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    Courtyard Triplex and Duplex Title is generated by Realmo AI

    138 E Santa Fe Avenue, Santa Fe, NM 87505

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    New
    For Sale
    $799,000

    MULTI_FAMILY - Other - Santa Fe, NM

    Property size:
    2,260 SF
    Price / SF:
    $353/SF
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 9:06 pm

    Property Features for 138 E Santa Fe Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Tandem
    Interior features
    NoInteriorSteps
    Appliances
    Dryer, Oven, Range, Refrigerator, Washer
    Standard status
    Active
    APN
    910016110
    Size
    2,260 SF

    Taxes and HOA fees

    Tax Description
    See exhibit A and B. Title to verify.

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Ductless
    Water source
    Public

    Building Details

    Year built
    1930
    Floors in Building
    2
    Number of units
    3
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Ayden L. Gramm
    Ayden L. Gramm

    Listing agent Ayden L. Gramm License #53193

    Listing office Corcoran Plaza Properties 216 Washington Ave, Santa Fe, NM

    Listing date Jun 3, 2026

    MLS# 202602397 Listing URL

    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.

    HighLights

    • Package sale with two parcels that can close separately: 910016109 & 910016110 (MLS 202602398, 202602397, 202602237)
    • 5‑unit multifamily across 136 E Santa Fe Ave and 138 E Santa Fe Ave: one triplex and one duplex
    • Triplex unit mix: one 2BR/1BA unit and two 1BR/1BA units
    • Duplex unit mix (per listing): one 2BR/1BA unit and one 1BR/1BA unit
    • Shared laundry and shared storage spaces, plus a courtyard with mature trees
    • Each unit includes kitchen appliances (range, oven, refrigerator, washer, dryer); Natural gas heating and ductless cooling; flat roof

    Overview

    This sale includes two parcels that must be sold as a package, though the two parcels can be closed separately. The package comprises one triplex and one duplex for a total of five units. The triplex features one 2-bedroom, 1-bath unit and two 1-bedroom, 1-bath units. The duplex configuration includes one 2-bedroom, 1-bath unit and one 1-bedroom, 1-bath unit.

    The property is located in the South Capitol neighborhood of Santa Fe, with world-class restaurants, art galleries, and the historic plaza described as nearby.

    The shared laundry and shared storage spaces support convenient day-to-day living across both buildings. The courtyard with mature trees adds an outdoor common-area feature that can appeal to a range of tenants. With unit mix that includes both one- and two-bedroom layouts, the property may fit an owner-occupant who wants to live in one unit while renting the remainder, or an investor looking to generate rental income from the full five-unit setup.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Real Estate Agency Dental Office Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -105.9396305
    Latitude
    35.6801141

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    FAQs

    What type of property is this?
    Triplex - Two parcels with a triplex and duplex create five rental units, plus shared laundry and storage in a courtyard setting.
    Where is this triplex located?
    The property is located at 138 E Santa Fe Avenue Santa Fe, NM.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: Package sale with two parcels that can close separately: 910016109 & 910016110 (MLS 202602398, 202602397, 202602237); 5‑unit multifamily across 136 E Santa Fe Ave and 138 E Santa Fe Ave: one triplex and one duplex; Triplex unit mix: one 2BR/1BA unit and two 1BR/1BA units
    (310) 467-7017
    We can help!
    Listing Contact
    Ayden L. Gramm
    Ayden L. Gramm
    Real Estate License ID: 53193
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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.

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