Duplex with Former Dress
For Sale
$390,000
3908 Rodeo Road, Santa Fe, NM 87507
Two-building property on separate lots with residential and former commercial configurations requiring renovation.
Property Size2,100 SF
Price / SF$185.71
Days on Market90
Property Features for 3908 Rodeo Road
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Commercial
Property Condition
Severity
Repairs Needed
Evidence
need some TLC
Building Details
Year Built
1940
Buildings
2
Listing Agency:
Vista Real Estate Solutions
Listed By:
Gary Bernier · License #8171
(505) 833-1400
Source:
Lisaharris-realestate
Added: Jul 19
Changed: Oct 10
Last Checked: Oct 16 at 6:10AM
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 Vista Real Estate Solutions
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Investment Insights
Based on property information with market context.
This two-building property spans two lots and combines a duplex with a separate structure formerly operated as a dress shop. The buildings total 2,100 square feet and date to 1940. Both improvements require renovation, offering a property with mixed residential and former commercial layouts for a buyer prepared to undertake updates.
The parcels are identified as 3908 Rodeo Road and 3920 Rodeo Road in Santa Fe, New Mexico. The existing configuration provides a duplex component alongside a second building with prior storefront use, creating distinct spaces within the combined property.
The parcels are identified as 3908 Rodeo Road and 3920 Rodeo Road in Santa Fe, New Mexico. The existing configuration provides a duplex component alongside a second building with prior storefront use, creating distinct spaces within the combined property.
Key Highlights
- Two buildings sold together on two lots
- 2,100‑square‑foot combined property
- One building configured as a duplex
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,165
Cap Rate
7.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$623,300
$623.3K
Cap Rate 7%
$445,214
$445.2K
Cap Rate 9%
$346,278
$346.3K
Market Conditions
NOI Build-Up for 2,100 SF
Gross rent
$46.6K $22.20/SF
− Vacancy
−$2.1K −$1.00/SF
EGI
$44.5K $21.20/SF
− OpEx
−$13.4K −$6.36/SF
NOI
$31.2K $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%
$623,300
Cap Rate 7%
$445,214
Cap Rate 9%
$346,278
Alternative Uses
Best Use
Multifamily LT 5
$445.2K
$389.6K – $519.4K
NOI $31,165 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$411.6K
$360.2K – $480.2K
NOI $28,813 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$570.2K
$499.0K – $665.3K
NOI $39,917 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
572
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
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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?
Duplex - Two-building property on separate lots with residential and former commercial configurations requiring renovation.
Where is this duplex located?
The property is located at 3908 Rodeo Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two buildings sold together on two lots; 2,100‑square‑foot combined property; One building configured as a duplex
