Duplex With Separate Storefront
For Sale
$450,000
3908 Rodeo Road, Santa Fe, NM 87507
SINGLE_FAMILY - Santa Fe, NM
Property Size2,100 SF
Lot Size0.33 Acres
Price / SF$214.29
Days on Market24
Property Features for 3908 Rodeo Road
General Information
Property type
Residential
Property subtype
Retail
Zoning
C-1
Directions
Directions: From Richards Avenue and Rodeo Road, travel east on Rodeo Road, pass Los Amigos Restaurant, and continue to the property.
Standard status
Active
APN
910011634
Size
2,100 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Description
T16n R9e S8, Lot A, 0.1790 Ac~ ;Pm1-050-095-472-520 and T16n R9e S8, Lot B, 0.1490 Ac~ ;Pm1-050-095-467-521
Legal Description
T16n R9e S8, Lot A, 0.1790 Ac~ ;Pm1-050-095-472-520 and T16n R9e S8, Lot B, 0.1490 Ac~ ;Pm1-050-095-467-521
Utilities
Sewer type
Public Sewer
Water source
Well
Building Details
Year built
1940
Flooring type
Wood
Building materials
Adobe, Block, Frame
Roof type
Tar/Gravel
Listing Agency:
Vista Real Estate Solutions
(505) 220-9422
Listed By:
Gary Bernier · License #REC20220881
(505) 220-9422
Added: Jul 17
Changed: Aug 5
Last Checked: Aug 9 at 2:06PM
MLS# 202603175
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 0.33-acre property includes two separate buildings totaling 2,100 square feet. One structure is configured as a duplex, while the second was previously used as a dress shop, creating a combination of residential and storefront space. Both buildings require renovation and offer existing layouts for a buyer planning improvements.
The property is located at 3908 Rodeo Road and 3920 Rodeo Road in Santa Fe. It is zoned C-1 and includes adobe, block, and frame construction, wood flooring, tar/gravel roofing, a well water source, and public sewer. The buildings date to 1940 and are situated on two lots sold together.
The property is located at 3908 Rodeo Road and 3920 Rodeo Road in Santa Fe. It is zoned C-1 and includes adobe, block, and frame construction, wood flooring, tar/gravel roofing, a well water source, and public sewer. The buildings date to 1940 and are situated on two lots sold together.
Key Highlights
- Two buildings on two lots sold together
- 2,100 square feet across both buildings
- Duplex configuration in one building
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
$31,165
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
6.93%
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%
$623,300
$623.3K
Cap Rate 7%
$445,214
$445.2K
Cap Rate 9%
$346,278
$346.3K
Market Conditions
NOI Build-Up for 2,100 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
$46.6K $22.20/SF
− Vacancy
−$2.1K −$1.00/SF
EGI
$44.5K $21.20/SF
− OpEx
−$13.4K −$6.36/SF
NOI
$31.2K $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%
$623,300
Cap Rate 7%
$445,214
Cap Rate 9%
$346,278
Alternative Uses
Best Use
Multifamily LT 5
$445.2K
$389.6K – $519.4K
NOI $31,165 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$411.6K
$360.2K – $480.2K
NOI $28,813 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$570.2K
$499.0K – $665.3K
NOI $39,917 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
205
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?
Duplex - Two-lot property with a duplex and former retail building requiring renovation in Santa Fe.
Where is this duplex located?
The property is located at 3908 Rodeo Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two buildings on two lots sold together; 2,100 square feet across both buildings; Duplex configuration in one building
