Character-Rich Triplex with
For Sale
$1,200,000
343-345 E Berger St, Santa Fe, NM 87505
Three distinct residences offer flexible living arrangements, private outdoor areas, and off-street parking in an established Santa Fe neighborhood.
Property Size3,934 SF
Price / SF$305.03
Days on Market8
Property Features for 343-345 E Berger St
General Information
Standard status
Active
Size
3,934 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Building Details
Year Built
1937
Listing Agency:
Keller Williams Realty
(505) 375-2062
Listed By:
Brian Tercero
(505) 594-9586
Source:
Mrsantaferealestate
Added: Sep 19
Changed: Sep 24
Last Checked: Sep 26 at 6:56AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This three-unit multifamily property was built in 1937 and contains approximately 3,934 square feet. The residences include two 2-bedroom, 1-bath units and a larger 3-bedroom, 2-bath unit. Interior details include hardwood and wood flooring, brick flooring, built-in cabinetry, high ceilings, wood-beamed ceilings with corbels, fireplaces, and a mudroom. Each residence has its own distinct layout and character, with courtyards providing outdoor space. Single-car garages serve the first and largest units.
Located at 343-345 Berger Street in Santa Fe’s South Capitol neighborhood, the property includes off-street parking and multiple courtyards. The combination of three residences, established construction, and varied interior features supports use as a multifamily property, multigenerational compound, or rental-oriented asset.
Located at 343-345 Berger Street in Santa Fe’s South Capitol neighborhood, the property includes off-street parking and multiple courtyards. The combination of three residences, established construction, and varied interior features supports use as a multifamily property, multigenerational compound, or rental-oriented asset.
Key Highlights
- Triplex with approximately 3,934 square feet
- Built in 1937
- Unit mix includes two 2‑bedroom, 1‑bath residences and one 3‑bedroom, 2‑bath residence
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
$58,383
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
4.87%
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%
$1,167,660
$1.2M
Cap Rate 7%
$834,043
$834.0K
Cap Rate 9%
$648,700
$648.7K
Market Conditions
NOI Build-Up for 3,934 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
$87.3K $22.20/SF
− Vacancy
−$3.9K −$1.00/SF
EGI
$83.4K $21.20/SF
− OpEx
−$25.0K −$6.36/SF
NOI
$58.4K $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%
$1,167,660
Cap Rate 7%
$834,043
Cap Rate 9%
$648,700
Alternative Uses
Best Use
Multifamily LT 5
$834.0K
$729.8K – $973.1K
NOI $58,383 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$771.1K
$674.7K – $899.6K
NOI $53,976 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$1.07M
$934.7K – $1.25M
NOI $74,777 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,890
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
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 distinct residences offer flexible living arrangements, private outdoor areas, and off-street parking in an established Santa Fe neighborhood.
Where is this triplex located?
The property is located at 343-345 E Berger St Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Triplex with approximately 3,934 square feet; Built in 1937; Unit mix includes two 2‑bedroom, 1‑bath residences and one 3‑bedroom, 2‑bath residence
