Five-Unit Apartment
For Sale
$1,200,000
Pending
136 & 138 E Santa Fe Avenue, Santa Fe, NM 87505
ResidentialIncome, Santa Fe, NM
Property Size3,506 SF
Days on Market98
Property Features for 136 & 138 E Santa Fe Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Unsure
Parking features
Tandem
Interior features
InteriorSteps
Appliances
Dryer, GasCooktop, Oven, Range, Refrigerator, Washer
Elementary school
Wood Gormley
Middle school
Milagro
High school
Santa Fe
Standard status
Pending
APN
910016109, 910016110
Size
3,506 SF
Taxes and HOA fees
Tax Description
See exhibit A and B. Title to verify.
Legal Description
See exhibit A and B. Title to verify.
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
shared laundry
shared storage spaces
courtyard
Building Details
Year built
1930
Floors in Building
2
Number of units
5
Roof type
Flat
Architectural style
Other
Listing Agency:
Corcoran Plaza Properties
(505) 982-4466
Listed By:
Ayden L. Gramm · License #53193
(310) 467-7017
Added: Jun 3
Changed: Sep 8
Last Checked: Sep 8 at 8:06AM
MLS# 202602237
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 residential income property combines a triplex and a duplex across two parcels at 136 & 138 E Santa Fe Avenue. The five-unit configuration includes two 2-bedroom, 1-bath units and three 1-bedroom, 1-bath units. The buildings contain a combined 3,506 square feet and were built in 1930. Shared laundry and storage areas serve both structures, while a courtyard with mature trees provides outdoor space. Interior steps are present, and the properties use natural-gas heating, public water, and public sewer.
The asset is located in Santa Fe’s South Capitol neighborhood, with restaurants, art galleries, and the historic plaza identified nearby. Tandem parking is provided. The package is offered with two parcels, and the parcels may close separately; the property addresses are 136 E Santa Fe Avenue and 138 E Santa Fe Avenue.
The asset is located in Santa Fe’s South Capitol neighborhood, with restaurants, art galleries, and the historic plaza identified nearby. Tandem parking is provided. The package is offered with two parcels, and the parcels may close separately; the property addresses are 136 E Santa Fe Avenue and 138 E Santa Fe Avenue.
Key Highlights
- Five total units across one triplex and one duplex
- Unit mix includes two 2‑bedroom, 1‑bath units and three 1‑bedroom, 1‑bath units
- Combined building area of 3,506 square feet; constructed in 1930
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
$52,031
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
4.34%
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%
$1,040,620
$1.0M
Cap Rate 7%
$743,300
$743.3K
Cap Rate 9%
$578,122
$578.1K
Market Conditions
NOI Build-Up for 3,506 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
$77.8K $22.20/SF
− Vacancy
−$3.5K −$1.00/SF
EGI
$74.3K $21.20/SF
− OpEx
−$22.3K −$6.36/SF
NOI
$52.0K $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%
$1,040,620
Cap Rate 7%
$743,300
Cap Rate 9%
$578,122
Alternative Uses
Best Use
Multifamily LT 5
$743.3K
$650.4K – $867.2K
NOI $52,031 @ 7.0% cap · market cap 4.34%
Second Best
Apartment 5plus
$687.2K
$601.3K – $801.7K
NOI $48,104 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$952.0K
$833.0K – $1.11M
NOI $66,642 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,710
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
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 - Two residential buildings offer varied unit layouts, shared amenities, and a landscaped courtyard setting.
Where is this apartment building located?
The property is located at 136 & 138 E Santa Fe Avenue Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Five total units across one triplex and one duplex; Unit mix includes two 2‑bedroom, 1‑bath units and three 1‑bedroom, 1‑bath units; Combined building area of 3,506 square feet; constructed in 1930
