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    Santa Cruz Multifamily Investment Opportunity Title is generated by Realmo AI

    1004 State Road 76, Santa Cruz, NM 87567

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    Claim this Listing
    For Sale
    $1,023,993

    MULTI_FAMILY - Santa Cruz, NM

    Property size:
    5,741 SF
    Lot size:
    1.15 Acres
    Price / SF:
    $178/SF
    Added:
    Jul 11, 2025
    Days on Market:
    321
    Last Refresh:
    May 27 at 7:06 pm

    Property Features for 1004 State Road 76

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    12
    Bathrooms
    7
    Rooms
    Bedroom 11, Bedroom 9, Bathroom 2, Bathroom 4, Bedroom 10, Bedroom 7, Bedroom 12, Bedroom 6, Bathroom 5, Bathroom 1, Bedroom 1, Bedroom 8, Bathroom 7, Bathroom 6, Bedroom 5, Bathroom 3, Bedroom 4, Bedroom 3, Bedroom 2
    Appliances
    Refrigerator
    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

    Utilities

    Heating system
    Radiant Floor, Electric (Heating), Forced Air, Radiant, Central

    Building Details

    Year built
    1945
    Floors in Building
    1
    Number of units
    7
    Flooring type
    Vinyl, Carpet
    Building materials
    Adobe, Block, Frame, Stucco

    We can help!

    Listing Contact
    Todd D Clarke
    Todd D Clarke

    Listing agent Todd D Clarke License #13711

    Listing office NM Apartment Advisors, Inc. 524 Central Ave. SW Suite 801, Albuquerque, NM

    Listing date Jul 11, 2025

    MLS# 1088544 Listing URL

    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.

    HighLights

    • Proximity to jobs, retail, restaurants, and casinos.
    • Value‑add opportunity due to 20,000 new jobs at Los Alamos National Laboratories (LANL).
    • Seven units, each with laundry (private or shared with one unit).
    • Most units have private yard spaces.
    • Located in Santa Fe, a top market for travel, culture, food, arts, and film/tv.
    • Construction includes Adobe and Stucco.

    Overview

    This seven-unit multifamily property is located in Santa Cruz, NM, near Santa Fe. The residences are positioned in close proximity to jobs, retail, restaurants, and casinos, including El Parasol and Rancho Chimayo Restaurants. The property, situated on a 1.15-acre lot, totals 5,741 square feet. Each unit has its own laundry or shares with one additional unit. Most residences feature private yard spaces, creating a cottage-like feel within a compound setting. This property presents a value-add opportunity by catering to the announced 20,000 jobs at Los Alamos National Laboratories (LANL), with an expected addition of 2,000 jobs per year.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $875.2K
    NOI $78,769 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.13M
    NOI $78,769 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.58M
    NOI $78,769 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $149.5k $26.04
    − Vacancy −$6.3k −$1.09
    EGI $143.2k $24.95
    − OpEx −$64.4k −$11.23
    NOI $78.8k $13.72
    5,741 SF · lease $26.04/SF/yr · vacancy 4.20% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $1.13M
    $984.6K – $1.31M (±1% cap)
    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 (±1% cap)
    NOI $109,125 @ 7.0% cap · market cap 10.66%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Discount Store Computer & Electronic Repair Veterinary Clinic Wine and Liquor Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Santa Cruz
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -106.056084
    Latitude
    35.991707

    FAQs

    What type of property is this?
    Apartment building - Seven-unit property near Santa Fe, NM, with value-add potential.
    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: Proximity to jobs, retail, restaurants, and casinos.; Value‑add opportunity due to 20,000 new jobs at Los Alamos National Laboratories (LANL).; Seven units, each with laundry (private or shared with one unit).
    (505) 440-8633
    We can help!
    Listing Contact
    Todd D Clarke
    Todd D Clarke
    Real Estate License ID: 13711
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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