.
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    Similar Nearby for Lease

    • $9 SF/Yr
      4,800 SF

      Retail Space Available for Rent

      Vacant retail space ready for immediate occupancy.
      138 Wyatt Dr, Las Cruces, NM 88005
      View Details
    • $3,500 /Mo
      21,780 SF

      Las Cruces Office Retail Space

      Office space with retail possibilities in Las Cruces, NM.
      2001 S Valley Dr, Las Cruces, NM 88005
      View Details
    • $15 SF/Yr
      8,820 SF

      Retail Space in Las Cruces

      Retail space available in a high-traffic Las Cruces location.
      2780 W Picacho Ave, Las Cruces, NM 88005
      View Details
    • $6 SF/Yr
      5,000 SF

      Retail/Warehouse Space for Lease

      Retail and warehouse space with great visibility and storage.
      384 S Melendres St, Las Cruces, NM 88005
      View Details
    • $12 SF/Yr
      7,300 SF

      Retail Space in Las Cruces

      Available retail space with high visibility and accessibility.
      310 E Idaho Ave, Las Cruces, NM 88005
      View Details
    • $20 SF/Yr
      1,400 SF

      Retail Space in Valley Vista

      Retail spaces available in premier Las Cruces shopping center.
      1405-1415 S Valley Dr, Las Cruces, NM 88005
      View Details
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    413 Griggs Ave
    Las Cruces, NM 88005-2605
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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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