Duplex with Former Dress
For Sale
$435,000
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$207.14
Days on Market45
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
(505) 833-1400
Listed By:
Gary Bernier · License #8171
Source:
Lisaharris-realestate
Added: Jul 19
Changed: Aug 30
Last Checked: Aug 31 at 1:04PM
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
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 = 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
$31,165
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
7.16%
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%
$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
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
$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 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%
$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 7.16%
Second Best
Apartment 5plus
$411.6K
$360.2K – $480.2K
NOI $28,813 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$570.2K
$499.0K – $665.3K
NOI $39,917 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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 $435,000.
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
