Updated Condo in Gated
For Sale
$279,000
2501 W Zia Road #10-104 Santa, Santa Fe, NM 87505
Move-in-ready condo with modern upgrades and community amenities in Santa Fe.
Property Size901 SF
Price / SF$309.66
Days on Market370
Property Features for 2501 W Zia Road #10-104 Santa
General Information
Standard status
Active
Size
901 SF
Property subtype
Condominium
Amenities
Fireplace
Security System
Electric
Forced Air
Fireplace(s)
Central Air
Refrigerated
Dryer
Dishwasher
Gas Cooktop
Microwave
Oven
Range
Refrigerator
Washer
High Speed Internet Available, Electricity Available, Flat
Building Details
Building Size
901 SF
Year Built
1985
Listing Agency:
Home Quest Realty
(505) 983-5151
Listed By:
Francesco Crisafulli · License #52423
Source:
Kw
Added: Aug 24, 2025
Changed: Aug 15
Last Checked: Aug 26 at 3:57PM
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 Home Quest Realty
Investment Insights
Based on property information with market context.
This updated ground-level end-unit condo features 2 bedrooms and 2 full bathrooms. The home has an open-concept layout connecting the kitchen, dining, and living areas. The primary suite includes an en-suite bath and walk-in closet, while the second bedroom also features a walk-in closet. A separate utility area accommodates laundry. The remodeled kitchen includes cherry wood cabinets with slide-out shelves, granite slab counters, stainless steel appliances, and a breakfast bar. The living area features a fireplace and extends to a covered balcony. Additional features include tile and travertine flooring, ceiling fans, storm doors, nichos, and an in-unit washer/dryer. The bathrooms feature tile counters and tub enclosures. Located in the gated Zia Vista community, residents have access to a swimming pool, hot tub, clubhouse, laundry facility, community court, and walking trails.
Key Highlights
- Remodeled kitchen featuring cherry wood cabinets, granite counters, and stainless steel appliances.
- Ground‑level, end‑unit condo in the gated Zia Vista community.
- Enjoy access to community amenities including a swimming pool, hot tub, clubhouse, and walking trails.
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
$12,362
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
4.43%
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%
$247,240
$247.2K
Cap Rate 7%
$176,600
$176.6K
Cap Rate 9%
$137,356
$137.4K
Market Conditions
NOI Build-Up for 901 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
$23.5K $26.04/SF
− Vacancy
−$985 −$1.09/SF
EGI
$22.5K $24.95/SF
− OpEx
−$10.1K −$11.23/SF
NOI
$12.4K $13.72/SF
Area
Santa Fe County, NM
Vacancy
4.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$247,240
Cap Rate 7%
$176,600
Cap Rate 9%
$137,356
Alternative Uses
Best Use
Apartment 5plus
$176.6K
$154.5K – $206.0K
NOI $12,362 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$244.7K
$214.1K – $285.4K
NOI $17,126 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
247
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 - Move-in-ready condo with modern upgrades and community amenities in Santa Fe.
Where is this apartment building located?
The property is located at 2501 W Zia Road #10-104 Santa Santa Fe, NM.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Remodeled kitchen featuring cherry wood cabinets, granite counters, and stainless steel appliances.; Ground‑level, end‑unit condo in the gated Zia Vista community.; Enjoy access to community amenities including a swimming pool, hot tub, clubhouse, and walking trails.
