Santa Fe Triplex Investment
1607 5th Street, Santa Fe, NM 87505
MULTI_FAMILY - Other - Santa Fe, NM
Property size:
1,740 SFLot size:
0.11 AcresPrice / SF:
$285/SF- Added:
- May 6, 2026
- Days on Market:
- 22
- Last Refresh:
- May 27 at 9:06 pm
Property Features for 1607 5th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-1, 2, 3, 4, 5, 6
- Bedrooms
- 3
- Rooms
- Bathroom 1, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 1
- Interior features
- NoInteriorSteps
- Appliances
- Refrigerator
- 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
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 agent Anita Maestas License #16029 (505) 463-3565
Listing office Maestas Real Estate 1660 Rio Rancho Dr. SE Suite B, Rio Rancho, NM (505) 463-3565
Listing date May 6, 2026
MLS# 202601933
Listing URL
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.
HighLights
- Proximity to the transformative Midtown District redevelopment project, promising increased desirability and long‑term growth.
- Investment property with attractive financial metrics: 5.89% cap rate before reserves and 12.9% after‑tax IRR.
- Three one‑bedroom/one‑bath units totaling approximately 1,740 square feet.
- Located on a 0.11‑acre parcel.
- Average rents of $1,270 per unit.
- Public water and sewer connections.
Overview
This multifamily property in Santa Fe, New Mexico, consists of a triplex with three one-bedroom, one-bath units. The total area of the property is approximately 1,740 square feet, situated on a 0.11-acre parcel. The property is located minutes away from the upcoming Midtown District redevelopment, a mixed-use project that is expected to bring new housing, employment centers, creative office space, parks, and cultural uses to Santa Fe. This development is anticipated to enhance the desirability of nearby housing. The zoning is R-1, 2, 3, 4, 5, 6. Investment performance metrics at the asking price of $496,084 and average rents of $1,270 include a GRM of 10.83, a before-reserves cap rate of 5.89%, a price per square foot of $285.11, and a price per unit of $165,361, with an after-tax IRR of 12.9%.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$286.9K
NOI $25,823 @ 9.00% cap · cautious / downside scenario
Moderate
$368.9K
NOI $25,823 @ 7.00% cap · market / base-case scenario
Aggressive
$516.5K
NOI $25,823 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.6k | $22.20 |
| − Vacancy | −$1.7k | −$1.00 |
| EGI | $36.9k | $21.20 |
| − OpEx | −$11.1k | −$6.36 |
| NOI | $25.8k | $14.84 |
1,740 SF · lease $22.20/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Use Scenarios
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Location Insight
- Map
- Local Demand
- City
- Santa Fe
- County
- Santa Fe
- State
- New Mexico
- Longitude
- -105.9703941
- Latitude
- 35.66197
Nearby Similar for Sale
FAQs
What type of property is this?
Triplex - Three units near Midtown District redevelopment in Santa Fe.
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: Proximity to the transformative Midtown District redevelopment project, promising increased desirability and long‑term growth.; Investment property with attractive financial metrics: **5.89% cap rate before reserves and 12.9% after‑tax IRR.**; Three one‑bedroom/one‑bath units totaling approximately 1,740 square feet.
