Attached Two-Unit
For Sale
$899,000
625 Don Felix Street, Santa Fe, NM 87501
Two attached condominium residences offer separate living areas, flexible occupancy options, and Santa Fe architectural character.
Property Size1,706 SF
Price / SF$526.96
Days on Market94
Property Features for 625 Don Felix Street
General Information
Standard status
Active
Size
1,706 SF
Property subtype
Residential Income / Duplex
Zoning
R-1, 2, 3, 4, 5, 6
Units
Unit Mix
1 x 1BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
Forced Air, Natural Gas
Dishwasher, Oven, Range, Refrigerator
No
Yes
Interior Steps
Building Details
Year Built
1945
Listing Agency:
Barker Realty, LLC
(505) 204-2491
Listed By:
Stephanie Duran · License #38495
(505) 204-2491
Source:
Compass
Added: May 29
Changed: Aug 30
Last Checked: Aug 30 at 4:39PM
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 Barker Realty, LLC
Investment Insights
Based on property information with market context.
This duplex offering combines two attached condominiums within a three-unit condominium complex. Unit A contains 1,124 square feet with one bedroom, two bathrooms, a front courtyard, office/flex space, wood flooring, beamed ceilings, arched details, a naturally lit kitchen, and a walk-in closet. Unit B adds 582 square feet with one bedroom, one bathroom, hardwood floors, an open kitchen, living and dining area, Southwestern tile, and a walk-in closet. The combined property measures 1,706 square feet.
Built in 1945, the residences are located on Don Felix Street within walking distance of the Railyard District and Santa Fe Plaza. The property is zoned R-1, 2, 3, 4, 5, 6. The two-unit configuration supports rental use, multigenerational occupancy, or an owner residence paired with an income-producing unit, as described for the property.
Built in 1945, the residences are located on Don Felix Street within walking distance of the Railyard District and Santa Fe Plaza. The property is zoned R-1, 2, 3, 4, 5, 6. The two-unit configuration supports rental use, multigenerational occupancy, or an owner residence paired with an income-producing unit, as described for the property.
Key Highlights
- Two attached condominium units offered together as a duplex
- Unit A: 1,124 sq. ft., 1 bedroom, 2 baths, office/flex room, courtyard, and walk‑in closet
- Unit B: 582 sq. ft., 1 bedroom, 1 bath, open kitchen‑living‑dining area, and walk‑in closet
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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two attached condominium residences offer separate living areas, flexible occupancy options, and Santa Fe architectural character.
Where is this duplex located?
The property is located at 625 Don Felix Street 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 units offered together as a duplex; Unit A: 1,124 sq. ft., 1 bedroom, 2 baths, office/flex room, courtyard, and walk‑in closet; Unit B: 582 sq. ft., 1 bedroom, 1 bath, open kitchen‑living‑dining area, and walk‑in closet
