Four-Residence Quadplex
For Sale
$749,900
511 & 513 Alarid, Santa Fe, NM 87501
Four residences occupy two lots with separate utility meters, dual driveways, and a shared interior courtyard.
Property Size2,554 SF
Price / SF$293.62
Days on Market13
Property Features for 511 & 513 Alarid
General Information
Standard status
Active
Size
2,554 SF
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
complete restoration
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Amenities
interior courtyard
off-street parking
Building Details
Year Built
1940
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Brian Tercero
(505) 594-9586
Source:
Mrsantaferealestate
Added: Sep 15
Changed: Sep 26
Last Checked: Sep 26 at 7:25AM
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 2,554-square-foot quadplex property contains four separate residences, each arranged with a bedroom, living room, kitchen, and bathroom. The homes share an interior courtyard, while separate utility meters and two driveways support distinct residential layouts. Built in 1940, the property requires complete restoration with skilled professional oversight.
The two-lot property is located at 511 & 513 Alarid in Santa Fe’s Historic Guadalupe District, near the Railyard, downtown Santa Fe, dining, shopping, and galleries. Its four-residence configuration provides a substantial existing framework for restoration and continued residential use.
The two-lot property is located at 511 & 513 Alarid in Santa Fe’s Historic Guadalupe District, near the Railyard, downtown Santa Fe, dining, shopping, and galleries. Its four-residence configuration provides a substantial existing framework for restoration and continued residential use.
Key Highlights
- Four separate residences across two lots
- Each residence includes a bedroom, living room, kitchen, and bathroom
- 2,554 SF property built in 1940
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
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,211
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences occupy two lots with separate utility meters, dual driveways, and a shared interior courtyard.
Where is this quadplex located?
The property is located at 511 & 513 Alarid 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; Each residence includes a bedroom, living room, kitchen, and bathroom; 2,554 SF property built in 1940
