Two-Unit Duplex with Fenced
For Sale
$465,000
4949 Calle Pico, Santa Fe, NM 87507
ResidentialIncome, Santa Fe, NM
Property Size2,066 SF
Lot Size0.50 Acres
Price / SF$225.07
Days on Market249
Property Features for 4949 Calle Pico
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-1, 2, 3, 4, 5, 6
Zoning description
R4
Interior features
InteriorSteps
Elementary school
Ramirez Thomas
Middle school
Ortiz
High school
Capital
Standard status
Active
APN
053997300
Size
2,066 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TRACT 4, 0.50 AC, S6 T16N R9E
Tax Annual Amount
1513
Legal Description
TRACT 4, 0.50 AC, S6 T16N R9E
Utilities
Heating system
Natural Gas, Forced Air
Water source
Well
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Building materials
Frame, Stucco
Architectural style
Other
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Andrea F. Lucero · License #40551
(505) 780-0311
Added: Jan 21
Changed: Sep 25
Last Checked: Sep 27 at 11:06AM
MLS# 202505462
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 duplex contains two residences totaling 2,066 square feet on a 0.50-acre lot. The 922-square-foot unit has two bedrooms and two bathrooms, with a split-level plan that includes interior steps and a dedicated laundry room. The second residence measures 1,144 square feet and provides four bedrooms and two bathrooms. Each unit has a fenced backyard.
Built in 1950, the frame-and-stucco property has forced-air heating fueled by natural gas and a well water source. Its R-1, 2, 3, 4, 5, 6 zoning designations are also noted.
Built in 1950, the frame-and-stucco property has forced-air heating fueled by natural gas and a well water source. Its R-1, 2, 3, 4, 5, 6 zoning designations are also noted.
Key Highlights
- Two residences totaling 2,066 square feet on 0.50 acres
- Unit A: 922 square feet, 2 bedrooms, 2 baths, split‑level layout and dedicated laundry room
- Unit B: 1,144 square feet, 4 bedrooms and 2 baths
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
$30,661
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
6.59%
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%
$613,220
$613.2K
Cap Rate 7%
$438,014
$438.0K
Cap Rate 9%
$340,678
$340.7K
Market Conditions
NOI Build-Up for 2,066 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
$45.9K $22.20/SF
− Vacancy
−$2.1K −$1.00/SF
EGI
$43.8K $21.20/SF
− OpEx
−$13.1K −$6.36/SF
NOI
$30.7K $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%
$613,220
Cap Rate 7%
$438,014
Cap Rate 9%
$340,678
Alternative Uses
Best Use
Multifamily LT 5
$438.0K
$383.3K – $511.0K
NOI $30,661 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$405.0K
$354.3K – $472.5K
NOI $28,347 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$561.0K
$490.9K – $654.5K
NOI $39,271 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
388
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate outdoor areas and a half-acre parcel serve both dwellings.
Where is this duplex located?
The property is located at 4949 Calle Pico Santa Fe, NM.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two residences totaling 2,066 square feet on 0.50 acres; Unit A: 922 square feet, 2 bedrooms, 2 baths, split‑level layout and dedicated laundry room; Unit B: 1,144 square feet, 4 bedrooms and 2 baths
