Fully Leased Five-Plex
For Sale
$809,000
3120 Jemez Road, Santa Fe, NM 87507
Five-plex is fully occupied with long-term tenants, featuring mature landscaping, a gravel driveway, and five parking spaces.
Property Size3,436 SF
Price / SF$235.45
Days on Market284
Property Features for 3120 Jemez Road
General Information
Standard status
Active
Size
3,436 SF
Total Parking Spaces
5
Property subtype
General Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
5
Amenities
3
R-1, 2, 3, 4, 5, 6
5 Parking Spaces.
Building Details
Year Built
1957
Tenancy
Multi
Listing Agency:
Shepler Commercial, LLC
(505) 982-7600
Listed By:
Damon Apodaca · License #48437
(505) 690-7943
Source:
Xome
Added: Nov 28, 2025
Changed: Sep 2
Last Checked: Sep 7 at 5:48AM
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 Shepler Commercial, LLC
Investment Insights
Based on property information with market context.
This property is a five-plex that is fully occupied and leased with long-term tenants. The exterior includes mature landscaping and a gravel driveway, along with five parking spaces. Roofs are approximately two years old.
The building is described as being in a quiet location and easily accessible.
Offered for sale as a residential income property with current in-place occupancy.
The building is described as being in a quiet location and easily accessible.
Offered for sale as a residential income property with current in-place occupancy.
Key Highlights
- 5‑plex is fully occupied and leased with long‑term tenants
- 2‑year‑old propanal roofs
- Mature landscaping with a gravel driveway
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
$47,144
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
5.83%
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%
$942,880
$942.9K
Cap Rate 7%
$673,486
$673.5K
Cap Rate 9%
$523,822
$523.8K
Market Conditions
NOI Build-Up for 3,436 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
$89.5K $26.04/SF
− Vacancy
−$3.8K −$1.09/SF
EGI
$85.7K $24.95/SF
− OpEx
−$38.6K −$11.23/SF
NOI
$47.1K $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%
$942,880
Cap Rate 7%
$673,486
Cap Rate 9%
$523,822
Alternative Uses
Best Use
Apartment 5plus
$673.5K
$589.3K – $785.7K
NOI $47,144 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$933.0K
$816.4K – $1.09M
NOI $65,311 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
442
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-plex is fully occupied with long-term tenants, featuring mature landscaping, a gravel driveway, and five parking spaces.
Where is this apartment building located?
The property is located at 3120 Jemez Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $809,000.
What are key features of this property?
This property features: 5‑plex is fully occupied and leased with long‑term tenants; 2‑year‑old propanal roofs; Mature landscaping with a gravel driveway
