Apartment Property with Private
For Sale
$3,041,053
3226 Rufina Street, Santa Fe, NM 87507
ResidentialIncome, Santa Fe, NM
Property Size11,440 SF
Lot Size0.88 Acres
Price / SF$265.83
Days on Market116
Property Features for 3226 Rufina Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-2
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Appliances
Refrigerator
Subdivision
Tract A, T17N, R9E, S33, Santa Fe County
Directions
From I-25 and Cerrillos - north to Rufina past Meow Wolf to property.
Standard status
Active
APN
016010324
Size
11,440 SF
Lot size
0.88 Acres
Taxes and HOA fees
Tax Description
Tract A, T17N, R9E, S33, Santa Fe County
Tax Annual Amount
9703
Legal Description
Tract A, T17N, R9E, S33, Santa Fe County
Amenities
common laundry room
Building Details
Year built
1984
Floors in Building
2
Number of units
23
Flooring type
Tile
Building materials
Frame, Stucco
Listing Agency:
NM Apartment Advisors, Inc.
(505) 440-8633
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Added: May 6
Changed: Aug 19
Last Checked: Aug 29 at 4:06PM
MLS# 1102980
Copyright © 2026 Southwest MLS. 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 11,440-square-foot apartment property was built in 1984 on 0.88 acres and includes a mix of one- and two-bedroom units. Smaller one-bedroom homes average 432 square feet, while larger two-bedroom units measure 620 square feet. Lower-level residences are served by a secure double-loaded corridor, while ground-floor and upper-level homes open directly to private entrances. A common laundry room serves the community, and some smaller units are furnished. Building features include frame and stucco construction, tile flooring, and refrigerators in the units.
The property is located at 3226 Rufina Street in Santa Fe, near Meow Wolf. Its unit variety, shared laundry area, private-entry configuration, and furnished residences provide a range of existing features for multifamily operations.
The property is located at 3226 Rufina Street in Santa Fe, near Meow Wolf. Its unit variety, shared laundry area, private-entry configuration, and furnished residences provide a range of existing features for multifamily operations.
Key Highlights
- 11,440‑square‑foot apartment property on 0.88 acres
- One‑bedroom units average 432 square feet; two‑bedroom units measure 620 square feet
- Ground‑floor and upstairs units have private entrances
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
Location Intelligence
Trade Area within ½ mile
1,024
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 - Multifamily property with varied unit layouts, secure corridor access, private entrances, and shared laundry facilities.
Where is this apartment building located?
The property is located at 3226 Rufina Street 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: 11,440‑square‑foot apartment property on 0.88 acres; One‑bedroom units average 432 square feet; two‑bedroom units measure 620 square feet; Ground‑floor and upstairs units have private entrances
