Triplex with Kiva
New
For Sale
$750,000
600 San Francisco, Santa Fe, NM 87501
ResidentialIncome, Santa Fe, NM
Property Size1,872 SF
Lot Size0.12 Acres
Price / SF$400.64
Days on Market2
Property Features for 600 San Francisco
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Historic
Zoning description
Historic
Interior features
InteriorSteps
Fireplace
1
Elementary school
Gonzales
Middle school
Aspen Community Magnet School K-8
High school
Santa Fe
Directions
Corner of W. San Francisco and Candelario
Standard status
Active
APN
011934848
Size
1,872 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
LOT 9 BLK 31
Legal Description
LOT 9 BLK 31
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Fireplace(s)
Water source
Public
Amenities
Kiva fireplace
W/D
Building Details
Year built
1940
Floors in Building
1
Number of units
3
Roof type
Flat
Architectural style
Other
Listing Agency:
Four Star Property Management
(505) 982-9508
Listed By:
Amy Dabbs · License #46392
(505) 231-6602
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 10 at 7:06PM
MLS# 202603956
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 1,872-square-foot triplex occupies a 0.12-acre site in Santa Fe. Built in 1940, the property includes a freestanding primary residence and a second structure containing two additional units. The main residence features a Kiva fireplace, wood flooring in the dining and living areas, and a washer/dryer. One secondary unit includes a full bath, LVP flooring, and washer/dryer, while the other has a full bath and LVP flooring.
Parking is positioned between the two buildings, with one space allocated to each unit. The property is zoned Historic and served by public water and public sewer. Natural gas heating, fireplace(s), interior steps, and a flat roof are also included among the property features.
Parking is positioned between the two buildings, with one space allocated to each unit. The property is zoned Historic and served by public water and public sewer. Natural gas heating, fireplace(s), interior steps, and a flat roof are also included among the property features.
Key Highlights
- Three‑unit configuration across a freestanding main residence and a second two‑unit building
- 1,872 square feet on a 0.12‑acre lot
- Historic zoning in Santa Fe, NM 87501
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
$27,782
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
3.70%
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%
$555,640
$555.6K
Cap Rate 7%
$396,886
$396.9K
Cap Rate 9%
$308,689
$308.7K
Market Conditions
NOI Build-Up for 1,872 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
$41.6K $22.20/SF
− Vacancy
−$1.9K −$1.00/SF
EGI
$39.7K $21.20/SF
− OpEx
−$11.9K −$6.36/SF
NOI
$27.8K $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%
$555,640
Cap Rate 7%
$396,886
Cap Rate 9%
$308,689
Alternative Uses
Best Use
Multifamily LT 5
$396.9K
$347.3K – $463.0K
NOI $27,782 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$366.9K
$321.1K – $428.1K
NOI $25,685 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$508.3K
$444.8K – $593.1K
NOI $35,583 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,708
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?
Triplex - Historic-zoned three-unit property with separate buildings, individual parking, and a mix of wood and LVP flooring.
Where is this triplex located?
The property is located at 600 San Francisco Santa Fe, NM.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three‑unit configuration across a freestanding main residence and a second two‑unit building; 1,872 square feet on a 0.12‑acre lot; Historic zoning in Santa Fe, NM 87501
