23-Unit Apartment
For Sale
Contact for pricing
3226 Rufina, Santa Fe, NM 87507
Apartment property with mixed-access units, common laundry, and separately metered electric service.
Property Size11,440 SF
Price / SF$265.83
Days on Market14
Property Features for 3226 Rufina
General Information
Standard status
Active
Size
11,440 SF
Property subtype
Multifamily
Zoning
R-21
Investment Type
Stabilized
Net Operating Income
$193,807
Additional Details
Utilities to Site
Yes
Multifamily Units
23
Amenities
common area laundry room
Building Details
Year Built
1984
Units
23
Tenancy
Multi
Listing Agency:
N.M. Apartments, Inc.
(505) 440-8633
Listed By:
Todd Clarke · License #13711
Source:
Crexi
Added: Aug 1
Changed: Aug 12
Last Checked: Aug 12 at 6:39AM
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 N.M. Apartments, Inc.
Investment Insights
Based on property information with market context.
This 23-unit apartment property includes 11,440 square feet of residential space and was built in 1984. The layout combines interior units served by double-loaded corridors with residences offering exterior access. A shared laundry room serves the property, while electric service is separately metered and gas service is master metered. The property is zoned R-21.
The property is located at 3226 Rufina in Santa Fe, within walking distance of Meow Wolf, Wal-Mart, and Home Depot. It is also near the retail and restaurant corridor along Cerrillos Avenue, placing multiple established commercial destinations within the surrounding area.
The property is located at 3226 Rufina in Santa Fe, within walking distance of Meow Wolf, Wal-Mart, and Home Depot. It is also near the retail and restaurant corridor along Cerrillos Avenue, placing multiple established commercial destinations within the surrounding area.
Key Highlights
- 23‑unit apartment property with 11,440 square feet
- Built in 1984 and zoned R‑21
- Interior double‑loaded corridor units plus exterior‑access units
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
$156,962
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
5.16%
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%
$3,139,240
$3.1M
Cap Rate 7%
$2,242,314
$2.2M
Cap Rate 9%
$1,744,022
$1.7M
Market Conditions
NOI Build-Up for 11,440 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
$297.9K $26.04/SF
− Vacancy
−$12.5K −$1.09/SF
EGI
$285.4K $24.95/SF
− OpEx
−$128.4K −$11.23/SF
NOI
$157.0K $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%
$3,139,240
Cap Rate 7%
$2,242,314
Cap Rate 9%
$1,744,022
Alternative Uses
Best Use
Apartment 5plus
$2.24M
$1.96M – $2.62M
NOI $156,962 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.11M
$2.72M – $3.62M
NOI $217,452 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
876
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?
Apartment building - Apartment property with mixed-access units, common laundry, and separately metered electric service.
Where is this apartment building located?
The property is located at 3226 Rufina Santa Fe, NM.
What is the asking price?
The asking price for this property is $3,041,053.
What are key features of this property?
This property features: 23‑unit apartment property with 11,440 square feet; Built in 1984 and zoned R‑21; Interior double‑loaded corridor units plus exterior‑access units
