Four-Unit Quadplex with
For Sale
$749,900
511 & 513 Alarid, Santa Fe, NM 87501
ResidentialIncome, Santa Fe, NM
Property Size2,554 SF
Lot Size0.14 Acres
Price / SF$293.62
Days on Market15
Property Features for 511 & 513 Alarid
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-7
Zoning description
R7
Bedrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 1
Parking features
Tandem
Interior features
NoInteriorSteps
Appliances
Dryer, Oven, Range, Refrigerator, WaterHeater, Washer
Elementary school
Aspen
Middle school
Aspen Community Magnet School K-8
High school
Santa Fe
Directions
St Francis drive to Paseo de Peralta, left on Alarid
Standard status
Active
APN
012328320
Size
2,554 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
S23 T17N R9E, KINGS MAP, BLK 124, PORTION OF LOT 3, 0.164 AC
Legal Description
S23 T17N R9E, KINGS MAP, BLK 124, PORTION OF LOT 3, 0.164 AC
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
interior courtyard
Building Details
Year built
1940
Floors in Building
1
Number of units
4
Building materials
Frame, Stucco
Roof type
Flat
Architectural style
Other
Listing Agency:
Logic Real Estate
(505) 820-7000
Listed By:
Rachael L. Baca · License #44829
(505) 310-4929
Added: Sep 13
Changed: Sep 27
Last Checked: Sep 27 at 1:06PM
MLS# 202603994
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 R-7 property includes four separate residences across two lots, totaling 2,554 square feet on 0.14 acres. Each residence includes a bedroom, living room, kitchen, and bathroom. The 1940 improvements feature frame and stucco construction, flat roofing, no interior steps, and tandem parking served by two driveways. An interior courtyard provides shared outdoor space between the residences, while separate utility meters support individual occupancy. Appliances include ranges, ovens, refrigerators, washers, dryers, and water heaters.
The property is located at 511 & 513 Alarid in Santa Fe’s Historic Guadalupe District, near the Railyard, downtown Santa Fe, dining, shopping, and galleries. Public water and public sewer serve the site. The improvements will require complete restoration with skilled professional involvement.
The property is located at 511 & 513 Alarid in Santa Fe’s Historic Guadalupe District, near the Railyard, downtown Santa Fe, dining, shopping, and galleries. Public water and public sewer serve the site. The improvements will require complete restoration with skilled professional involvement.
Key Highlights
- Four separate residences totaling 2,554 square feet
- Two lots totaling 0.14 acres with R‑7 zoning
- 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
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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
View Realmo Analytics
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 - Two lots support separate residences with individual utility meters and off-street parking.
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 totaling 2,554 square feet; Two lots totaling 0.14 acres with R‑7 zoning; Each residence includes a bedroom, living room, kitchen, and bathroom
