Four-Unit Multifamily
For Sale
$850,000
1309 Rufina Lane, Santa Fe, NM 87507
ResidentialIncome, Santa Fe, NM
Property Size3,300 SF
Lot Size0.19 Acres
Price / SF$257.58
Days on Market289
Property Features for 1309 Rufina Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1, 2, 3, 4, 5, 6
Zoning description
Buyer to verify
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 8, Bedroom 7, Bedroom 1, Bedroom 2, Bathroom 2
Interior features
NoInteriorSteps
Elementary school
El Camino Real Academy
Middle school
El Camino Real Academy
High school
Capital
Directions
Rufina St to Rufina Circle to Rufina Lane.
Standard status
Active
APN
018000848
Size
3,300 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
LOT 7-A-2, S33 T17N R9E
Legal Description
LOT 7-A-2, S33 T17N R9E
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Amenities
private fenced yards
Building Details
Year built
1985
Floors in Building
2
Number of units
4
Building materials
Frame
Roof type
Flat
Architectural style
Other
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Gene Valencia · License #02052874
(505) 920-5629
Added: Nov 13, 2025
Changed: Aug 19
Last Checked: Aug 29 at 3:06PM
MLS# 202505051
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 four-unit multifamily property contains 3,300 square feet across four residences, each arranged with two bedrooms and one bathroom. Built in 1985, the frame construction includes flat roofing, electric baseboard heating, no interior steps, public water, and public sewer. Two units have private fenced yards, and the property provides off-street parking.
The 0.19-acre site is located at 1309 Rufina Lane in Santa Fe, one block from Meow Wolf. Restaurants, breweries, galleries, entertainment venues, and major employment centers are identified nearby. The property carries R-1, 2, 3, 4, 5, 6 zoning and is presented with an approximately 7% cap rate.
The 0.19-acre site is located at 1309 Rufina Lane in Santa Fe, one block from Meow Wolf. Restaurants, breweries, galleries, entertainment venues, and major employment centers are identified nearby. The property carries R-1, 2, 3, 4, 5, 6 zoning and is presented with an approximately 7% cap rate.
Key Highlights
- Four‑unit property with 3,300 square feet of building area
- Each residence offers 2 bedrooms and 1 bathroom
- Two units include private fenced yards
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
$48,974
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
5.76%
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%
$979,480
$979.5K
Cap Rate 7%
$699,629
$699.6K
Cap Rate 9%
$544,156
$544.2K
Market Conditions
NOI Build-Up for 3,300 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
$73.3K $22.20/SF
− Vacancy
−$3.3K −$1.00/SF
EGI
$70.0K $21.20/SF
− OpEx
−$21.0K −$6.36/SF
NOI
$49.0K $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%
$979,480
Cap Rate 7%
$699,629
Cap Rate 9%
$544,156
Alternative Uses
Best Use
Multifamily LT 5
$699.6K
$612.2K – $816.2K
NOI $48,974 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$646.8K
$566.0K – $754.6K
NOI $45,278 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$896.1K
$784.1K – $1.05M
NOI $62,726 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,024
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
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 - Four two-bedroom residences with private yards at select units and off-street parking.
Where is this quadplex located?
The property is located at 1309 Rufina Lane Santa Fe, NM.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Four‑unit property with 3,300 square feet of building area; Each residence offers 2 bedrooms and 1 bathroom; Two units include private fenced yards
