Four-Unit Quadplex with Individual
For Sale
$895,000
321 Tesuque Drive, Santa Fe, NM 87505
ResidentialIncome, Santa Fe, NM
Property Size2,752 SF
Lot Size0.18 Acres
Price / SF$325.22
Days on Market51
Property Features for 321 Tesuque Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1, 2, 3, 4, 5, 6
Zoning description
R-4
Bedrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3
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
Cerrillos Rd to right on Navajo left on Tesuque Dr. Quadplex is on right
Standard status
Active
APN
011383168
Size
2,752 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
LOT 13, BLK 10, B F YOUNG'S INDIAN SCHOOL ADDITION, S26 T17N R9E
Legal Description
LOT 13, BLK 10, B F YOUNG'S INDIAN SCHOOL ADDITION, S26 T17N R9E
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Fireplace(s), Hot Water(Heating), Ductless (Heating)
Cooling system
Ductless
Water source
Public
Building Details
Year built
1948
Floors in Building
1
Number of units
4
Architectural style
Other
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Justin C. Jaroszewski · License #49656
(830) 708-2283
Added: Jul 4
Changed: Aug 19
Last Checked: Aug 23 at 5:06PM
MLS# 202602973
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 four-unit quadplex contains 2,752 square feet on a 0.18-acre parcel and was built in 1948. The property includes ductless cooling, hot water and baseboard heating, interior steps, and a fireplace. Each unit is separately metered for gas and electricity, supporting distinct utility tracking across the building.
Public water and public sewer serve the property. The asset is identified as HUD-compliant for an FHA Multifamily loan and carries zoning listed as R-1, 2, 3, 4, 5, and 6. Its address is 321 Tesuque Drive in Santa Fe, New Mexico.
Public water and public sewer serve the property. The asset is identified as HUD-compliant for an FHA Multifamily loan and carries zoning listed as R-1, 2, 3, 4, 5, and 6. Its address is 321 Tesuque Drive in Santa Fe, New Mexico.
Key Highlights
- Four‑unit quadplex totaling 2,752 square feet on 0.18 acres
- Built in 1948 with ductless cooling and multiple heating systems
- Gas and electric utilities are individually metered by unit
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
$40,842
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
4.56%
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%
$816,840
$816.8K
Cap Rate 7%
$583,457
$583.5K
Cap Rate 9%
$453,800
$453.8K
Market Conditions
NOI Build-Up for 2,752 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
$61.1K $22.20/SF
− Vacancy
−$2.7K −$1.00/SF
EGI
$58.3K $21.20/SF
− OpEx
−$17.5K −$6.36/SF
NOI
$40.8K $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%
$816,840
Cap Rate 7%
$583,457
Cap Rate 9%
$453,800
Alternative Uses
Best Use
Multifamily LT 5
$583.5K
$510.5K – $680.7K
NOI $40,842 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$539.4K
$472.0K – $629.3K
NOI $37,759 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$747.3K
$653.9K – $871.8K
NOI $52,310 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,680
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?
Quadplex - Residential income property with public utilities, multiple heating systems, and separate gas and electric metering.
Where is this quadplex located?
The property is located at 321 Tesuque Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling 2,752 square feet on 0.18 acres; Built in 1948 with ductless cooling and multiple heating systems; Gas and electric utilities are individually metered by unit
