Seven-Unit Apartment
For Sale
$1,300,000
1901 Arroyo De Las Cruces, Santa Fe, NM 87505
ResidentialIncome, Santa Fe, NM
Property Size4,735 SF
Lot Size0.46 Acres
Price / SF$274.55
Days on Market236
Property Features for 1901 Arroyo De Las Cruces
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Other,R-1, 2, 3, 4, 5, 6
Zoning description
Residential
Bedrooms
11
Full bathrooms
7
Rooms
Bedroom 7, Bathroom 5, Bathroom 2, Bathroom 3, Bathroom 7, Bedroom 11, Bedroom 10, Bedroom 9, Bathroom 6, Bedroom 8, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 4, Bedroom 6, Bathroom 1, Bedroom 5
Interior features
InteriorSteps
Fireplace
1
Elementary school
Aspen Community Magnet School K-8
Middle school
Aspen Community Magnet School K-8
High school
Santa Fe
Directions
East side of Frenchy's Park off of Agua Fria
Standard status
Active
APN
10778752
Size
4,735 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Description
T17N R9E S27, KENNETH S BARELA TRACT, 0.4620 AC
Legal Description
T17N R9E S27, KENNETH S BARELA TRACT, 0.4620 AC
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Fireplace(s), Ductless (Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1979
Floors in Building
1
Number of units
7
Architectural style
Other
Listing Agency:
Las Campanas Realty, LLC
(505) 986-2000
Listed By:
Rachel Martin · License #REC20230963
(757) 672-6208
Added: Jan 15
Changed: Sep 4
Last Checked: Sep 8 at 9:06AM
MLS# 202600192
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.
Located at 1901 Arroyo De Las Cruces in Santa Fe, this apartment property contains 4,735 square feet on a 0.46-acre site. The seven-unit configuration includes 2 studios, 2 one-bedroom units, and 3 three-bedroom units, providing a range of residential layouts within one property. Built in 1979, the building includes interior steps, fireplaces, forced-air and ductless heating, and window-unit cooling. Public water and public sewer serve the property.
The site is just off Agua Fria St and near Frenchy's Park, with access to trails, green space, shopping, and transit. Downtown Santa Fe and the Railyard are also identified as a short drive away. Zoning is listed as Other, R-1, 2, 3, 4, 5, 6.
The site is just off Agua Fria St and near Frenchy's Park, with access to trails, green space, shopping, and transit. Downtown Santa Fe and the Railyard are also identified as a short drive away. Zoning is listed as Other, R-1, 2, 3, 4, 5, 6.
Key Highlights
- Seven‑unit configuration with 2 studios, 2 one‑bedroom units, and 3 three‑bedroom units
- 4,735 square feet on a 0.46‑acre site
- Built in 1979 with interior steps and fireplaces
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
$64,966
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
5.00%
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%
$1,299,320
$1.3M
Cap Rate 7%
$928,086
$928.1K
Cap Rate 9%
$721,844
$721.8K
Market Conditions
NOI Build-Up for 4,735 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
$123.3K $26.04/SF
− Vacancy
−$5.2K −$1.09/SF
EGI
$118.1K $24.95/SF
− OpEx
−$53.2K −$11.23/SF
NOI
$65.0K $13.72/SF
Area
Santa Fe County, NM
Vacancy
4.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,299,320
Cap Rate 7%
$928,086
Cap Rate 9%
$721,844
Alternative Uses
Best Use
Apartment 5plus
$928.1K
$812.1K – $1.08M
NOI $64,966 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,003 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
394
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment property with a varied mix of studio, one-bedroom, and three-bedroom units.
Where is this apartment building located?
The property is located at 1901 Arroyo De Las Cruces Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Seven‑unit configuration with 2 studios, 2 one‑bedroom units, and 3 three‑bedroom units; 4,735 square feet on a 0.46‑acre site; Built in 1979 with interior steps and fireplaces
