Four-Unit Quadplex with TPO
For Sale
$1,600,000
224 Guadalupe, Santa Fe, NM 87501
Four detached residences share one parcel four blocks west of Santa Fe Plaza.
Property Size3,700 SF
Price / SF$432.43
Days on Market47
Property Features for 224 Guadalupe
General Information
Standard status
Active
Size
3,700 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2 half baths, 1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
4
Amenities
back yard
large open air patio
granite countertops
real oak hardwood floors
Building Details
Year Built
1955
Buildings
4
Listing Agency:
Homewise, Inc
(505) 594-9586
Listed By:
Brian Tercero
(505) 594-9586
Source:
Mrsantaferealestate
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 30 at 2:57PM
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 Homewise, Inc
Investment Insights
Based on property information with market context.
This quadplex comprises four detached residential units totaling approximately 3,700 square feet on a single parcel. Unit 1 has three bedrooms and two half baths. Unit 2 includes one bedroom, one full bath, and a backyard. Units 3 and 4 each offer two bedrooms and one full bath; Unit 3 also has a large open-air patio, while Unit 4 includes a backyard.
Property improvements include a new insulated TPO roof and a sewer line replaced in 2019. Three units feature granite countertops, real oak hardwood floors, and crawl spaces that provide plumbing access. Two units were updated in 2000. The property is located four blocks west of Santa Fe Plaza, and the building was constructed in 1955.
Property improvements include a new insulated TPO roof and a sewer line replaced in 2019. Three units feature granite countertops, real oak hardwood floors, and crawl spaces that provide plumbing access. Two units were updated in 2000. The property is located four blocks west of Santa Fe Plaza, and the building was constructed in 1955.
Key Highlights
- Four detached units on one parcel with approximately 3,700 square feet total
- Unit mix includes one 3‑bedroom unit, one 1‑bedroom unit, and two 2‑bedroom units
- New insulated TPO roof
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
$54,911
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
3.43%
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%
$1,098,220
$1.1M
Cap Rate 7%
$784,443
$784.4K
Cap Rate 9%
$610,122
$610.1K
Market Conditions
NOI Build-Up for 3,700 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
$82.1K $22.20/SF
− Vacancy
−$3.7K −$1.00/SF
EGI
$78.4K $21.20/SF
− OpEx
−$23.5K −$6.36/SF
NOI
$54.9K $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%
$1,098,220
Cap Rate 7%
$784,443
Cap Rate 9%
$610,122
Alternative Uses
Best Use
Multifamily LT 5
$784.4K
$686.4K – $915.2K
NOI $54,911 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$725.2K
$634.6K – $846.1K
NOI $50,766 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$1.00M
$879.1K – $1.17M
NOI $70,330 @ 7.0% cap · market cap 4.40%
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
4,310
Businesses Nearby
Explore this area
Business Placement
Demographics for 87501, NM
15,116
Population
10,480
Households
1.4
Avg Household Size
58
Median Age
61%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
299
Density / Sq Mi
$81,229
Median Household Income
$52,851
Median Earnings
$1,516
Median Rent
$649,100
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?
Quadplex - Four detached residences share one parcel four blocks west of Santa Fe Plaza.
Where is this quadplex located?
The property is located at 224 Guadalupe Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Four detached units on one parcel with approximately 3,700 square feet total; Unit mix includes one 3‑bedroom unit, one 1‑bedroom unit, and two 2‑bedroom units; New insulated TPO roof
