Triplex with Covered
For Sale
$465,000
124 Turquoise Trail, Santa Fe, NM 87508
ResidentialIncome, Santa Fe, NM
Property Size2,125 SF
Lot Size5.05 Acres
Price / SF$218.82
Days on Market148
Property Features for 124 Turquoise Trail
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-1, 2, 3, 4, 5, 6
Zoning description
R-1/2, 3
Bedrooms
4
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 2
Parking features
Carport
Interior features
NoInteriorSteps
Elementary school
Amy Biehl Community
Middle school
Milagro
High school
Santa Fe
Directions
From Santa Fe Cerrillos Rd. South Cerrillos Rd. Turns into Hwy 14 Turn Left on Turquoise Trail Ct. Property on the Right.
Standard status
Active
APN
960002442
Size
2,125 SF
Lot size
5.05 Acres
Taxes and HOA fees
Tax Description
T15N R 8E S23 & S24 5.057 AC LOT 2
Legal Description
T15N R 8E S23 & S24 5.057 AC LOT 2
Utilities
Sewer type
Septic Tank
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Well, Private
Amenities
carport
Building Details
Year built
2000
Floors in Building
1
Number of units
3
Roof type
Metal
Architectural style
Other
Listing Agency:
Coldwell Banker Legacy
(505) 898-2700
Listed By:
Tommy F. Trujillo · License #50943
(505) 469-2879
Added: Apr 14
Changed: Sep 3
Last Checked: Sep 8 at 7:06PM
MLS# 202600807
Copyright © 2026 Santa Fe Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential property contains 2,125 square feet across a two-bedroom, one-bath apartment and two one-bedroom, one-bath apartments. Each residence has an open living arrangement and kitchen, while ductless heating and cooling serves every unit. The building was constructed in 2000 and includes no-interior-steps access, a metal roof, and a carport.
Set on 5.05 acres near Hwy 14 in Santa Fe, the property combines a substantial land component with a multi-unit configuration. Water is supplied by a private well, and wastewater is handled by a septic tank. Zoning is identified as R-1, 2, 3, 4, 5, 6.
Set on 5.05 acres near Hwy 14 in Santa Fe, the property combines a substantial land component with a multi-unit configuration. Water is supplied by a private well, and wastewater is handled by a septic tank. Zoning is identified as R-1, 2, 3, 4, 5, 6.
Key Highlights
- Three‑unit layout with one 2‑bedroom, 1‑bath apartment and two 1‑bedroom, 1‑bath apartments
- 2,125 square feet on 5.05 acres
- Ductless heating and cooling in every apartment
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,536
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$630,720
$630.7K
Cap Rate 7%
$450,514
$450.5K
Cap Rate 9%
$350,400
$350.4K
Market Conditions
NOI Build-Up for 2,125 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.2K $22.20/SF
− Vacancy
−$2.1K −$1.00/SF
EGI
$45.1K $21.20/SF
− OpEx
−$13.5K −$6.36/SF
NOI
$31.5K $14.84/SF
Area
Santa Fe County, NM
Vacancy
4.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$630,720
Cap Rate 7%
$450,514
Cap Rate 9%
$350,400
Alternative Uses
Best Use
Multifamily LT 5
$450.5K
$394.2K – $525.6K
NOI $31,536 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$416.5K
$364.5K – $485.9K
NOI $29,156 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$577.0K
$504.9K – $673.2K
NOI $40,392 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 87508, NM
19,156
Population
7,782
Households
2.5
Avg Household Size
54
Median Age
50%
College-Educated
90%
High-School Grad
169.2 sq mi
ZIP Area
113
Density / Sq Mi
$96,767
Median Household Income
$43,595
Median Earnings
$1,502
Median Rent
$529,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate apartments feature open layouts, private kitchens, and ductless heating and cooling.
Where is this triplex located?
The property is located at 124 Turquoise Trail Santa Fe, NM.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Three‑unit layout with one 2‑bedroom, 1‑bath apartment and two 1‑bedroom, 1‑bath apartments; 2,125 square feet on 5.05 acres; Ductless heating and cooling in every apartment
