Santa Fe Condo with Rental
For Sale
$615,000
Pending
1043 Don Diego #E, Santa Fe, NM 87505
Spacious condo in South Capital C1 district, ideal for rentals.
Property Size1,624 SF
Lot Size0.02 Acres
Days on Market350
Property Features for 1043 Don Diego #E
General Information
Standard status
Pending
Size
1,624 SF
Lot size
0.02 Acres
Property subtype
Commercial
Building Details
Year Built
1979
Listing Agency:
SANTA FE BOUND RE BROKERS
(505) 500-6447
Listed By:
VIRGINIA T. HENRY · License #REC20221023
Source:
Corcoran
Added: Sep 30, 2025
Changed: Jul 10
Last Checked: Sep 13 at 6:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SANTA FE BOUND RE BROKERS
Investment Insights
Based on property information with market context.
Located in the South Capital C1 district of Santa Fe, this 1,624 square-foot condo is situated across from Body and Clafoutis, with convenient access to Trader Joe's, Trove, Maria's, and Whole Foods. The property features Santa Fe detailing, including beams and a kiva fireplace. It includes 3 bedrooms and 2 baths. The property can function as a single home or as two separate rentals for either residential or professional office space. The kitchen has been upgraded with clean lines and a bright interior. Additional features include new carpet and boxcar tile, an insulated acoustic wall for privacy, tiled baths, built-in bookshelves, a courtyard, fencing, and parking. The property was previously used as a vacation rental, and short-term rentals are permitted with a simple registration due to zoning requirements. The layout allows for short-term rental on one side and long-term rental on the other, or for living on one side and operating a business from the other.
Key Highlights
- Prime location in South Capital C1 district, walking distance to Trader Joes, Whole Foods, and other amenities.
- Potential for income generation through short‑term rentals (no city permit required, just registration) or long‑term rentals.
- Flexible layout suitable for a single large home or two separate rental units/professional office spaces.
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
$22,282
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
3.62%
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%
$445,640
$445.6K
Cap Rate 7%
$318,314
$318.3K
Cap Rate 9%
$247,578
$247.6K
Market Conditions
NOI Build-Up for 1,624 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
$42.3K $26.04/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$40.5K $24.95/SF
− OpEx
−$18.2K −$11.23/SF
NOI
$22.3K $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%
$445,640
Cap Rate 7%
$318,314
Cap Rate 9%
$247,578
Alternative Uses
Best Use
Apartment 5plus
$318.3K
$278.5K – $371.4K
NOI $22,282 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$441.0K
$385.9K – $514.5K
NOI $30,869 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,692
Businesses Nearby
Explore this area
Business Placement
Demographics for 87505, NM
32,078
Population
18,733
Households
1.7
Avg Household Size
52
Median Age
54%
College-Educated
94%
High-School Grad
65.1 sq mi
ZIP Area
493
Density / Sq Mi
$75,912
Median Household Income
$41,169
Median Earnings
$1,348
Median Rent
$484,100
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?
Short term rental property - Spacious condo in South Capital C1 district, ideal for rentals.
Where is this short term rental property located?
The property is located at 1043 Don Diego #E Santa Fe, NM.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Prime location in South Capital C1 district, walking distance to Trader Joes, Whole Foods, and other amenities.; Potential for income generation through short‑term rentals (no city permit required, just registration) or long‑term rentals.; Flexible layout suitable for a single large home or two separate rental units/professional office spaces.
