Detached Four-Unit
For Sale
$1,560,000
224 Guadalupe, Santa Fe, NM 87501
MULTI_FAMILY - Other - Santa Fe, NM
Property Size3,700 SF
Lot Size0.22 Acres
Price / SF$421.62
Days on Market47
Property Features for 224 Guadalupe
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C-4,Historic
Zoning description
Multi Family
Bedrooms
8
Full bathrooms
5
Rooms
Bedroom 2, Bathroom 1, Bedroom 7, Bedroom 6, Bathroom 2, Bathroom 5, Bedroom 8, Bedroom 4, Bedroom 1, Bathroom 4, Bedroom 3, Bedroom 5, Bathroom 3
Interior features
NoInteriorSteps
Appliances
GasWaterHeater, Oven, Range, Refrigerator
Elementary school
Carlos Gilbert
Middle school
Milagro
High school
Santa Fe
Directions
Take Guadalupe street to the adress. Located between Park Ave and West San Francisco Street on the west side of road. House numbers are on the building. Driveway from N. Guadalupe goes inside the property.
Standard status
Active
APN
012115328
Size
3,700 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
T17N R 9E S24 .222 AC LOT 11 & 12 BLK A SANTA FE PARK S/D
Tax Annual Amount
4900
Legal Description
T17N R 9E S24 .222 AC LOT 11 & 12 BLK A SANTA FE PARK S/D
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating)
Water source
Public
Building Details
Year built
1955
Floors in Building
1
Number of units
4
Building materials
Adobe
Roof type
Membrane
Architectural style
Other
Listing Agency:
Congress Realty
(888) 881-4118
Listed By:
Jared English · License #20608
(888) 881-4118
Added: Jul 14
Changed: Aug 11
Last Checked: Aug 29 at 10:06AM
MLS# 202603109
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 quadplex comprises four detached houses on a 0.22-acre parcel, totaling 3700 square feet. The unit mix includes a three-bedroom home with two half baths, a one-bedroom casita with one full bath, and two two-bedroom homes with one full bath each. The casita has a backyard and a new insulated TPO roof, while one of the two-bedroom units includes a large open-air patio and the other has a backyard.
The property is located at 224 Guadalupe, four blocks west of the Santa Fe Plaza, and provides nine parking spaces. Improvements date to 1955 and include adobe construction, membrane roofing, baseboard and hot water heating, public water, and public sewer. Three units feature granite countertops and real oak hardwood floors. The sewer line was replaced in 2019. Zoning is C-4, Historic.
The property is located at 224 Guadalupe, four blocks west of the Santa Fe Plaza, and provides nine parking spaces. Improvements date to 1955 and include adobe construction, membrane roofing, baseboard and hot water heating, public water, and public sewer. Three units feature granite countertops and real oak hardwood floors. The sewer line was replaced in 2019. Zoning is C-4, Historic.
Key Highlights
- Four detached units on one 0.22‑acre parcel
- 3700 total square feet across the quadplex
- Four blocks west of the Santa Fe Plaza at 224 Guadalupe
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
3.52%
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 3.52%
Second Best
Apartment 5plus
$725.2K
$634.6K – $846.1K
NOI $50,766 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$1.00M
$879.1K – $1.17M
NOI $70,330 @ 7.0% cap · market cap 4.51%
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 separate residences share one parcel in downtown Santa Fe with public water and sewer service.
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 $1,560,000.
What are key features of this property?
This property features: Four detached units on one 0.22‑acre parcel; 3700 total square feet across the quadplex; Four blocks west of the Santa Fe Plaza at 224 Guadalupe
