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2510/2530 S Espina ST Las Cruces, NM 88001
1.45 Acres Lot
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Key Details
Property Type Condo
Sub Type Apartment Complex
Listing Status Active
Purchase Type For Sale
Subdivision Lester Addition
MLS Listing ID 2603208
Year Built 1900
Lot Size 1.450 Acres
Acres 1.45
Lot Dimensions 1.01 to 1.5 AC
Property Sub-Type Apartment Complex
Source lascruces
Property Description
Excellent investment property located just two blocks from NMSU! 2510 & 2530 S Espina is a 21-unit multifamily compound featuring studios, one-bed, and larger units with historic charm--hardwood floors, plaster walls, and landscaped courtyards. Rents average $689 against a market of $874, offering clear upside. Recent upgrades include new roof (2021), solar panels, drip irrigation, exterior lighting, and updated fixtures. Tenants enjoy secure storage, ample parking, and proximity to University Avenue dining, healthcare, and major employers. Offered at $1,700,000 with a 6.08% cap rate, this campus-adjacent asset qualifies for Ventana Fund financing and sits on +/-1.44 acres of R-3-zoned land. A rare chance to own a stabilized, character-rich property priced below replacement cost in the heart of Las Cruces.
Location
State NM
County Dona Ana
Interior
Heating Electric, Forced Air, Gas Available
Cooling Evaporative Cooling, Window Unit(s)
Fireplace N
Appliance Range, Refrigerator
Exterior
Parking Features None
Fence Chain Link, Rock
Roof Type Asphalt,Shingle,Flat
Building
Foundation Laminate/Wood Floors, Ceramic Tile
Sewer Public Sewer
Water Public
Structure Type Adobe,Stucco
Others
Acceptable Financing Conventional
Listing Terms Conventional
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Listed by Property Mgt & Investments of NM