Seven-Unit Apartment
For Sale
$1,023,993
1004 State Road 76, Santa Cruz, NM 87567
ResidentialIncome, Santa Cruz, NM
Property Size5,741 SF
Lot Size1.15 Acres
Price / SF$178.36
Days on Market415
Property Features for 1004 State Road 76
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-2
Bedrooms
12
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 10, Bedroom 5, Bedroom 11, Bathroom 7, Bedroom 4, Bathroom 3, Bedroom 8, Bathroom 5, Bedroom 9, Bathroom 4, Bedroom 7, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 6, Bedroom 12, Bathroom 6, Bathroom 1
Appliances
Refrigerator
Subdivision
T20 N R 8 S2 1.15 ACTract 188
Directions
From Highway 285, north to Santa Cruz road east to the property.
Standard status
Active
APN
1047120465165000000
Size
5,741 SF
Lot size
1.15 Acres
Taxes and HOA fees
Tax Description
T20 N R 8 S2 1.15 ACTract 188
Tax Annual Amount
2948
Legal Description
T20 N R 8 S2 1.15 ACTract 188
Utilities
Heating system
Forced Air, Radiant, Electric (Heating), Radiant Floor, Central
Building Details
Year built
1945
Floors in Building
1
Number of units
7
Flooring type
Vinyl, Carpet
Building materials
Adobe, Block, Frame, Stucco
Listing Agency:
NM Apartment Advisors, Inc.
(505) 440-8633
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Added: Jul 11, 2025
Changed: Aug 19
Last Checked: Aug 29 at 2:06PM
MLS# 1088544
Copyright © 2026 Southwest MLS. 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 seven-unit apartment property contains 5,741 square feet on 1.15 acres. The room count includes 12 bedrooms and 7 bathrooms. Built in 1945, the improvements incorporate adobe, block, frame, and stucco construction, with vinyl and carpet flooring. Heating features listed for the property include forced air, radiant, electric, radiant floor, and central systems. One refrigerator is included.
Laundry is provided within the residences, either individually or shared between two units. Most units also have private yard areas, giving the property a collection of distinct residential spaces within the larger compound. The property is located in Santa Cruz, near jobs, retail, restaurants, and casinos.
Laundry is provided within the residences, either individually or shared between two units. Most units also have private yard areas, giving the property a collection of distinct residential spaces within the larger compound. The property is located in Santa Cruz, near jobs, retail, restaurants, and casinos.
Key Highlights
- Seven apartment units totaling 5,741 square feet
- 12 bedrooms and 7 bathrooms across the property
- 1.15‑acre site in Santa Cruz, NM
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
$78,769
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
7.69%
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%
$1,575,380
$1.6M
Cap Rate 7%
$1,125,271
$1.1M
Cap Rate 9%
$875,211
$875.2K
Market Conditions
NOI Build-Up for 5,741 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
$149.5K $26.04/SF
− Vacancy
−$6.3K −$1.09/SF
EGI
$143.2K $24.95/SF
− OpEx
−$64.4K −$11.23/SF
NOI
$78.8K $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%
$1,575,380
Cap Rate 7%
$1,125,271
Cap Rate 9%
$875,211
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$984.6K – $1.31M
NOI $78,769 @ 7.0% cap · market cap 7.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,125 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 87567, NM
1,270
Population
600
Households
2.1
Avg Household Size
41
Median Age
15%
College-Educated
90%
High-School Grad
2.8 sq mi
ZIP Area
454
Density / Sq Mi
$28,409
Median Earnings
$960
Median Rent
$284,200
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?
Apartment building - Separate residences offer laundry access, private yard areas, and a mix of adobe, block, frame, and stucco construction.
Where is this apartment building located?
The property is located at 1004 State Road 76 Santa Cruz, NM.
What is the asking price?
The asking price for this property is $1,023,993.
What are key features of this property?
This property features: Seven apartment units totaling 5,741 square feet; 12 bedrooms and 7 bathrooms across the property; 1.15‑acre site in Santa Cruz, NM
