Quadplex with Individual
For Sale
$895,000
321 Tesuque Drive, Santa Fe, NM 87505
ResidentialIncome, Santa Fe, NM
Property Size2,752 SF
Lot Size0.18 Acres
Price / SF$325.22
Days on Market112
Property Features for 321 Tesuque Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1, 2, 3, 4, 5, 6
Zoning description
R-4
Bedrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 1, Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 3
Interior features
InteriorSteps
Fireplace
1
Elementary school
Aspen Community Magnet School K-8
Middle school
Aspen Community Magnet School K-8
High school
Santa Fe
Directions
Cerrillos Rd to right on Navajo left on Tesuque Dr. Quadplex is on right
Standard status
Active
APN
011383168
Size
2,752 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
LOT 13, BLK 10, B F YOUNG'S INDIAN SCHOOL ADDITION, S26 T17N R9E
Legal Description
LOT 13, BLK 10, B F YOUNG'S INDIAN SCHOOL ADDITION, S26 T17N R9E
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Ductless (Heating), Baseboard, Fireplace(s)
Cooling system
Ductless
Water source
Public
Building Details
Year built
1948
Floors in Building
1
Number of units
4
Architectural style
Other
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Justin C. Jaroszewski · License #49656
(830) 708-2283
Added: Jul 4
Changed: Oct 16
Last Checked: Oct 23 at 6:06AM
MLS# 202602973
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.
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Investment Insights
Based on property information with market context.
This four-unit residential property contains 2,752 square feet on a 0.18-acre lot at 321 Tesuque Drive in Santa Fe. Built in 1948, the property includes interior steps, fireplaces, baseboard and hot-water heating, ductless heating, and ductless cooling. Gas and electric service are separately metered for each unit, while water and sewer are provided through public systems.
The property is identified within the R-1, 2, 3, 4, 5, and 6 zoning designations and is described as HUD-compliant for an FHA Multifamily loan. Its location is in Santa Fe County, within the 87505 postal area.
The property is identified within the R-1, 2, 3, 4, 5, and 6 zoning designations and is described as HUD-compliant for an FHA Multifamily loan. Its location is in Santa Fe County, within the 87505 postal area.
Key Highlights
- Quadplex with 2,752 square feet of building area
- 0.18‑acre lot at 321 Tesuque Drive, Santa Fe, NM
- Separate gas and electric meters for individual units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,842
Cap Rate
4.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$816,840
$816.8K
Cap Rate 7%
$583,457
$583.5K
Cap Rate 9%
$453,800
$453.8K
Market Conditions
NOI Build-Up for 2,752 SF
Gross rent
$61.1K $22.20/SF
− Vacancy
−$2.7K −$1.00/SF
EGI
$58.3K $21.20/SF
− OpEx
−$17.5K −$6.36/SF
NOI
$40.8K $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 Rate 5%
$816,840
Cap Rate 7%
$583,457
Cap Rate 9%
$453,800
Alternative Uses
Best Use
Multifamily LT 5
$583.5K
$510.5K – $680.7K
NOI $40,842 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$539.4K
$472.0K – $629.3K
NOI $37,759 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$747.3K
$653.9K – $871.8K
NOI $52,310 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,680
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with separate gas and electric meters, public water, and public sewer.
Where is this quadplex located?
The property is located at 321 Tesuque Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Quadplex with 2,752 square feet of building area; 0.18‑acre lot at 321 Tesuque Drive, Santa Fe, NM; Separate gas and electric meters for individual units
