Triplex Property Under PUD
For Sale
$675,000
2702 2710 2712 Calle De Oriente Norte, Santa Fe, NM 87507
MULTI_FAMILY - Other - Santa Fe, NM
Property Size3,064 SF
Lot Size0.19 Acres
Price / SF$220.30
Days on Market72
Property Features for 2702 2710 2712 Calle De Oriente Norte
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
PUD
Zoning description
R21 PUD
Bedrooms
6
Full bathrooms
5
Rooms
Bathroom 4, Bathroom 3, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 5, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 6, Bathroom 1
Interior features
NoInteriorSteps
Appliances
Dryer, Dishwasher, GasCooktop, Disposal, GasWaterHeater, Oven, Range, Refrigerator, Washer
Elementary school
Nava
Middle school
Milagro
High school
Santa Fe
Directions
Enter compound from Camino Carlos Rey, across from the park
Standard status
Active
APN
099307059
Size
3,064 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1 & 2, BLK 3, CASAS CARLOS REY S/D, S33 T17N R9E
Tax Annual Amount
2329
HOA Fee
$345 Monthly
Legal Description
LOT 1 & 2, BLK 3, CASAS CARLOS REY S/D, S33 T17N R9E
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1987
Floors in Building
2
Number of units
3
Building materials
Frame, Stucco
Architectural style
Other
Listing Agency:
Adobes & Dirt, LLC
(505) 660-4455
Listed By:
Kurt Hill · License #9285
(505) 660-4455
Added: Jun 2
Changed: Aug 1
Last Checked: Aug 12 at 3:06AM
MLS# 202602407
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 triplex includes three separately metered units, each with assigned parking. The property is located on two city lots and is offered as a single PUD sale. The layout notes “no interior steps,” and the building is constructed with frame and stucco, built in 1987. Heating is natural gas forced air, with public water and public sewer.
Unit 2702 is a two-bedroom, one-bath home with washer/dryer, a fireplace, and a backyard, updated about four years ago. Unit 2710 is also two-bedroom with two baths, washer/dryer, a fireplace, and a backyard. Unit 2712 is an upstairs two-bedroom, two-bath unit with washer/dryer; it was updated last year. All tenants pay their own utilities, and leases run through May 2027.
The property is described as being in the heart of the city, off Camino Carlos Rey, across from Franklin Miles Park, with nearby schools and shopping.
Unit 2702 is a two-bedroom, one-bath home with washer/dryer, a fireplace, and a backyard, updated about four years ago. Unit 2710 is also two-bedroom with two baths, washer/dryer, a fireplace, and a backyard. Unit 2712 is an upstairs two-bedroom, two-bath unit with washer/dryer; it was updated last year. All tenants pay their own utilities, and leases run through May 2027.
The property is described as being in the heart of the city, off Camino Carlos Rey, across from Franklin Miles Park, with nearby schools and shopping.
Key Highlights
- Three‑unit triplex on two city lots, PUD, sold together; leases run through May 2027
- All units are separately metered; tenants pay their own utilities
- Assigned parking for each unit
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
$45,472
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
6.74%
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%
$909,440
$909.4K
Cap Rate 7%
$649,600
$649.6K
Cap Rate 9%
$505,244
$505.2K
Market Conditions
NOI Build-Up for 3,064 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
$68.0K $22.20/SF
− Vacancy
−$3.1K −$1.00/SF
EGI
$65.0K $21.20/SF
− OpEx
−$19.5K −$6.36/SF
NOI
$45.5K $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%
$909,440
Cap Rate 7%
$649,600
Cap Rate 9%
$505,244
Alternative Uses
Best Use
Multifamily LT 5
$649.6K
$568.4K – $757.9K
NOI $45,472 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$600.6K
$525.5K – $700.7K
NOI $42,040 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$832.0K
$728.0K – $970.7K
NOI $58,241 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
973
Businesses Nearby
Explore this area
Business Placement
Demographics for 87507, NM
51,338
Population
21,272
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
96.1 sq mi
ZIP Area
534
Density / Sq Mi
$62,955
Median Household Income
$34,102
Median Earnings
$1,276
Median Rent
$333,300
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 - Three separately metered units with assigned parking; leases extend through May 2027 under PUD zoning.
Where is this triplex located?
The property is located at 2702 2710 2712 Calle De Oriente Norte Santa Fe, NM.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Three‑unit triplex on two city lots, PUD, sold together; leases run through May 2027; All units are separately metered; tenants pay their own utilities; Assigned parking for each unit
