855 Picacho AveLas Cruces, NM 88005

Property Details for 855 Picacho Ave

Year built

1970

Property size (Sq ft)

2,992 SF

Property type

Mixed-use properties

Property subtype

Other mixed-use properties

Description

This exceptional Las Cruces, NM, property offers a compelling multi-stream income opportunity. The 15,000-square-foot mixed-use complex, built in 1970 and renovated in 2003, sits on a 32,220-square-foot lot at 855 W Picacho Ave, 88005, in Doña Ana County. The property features a diverse mix of uses including light industrial space, warehouse/shop areas, a vehicle lot, mini-storage units, and street-fronting businesses. A 1,428-square-foot manufactured home (3 bedrooms, 2 baths) provides additional rental income or on-site living. Currently boasting 90% occupancy across its 17 tenants, the property generates a strong NOI of $36,494, with a pro-forma NOI of $44,161. The five single-story buildings offer 18 units, with a total of 25 parking spaces. The property is completely fenced and well-maintained. Zoned C2, this turnkey investment presents a stable rent history and significant upside potential. The asking price is $495,000, representing $165.44 per square foot and $27,500 per unit. Rent bumps are in place. This is a fee-simple ownership with a 7.37% cap rate and a pro-forma cap rate of 8.92%.

Location Insight

City

Las Cruces

County

Doña Ana

State

New Mexico

Latitude

32.3144

Longitude

-106.791

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