Three-Unit One-Bedroom
For Sale
Contact for pricing
1607 5th Street, Santa Fe, NM 87505
Triplex with three one-bedroom, one-bath units, currently leased at an average rent of $1,270.
Property Size1,740 SF
Price / SF$285.11
Days on Market98
Property Features for 1607 5th Street
General Information
Standard status
Active
Size
1,740 SF
Class
B
Property subtype
Multifamily
Zoning
R-5
Investment Type
Owner/User
Net Operating Income
$28,553
Building Details
Year Built
1980
Units
3
Tenancy
Multi
Listing Agency:
N.M. Apartments, Inc.
(505) 463-3565
Listed By:
Todd Clarke · License #13711
Source:
Crexi
Added: May 7
Changed: Aug 8
Last Checked: Aug 10 at 12:59PM
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 N.M. Apartments, Inc.
Investment Insights
Based on property information with market context.
This Santa Fe area triplex offers three one-bedroom, one-bath units within a single community. The current average rent is $1,270, supporting room to increase income toward the market-average rent level referenced at $1,648.
The property is located at 1607 5th Street and is described as within walking distance to multiple parks, retail establishments, and restaurants. It is also described as within biking distance to Santa Fe’s outdoor hiking and biking trails, and walking distance to the upcoming Midtown redevelopment area referenced by the midtown.santafenm.gov project.
For sale as a multifamily residential income property, the layout is straightforward with all three units configured as one-bedroom, one-bath homes.
The property is located at 1607 5th Street and is described as within walking distance to multiple parks, retail establishments, and restaurants. It is also described as within biking distance to Santa Fe’s outdoor hiking and biking trails, and walking distance to the upcoming Midtown redevelopment area referenced by the midtown.santafenm.gov project.
For sale as a multifamily residential income property, the layout is straightforward with all three units configured as one-bedroom, one-bath homes.
Key Highlights
- Triplex built in 1980 with three 1‑bedroom, 1‑bath units
- Currently leased with an average rent of $1,270 across all three units
- Room to raise rents toward $1,648 market average (market data provided)
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
$25,823
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
5.21%
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%
$516,460
$516.5K
Cap Rate 7%
$368,900
$368.9K
Cap Rate 9%
$286,922
$286.9K
Market Conditions
NOI Build-Up for 1,740 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
$38.6K $22.20/SF
− Vacancy
−$1.7K −$1.00/SF
EGI
$36.9K $21.20/SF
− OpEx
−$11.1K −$6.36/SF
NOI
$25.8K $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%
$516,460
Cap Rate 7%
$368,900
Cap Rate 9%
$286,922
Alternative Uses
Best Use
Multifamily LT 5
$368.9K
$322.8K – $430.4K
NOI $25,823 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$341.1K
$298.4K – $397.9K
NOI $23,874 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$472.5K
$413.4K – $551.2K
NOI $33,074 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,746
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?
Triplex - Triplex with three one-bedroom, one-bath units, currently leased at an average rent of $1,270.
Where is this triplex located?
The property is located at 1607 5th Street Santa Fe, NM.
What is the asking price?
The asking price for this property is $496,084.
What are key features of this property?
This property features: Triplex built in 1980 with three 1‑bedroom, 1‑bath units; Currently leased with an average rent of $1,270 across all three units; Room to raise rents toward $1,648 market average (market data provided)
