Under-Construction
For Sale
$769,900
98 Starling Drive, Santa Teresa, NM 88008
MULTI_FAMILY - Other - Santa Teresa, NM
Property Size3,850 SF
Lot Size0.08 Acres
Price / SF$199.97
Days on Market94
Property Features for 98 Starling Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Property condition
Under Construction
Zoning
A1
Bedrooms
10
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 3, Bedroom 9, Bedroom 6, Bathroom 7, Bedroom 5, Bathroom 1, Bedroom 10, Bedroom 3, Bedroom 8, Bathroom 2, Bedroom 1, Bedroom 7, Bathroom 4, Bedroom 4, Bathroom 6, Bathroom 5, Bedroom 2, Bathroom 8
Security features
Security
Window features
Blinds, Double Pane Windows
Interior features
Ceiling Fan(s), Pantry, Walk-In Closet(s)
Fencing
Privacy
Appliances
Dishwasher, Disposal, Electric Water Heater, Free-Standing Electric Oven, Microwave, Refrigerator
Subdivision
Las Brisas
Lot features
Standard Lot
Elementary school
Santat
Middle school
Santat
High school
Santat
Elementary school district
Gadsden
Middle school district
Gadsden
High school district
Gadsden
Standard status
Active
APN
4015166493466
Size
3,850 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LAS BRISAS SUBDIVISION PHASE 1 (2527667) Lot: 55 S: 21 T: 28S R: 3E
Tax Annual Amount
1699
HOA Fee
$400 Monthly
Legal Description
LAS BRISAS SUBDIVISION PHASE 1 (2527667) Lot: 55 S: 21 T: 28S R: 3E
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air
Building Details
Year built
2026
Floors in Building
2
Flooring type
Carpet, Vinyl
Building materials
Stucco, Frame
Roof type
Shingle, Flat, Rubber
Architectural style
Other
Listing Agency:
AMAR Real Estate Group
(575) 332-4886
Listed By:
Adrienne Dominguez
(915) 412-7396
Added: May 28
Changed: Aug 3
Last Checked: Aug 29 at 5:06PM
MLS# 944753
Copyright © 2026 Greater El Paso Association of Realtors. 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 under-construction quadplex is part of the Las Brisas gated community in Santa Teresa, New Mexico, with plans for a 61-quadruplex community. The property is slated for a 2026 year built and sits on a 0.08-acre lot totaling 3,850 square feet. Construction is listed as stucco with frame, with privacy fencing and a flat roof system including rubber and shingle elements.
The community concept includes two green space parks, solar lighting, and landscaped pathways. Within the quadplex design, floor plans can be selected from 2-bedroom and 3-bedroom options, with the ability to mix and match across the four units. Each unit is described as having two bathrooms, stainless steel kitchen appliances, and a laundry room.
Interior features include ceiling fan(s), pantry, and walk-in closet(s). Heating is central electric, and cooling is central air. Appliances listed include dishwasher, disposal, electric water heater, free-standing electric oven, microwave, and refrigerator. Flooring is specified as vinyl and carpet.
The community concept includes two green space parks, solar lighting, and landscaped pathways. Within the quadplex design, floor plans can be selected from 2-bedroom and 3-bedroom options, with the ability to mix and match across the four units. Each unit is described as having two bathrooms, stainless steel kitchen appliances, and a laundry room.
Interior features include ceiling fan(s), pantry, and walk-in closet(s). Heating is central electric, and cooling is central air. Appliances listed include dishwasher, disposal, electric water heater, free-standing electric oven, microwave, and refrigerator. Flooring is specified as vinyl and carpet.
Key Highlights
- 0.08‑acre lot with 3,850 square feet planned for 2026 year built
- Zoned A1 quadplex with under construction status and privacy fencing
- Las Brisas gated community of 61 quadruplexes with two green space parks and solar lighting
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
$25,977
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
3.37%
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%
$519,540
$519.5K
Cap Rate 7%
$371,100
$371.1K
Cap Rate 9%
$288,633
$288.6K
Market Conditions
NOI Build-Up for 3,850 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
$39.3K $10.20/SF
− Vacancy
−$2.2K −$0.56/SF
EGI
$37.1K $9.64/SF
− OpEx
−$11.1K −$2.89/SF
NOI
$26.0K $6.75/SF
Area
Dona Ana County, NM
Vacancy
5.50%
Lease Rate
$10.20 /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%
$519,540
Cap Rate 7%
$371,100
Cap Rate 9%
$288,633
Alternative Uses
Best Use
Multifamily LT 5
$371.1K
$324.7K – $433.0K
NOI $25,977 @ 7.0% cap · market cap 3.37%
Second Best
Apartment 5plus
$333.8K
$292.1K – $389.4K
NOI $23,366 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$673.7K
$589.5K – $786.0K
NOI $47,161 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
Explore this area
Business Placement
Demographics for 88008, NM
10,239
Population
4,364
Households
2.3
Avg Household Size
33
Median Age
39%
College-Educated
92%
High-School Grad
80.7 sq mi
ZIP Area
127
Density / Sq Mi
$69,502
Median Household Income
$36,679
Median Earnings
$1,191
Median Rent
$228,800
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?
Quadplex - Under-construction quadplex in zoning A1, scheduled for 2026 completion.
Where is this quadplex located?
The property is located at 98 Starling Drive Santa Teresa, NM.
What is the asking price?
The asking price for this property is $769,900.
What are key features of this property?
This property features: 0.08‑acre lot with 3,850 square feet planned for 2026 year built; Zoned A1 quadplex with under construction status and privacy fencing; Las Brisas gated community of 61 quadruplexes with two green space parks and solar lighting
