Three-Unit
For Sale
$496,084
1607 5th Street, Santa Fe, NM 87505
ResidentialIncome, Santa Fe, NM
Property Size1,740 SF
Lot Size0.11 Acres
Price / SF$285.11
Days on Market121
Property Features for 1607 5th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-1, 2, 3, 4, 5, 6
Bedrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 2, Bathroom 3, Bathroom 1, Bedroom 1, Bathroom 2
Interior features
NoInteriorSteps
Appliances
Refrigerator
Elementary school
Aspen Community Magnet School K-8
Middle school
Aspen Community Magnet School K-8
High school
Santa Fe
Directions
From I-25 and St. Michael's north to 5th street, north on 5th to the property (between Cerrillos and St. Michales)
Standard status
Active
APN
010856576
Size
1,740 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
LOT 29, BLK 53, CAPITAL LAND & TOWNSITE CO ADDN, S34 T17N R9E
Legal Description
LOT 29, BLK 53, CAPITAL LAND & TOWNSITE CO ADDN, S34 T17N R9E
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1980
Floors in Building
1
Number of units
3
Roof type
Flat
Architectural style
Other
Listing Agency:
Maestas Real Estate
Listed By:
Anita Maestas · License #16029
(505) 463-3565
Added: May 6
Changed: Aug 28
Last Checked: Sep 3 at 12:06PM
MLS# 202601933
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 triplex contains three one-bedroom, one-bath residences totaling approximately 1,740 square feet on a 0.11-acre parcel. Built in 1980, the property includes refrigerators, no-interior-step access, a flat roof, and public water and sewer service. The units are subject to R-1, 2, 3, 4, 5, and 6 zoning designations as provided.
Located at 1607 5th Street in Santa Fe, the property is described as minutes from the Midtown District redevelopment. That mixed-use project is expected to add housing, employment centers, creative office space, parks, and cultural uses. Reported investment metrics include a 10.83 GRM, a 5.89% before-reserves cap rate, and a 12.9% after-tax IRR.
Located at 1607 5th Street in Santa Fe, the property is described as minutes from the Midtown District redevelopment. That mixed-use project is expected to add housing, employment centers, creative office space, parks, and cultural uses. Reported investment metrics include a 10.83 GRM, a 5.89% before-reserves cap rate, and a 12.9% after-tax IRR.
Key Highlights
- Three one‑bedroom, one‑bath units
- Approximately 1,740 square feet on a 0.11‑acre parcel
- Built in 1980 with refrigerators in the units
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
$25,823
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
5.21%
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%
$516,460
$516.5K
Cap Rate 7%
$368,900
$368.9K
Cap Rate 9%
$286,922
$286.9K
Market Conditions
NOI Build-Up for 1,740 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
$38.6K $22.20/SF
− Vacancy
−$1.7K −$1.00/SF
EGI
$36.9K $21.20/SF
− OpEx
−$11.1K −$6.36/SF
NOI
$25.8K $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%
$516,460
Cap Rate 7%
$368,900
Cap Rate 9%
$286,922
Alternative Uses
Best Use
Multifamily LT 5
$368.9K
$322.8K – $430.4K
NOI $25,823 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$341.1K
$298.4K – $397.9K
NOI $23,874 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$472.5K
$413.4K – $551.2K
NOI $33,074 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,746
Businesses Nearby
Explore this area
Business Placement
Demographics for 87505, NM
32,078
Population
18,733
Households
1.7
Avg Household Size
52
Median Age
54%
College-Educated
94%
High-School Grad
65.1 sq mi
ZIP Area
493
Density / Sq Mi
$75,912
Median Household Income
$41,169
Median Earnings
$1,348
Median Rent
$484,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three one-bedroom, one-bath units feature public water and sewer service within a 1980 multifamily property.
Where is this triplex located?
The property is located at 1607 5th Street Santa Fe, NM.
What is the asking price?
The asking price for this property is $496,084.
What are key features of this property?
This property features: Three one‑bedroom, one‑bath units; Approximately 1,740 square feet on a 0.11‑acre parcel; Built in 1980 with refrigerators in the units
