Attached Two-Unit
For Sale
$899,000
625 Don Felix, Santa Fe, NM 87501
ResidentialIncome, Santa Fe, NM
Property Size1,706 SF
Lot Size0.14 Acres
Price / SF$526.96
Days on Market85
Property Features for 625 Don Felix
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-1, 2, 3, 4, 5, 6
Zoning description
conforming
Bedrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 1, Bathroom 3
Interior features
InteriorSteps
Appliances
Dishwasher, Oven, Range, Refrigerator
Elementary school
Aspen Community Magnet School K-8
Middle school
Milagro
High school
Santa Fe
Directions
Agua Fria to Closson to Don Felix.
Standard status
Active
APN
99313398
Size
1,706 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
GUADALUPE CONDOMINIUM (UNIT- A,B,C ) AKA PARCEL 158 GUADALUPE NEIGHBORHOOD
HOA Fee
$2,000 Annually
Legal Description
GUADALUPE CONDOMINIUM (UNIT- A,B,C ) AKA PARCEL 158 GUADALUPE NEIGHBORHOOD
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1945
Floors in Building
1
Number of units
2
Architectural style
Other
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Stephanie Duran · License #38495
(505) 204-2491
Added: Jun 10
Changed: Aug 31
Last Checked: Sep 2 at 4:06AM
MLS# 202602424
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 duplex offering consists of two connected condominium residences within a three-unit condominium complex at 625 Don Felix in Santa Fe. The larger residence measures 1,124 square feet and includes two bathrooms, a front courtyard, an office or flex room, wood flooring, beamed ceilings, arched details, a naturally lit kitchen, and a walk-in closet. The second residence contains 582 square feet, one bathroom, hardwood flooring, an open kitchen, living, and dining arrangement, Southwestern tile accents, and a walk-in closet.
Together, the residences provide 1,706 square feet on a 0.14-acre lot. The property is within walking distance of the Railyard District and the Santa Fe Plaza. Built in 1945, the duplex has R-1, 2, 3, 4, 5, 6 zoning, natural gas forced-air heat, public water, public sewer, a dishwasher, oven, range, and refrigerator.
Together, the residences provide 1,706 square feet on a 0.14-acre lot. The property is within walking distance of the Railyard District and the Santa Fe Plaza. Built in 1945, the duplex has R-1, 2, 3, 4, 5, 6 zoning, natural gas forced-air heat, public water, public sewer, a dishwasher, oven, range, and refrigerator.
Key Highlights
- Two attached condominium residences offered together as a duplex
- 1,706 square feet of combined property size on a 0.14‑acre lot
- Unit A includes 1,124 square feet, two bathrooms, a front courtyard, and an office/flex room
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
$25,318
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
2.82%
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%
$506,360
$506.4K
Cap Rate 7%
$361,686
$361.7K
Cap Rate 9%
$281,311
$281.3K
Market Conditions
NOI Build-Up for 1,706 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
$37.9K $22.20/SF
− Vacancy
−$1.7K −$1.00/SF
EGI
$36.2K $21.20/SF
− OpEx
−$10.9K −$6.36/SF
NOI
$25.3K $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%
$506,360
Cap Rate 7%
$361,686
Cap Rate 9%
$281,311
Alternative Uses
Best Use
Multifamily LT 5
$361.7K
$316.5K – $422.0K
NOI $25,318 @ 7.0% cap · market cap 2.82%
Second Best
Apartment 5plus
$334.4K
$292.6K – $390.1K
NOI $23,407 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$463.3K
$405.4K – $540.5K
NOI $32,428 @ 7.0% cap · market cap 3.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,955
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?
Duplex - Two connected residences feature wood floors, beamed ceilings, and flexible interior layouts.
Where is this duplex located?
The property is located at 625 Don Felix 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: Two attached condominium residences offered together as a duplex; 1,706 square feet of combined property size on a 0.14‑acre lot; Unit A includes 1,124 square feet, two bathrooms, a front courtyard, and an office/flex room
