4-Unit Quadplex with Off-Street
For Sale
$899,000
4301 Calle Andrew, Santa Fe, NM 87507
MULTI_FAMILY - Other - Santa Fe, NM
Property Size4,032 SF
Lot Size0.09 Acres
Price / SF$222.97
Days on Market52
Property Features for 4301 Calle Andrew
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-7
Zoning description
R7
Bedrooms
8
Rooms
Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 8, Bedroom 2, Bedroom 4, Bedroom 7, Bedroom 3
Interior features
NoInteriorSteps
Elementary school
Ramirez Thomas
Middle school
Ortiz
High school
Capital
Directions
From Agua Fria to Calle Atajo to Calle Andrew on Corner
Standard status
Active
APN
940002115
Size
4,032 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
2300
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
gas fireplace
yard
Building Details
Year built
1994
Floors in Building
1
Number of units
4
Building materials
Frame
Roof type
Flat
Architectural style
Other
Listing Agency:
Varela Real Estate, Inc.
(505) 982-2525
Listed By:
Phillip Varela · License #18075
(505) 982-2525
Added: Jul 9
Changed: Aug 2
Last Checked: Aug 29 at 3:06PM
MLS# 202602995
Copyright © 2026 Santa Fe Association of REALTORS®, Inc. 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 fully leased 4-unit quadplex offers four spacious two-bedroom, two-bath units, each with a gas fireplace and a small yard. The property is designed with practical, comfortable layouts for long-term livability. Interior features include no interior steps, and the building is constructed with frame materials.
The quadplex includes off-street parking and is zoned R-7. With public water and public sewer, the property is supported by straightforward utilities. The roof is flat, and heating is provided by electric systems. Built in 1994, the building totals 4,032 square feet on a 0.09-acre lot.
The current setup features four income-producing units under lease, providing an all-units-leased configuration for an investor seeking a residential income property with established occupancy.
The quadplex includes off-street parking and is zoned R-7. With public water and public sewer, the property is supported by straightforward utilities. The roof is flat, and heating is provided by electric systems. Built in 1994, the building totals 4,032 square feet on a 0.09-acre lot.
The current setup features four income-producing units under lease, providing an all-units-leased configuration for an investor seeking a residential income property with established occupancy.
Key Highlights
- Fully leased 4‑unit quadplex with all units producing income
- Four two‑bedroom, two‑bath units with gas fireplaces and small yards
- Off‑street parking plus convenient off‑street access for residents
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
$59,838
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
6.66%
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%
$1,196,760
$1.2M
Cap Rate 7%
$854,829
$854.8K
Cap Rate 9%
$664,867
$664.9K
Market Conditions
NOI Build-Up for 4,032 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
$89.5K $22.20/SF
− Vacancy
−$4.0K −$1.00/SF
EGI
$85.5K $21.20/SF
− OpEx
−$25.6K −$6.36/SF
NOI
$59.8K $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%
$1,196,760
Cap Rate 7%
$854,829
Cap Rate 9%
$664,867
Alternative Uses
Best Use
Multifamily LT 5
$854.8K
$748.0K – $997.3K
NOI $59,838 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$790.3K
$691.5K – $922.0K
NOI $55,321 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$1.09M
$958.0K – $1.28M
NOI $76,640 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
380
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?
Quadplex - Fully leased 4-unit quadplex in R-7 with electric heat, gas fireplaces, small yards, and off-street parking.
Where is this quadplex located?
The property is located at 4301 Calle Andrew Santa Fe, NM.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Fully leased 4‑unit quadplex with all units producing income; Four two‑bedroom, two‑bath units with gas fireplaces and small yards; Off‑street parking plus convenient off‑street access for residents
