Four-Residence Quadplex with
For Sale
$749,900
511 & 513 Alarid #A/B A/B, Santa Fe, NM 87501
Two-lot property with separate utilities, two driveways, and four residences requiring complete restoration.
Property Size2,554 SF
Price / SF$293.62
Days on Market12
Property Features for 511 & 513 Alarid #A/B A/B
General Information
Standard status
Active
Size
2,554 SF
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
complete restoration
Additional Details
Multifamily Units
4
Amenities
interior courtyard
Building Details
Year Built
1940
Listing Agency:
Logic Real Estate
Listed By:
Rachael Baca · License #6080
(505) 310-4929
Source:
Lisaharris-realestate
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 26 at 4:12AM
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 Logic Real Estate
Investment Insights
Based on property information with market context.
This 2,554-square-foot quadplex, built in 1940, comprises four separate residences across two lots. Each residence includes a bedroom, living room, kitchen, and bathroom. Separate utility meters serve the homes, while two driveways provide off-street parking. An interior courtyard adds shared outdoor space between the residences.
The property is located in Santa Fe’s Historic Guadalupe District near the Railyard, with dining, shopping, galleries, and downtown Santa Fe nearby. The improvements require complete restoration and are suited to a buyer evaluating a multi-residence property with distinct living units and shared site features.
The property is located in Santa Fe’s Historic Guadalupe District near the Railyard, with dining, shopping, galleries, and downtown Santa Fe nearby. The improvements require complete restoration and are suited to a buyer evaluating a multi-residence property with distinct living units and shared site features.
Key Highlights
- Four separate residences across two lots
- 2,554 square feet; built in 1940
- Each residence includes a bedroom, living room, kitchen, and bathroom
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
$37,903
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
5.05%
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%
$758,060
$758.1K
Cap Rate 7%
$541,471
$541.5K
Cap Rate 9%
$421,144
$421.1K
Market Conditions
NOI Build-Up for 2,554 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
$56.7K $22.20/SF
− Vacancy
−$2.6K −$1.00/SF
EGI
$54.1K $21.20/SF
− OpEx
−$16.2K −$6.36/SF
NOI
$37.9K $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%
$758,060
Cap Rate 7%
$541,471
Cap Rate 9%
$421,144
Alternative Uses
Best Use
Multifamily LT 5
$541.5K
$473.8K – $631.7K
NOI $37,903 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$500.6K
$438.0K – $584.0K
NOI $35,042 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$693.5K
$606.8K – $809.1K
NOI $48,546 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 87501, NM
15,116
Population
10,480
Households
1.4
Avg Household Size
58
Median Age
61%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
299
Density / Sq Mi
$81,229
Median Household Income
$52,851
Median Earnings
$1,516
Median Rent
$649,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Two-lot property with separate utilities, two driveways, and four residences requiring complete restoration.
Where is this quadplex located?
The property is located at 511 & 513 Alarid #A/B A/B Santa Fe, NM.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Four separate residences across two lots; 2,554 square feet; built in 1940; Each residence includes a bedroom, living room, kitchen, and bathroom
