5-Unit Apartment
For Sale
$809,000
3120 Jemez Road, Santa Fe, NM 87507
CommercialSale, Santa Fe, NM
Property Size3,436 SF
Lot Size0.27 Acres
Price / SF$235.45
Days on Market136
Property Features for 3120 Jemez Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-1, 2, 3, 4, 5, 6
Parking
5
Directions
Great Investment opportunity! This 5-plex is fully occupied with very steady long term tenants.
Standard status
Active
APN
54154720
Size
3,436 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
Per title binder.
Legal Description
Per title binder.
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1957
Building materials
Frame
Roof type
Metal
Listing Agency:
Shepler Commercial, LLC
(505) 982-7600
Listed By:
Damon Apodaca · License #48437
(505) 690-7943
Added: Apr 16
Changed: Aug 19
Last Checked: Aug 29 at 4:06PM
MLS# 202601516
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 five-unit apartment property contains 3,436 square feet on a 0.27-acre parcel. The frame construction dates to 1957, and the property is fully occupied with long-term tenants. Site features include mature landscaping, a gravel driveway, and five parking spaces.
The property is served by public water and public sewer and is located at 3120 Jemez Road in Santa Fe, New Mexico. Zoning is listed as R-1, 2, 3, 4, 5, 6. The setting is described as quiet with convenient access.
The property is served by public water and public sewer and is located at 3120 Jemez Road in Santa Fe, New Mexico. Zoning is listed as R-1, 2, 3, 4, 5, 6. The setting is described as quiet with convenient access.
Key Highlights
- Five‑unit apartment property with 3,436 square feet
- Fully occupied and leased to long‑term tenants
- 0.27‑acre parcel with 5 parking spots
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
$47,144
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
5.83%
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%
$942,880
$942.9K
Cap Rate 7%
$673,486
$673.5K
Cap Rate 9%
$523,822
$523.8K
Market Conditions
NOI Build-Up for 3,436 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
$89.5K $26.04/SF
− Vacancy
−$3.8K −$1.09/SF
EGI
$85.7K $24.95/SF
− OpEx
−$38.6K −$11.23/SF
NOI
$47.1K $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%
$942,880
Cap Rate 7%
$673,486
Cap Rate 9%
$523,822
Alternative Uses
Best Use
Apartment 5plus
$673.5K
$589.3K – $785.7K
NOI $47,144 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$933.0K
$816.4K – $1.09M
NOI $65,311 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
442
Businesses Nearby
Explore this area
Business Placement
Demographics for 87507, NM
51,338
Population
21,272
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
96.1 sq mi
ZIP Area
534
Density / Sq Mi
$62,955
Median Household Income
$34,102
Median Earnings
$1,276
Median Rent
$333,300
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?
Apartment building - Fully leased multifamily property with on-site parking, mature landscaping, and public utilities.
Where is this apartment building located?
The property is located at 3120 Jemez Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $809,000.
What are key features of this property?
This property features: Five‑unit apartment property with 3,436 square feet; Fully occupied and leased to long‑term tenants; 0.27‑acre parcel with 5 parking spots
