Adobe Duplex With Separate
New
For Sale
$450,000
711 W Manhattn Ave, Santa Fe, NM 87501
ResidentialIncome, Santa Fe, NM
Property Size1,176 SF
Lot Size0.07 Acres
Price / SF$382.65
Days on Market7
Property Features for 711 W Manhattn Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Conforming
Zoning description
RM 2
Bedrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
Interior features
NoInteriorSteps
Fireplace
1
Appliances
GasCooktop
Subdivision
Agua Fria
Elementary school
Alvord
High school
Santa Fe
Directions
this unit is downtown in the heart of everything There are 2 separate units 715 sq ft and 461 sq ft , each separately metered . It is zoned RM 2. Walking distance to downtown
Standard status
Active
APN
16005068
Size
1,176 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
title binder ordered thru First American lot size will be determined with a survey already ordered.
Tax Annual Amount
2500
Legal Description
title binder ordered thru First American lot size will be determined with a survey already ordered.
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Fireplace(s), Space Heater
Water source
Public
Amenities
mature trees
fencing
wood burning stove
Building Details
Year built
1920
Number of units
2
Building materials
Adobe, Frame
Roof type
Metal
Listing Agency:
Mares Realty
Listed By:
Richard Mares · License #3456
(505) 988-5585
Added: Sep 4
Changed: Sep 10
Last Checked: Sep 10 at 7:06PM
MLS# 202603870
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 1920 duplex contains two separate residences totaling 1,176 square feet on a 0.07-acre parcel. One unit measures approximately 461 square feet with one bedroom and a full bathroom; the other is approximately 715 square feet with two bedrooms and a full bathroom. Both include basic kitchens, gas heat, and separate utility metering. The property is being offered in its current condition, without warranties.
Construction includes adobe and frame elements, with tile, carpet, and potentially hardwood beneath portions of the carpet. The one-bedroom unit also has a wood-burning stove. Additional features include mature trees, fencing, a metal roof, public water, and public sewer. Located at 711 W Manhattn Ave in Santa Fe, the property is minutes from the Railyard and Downtown Plaza.
Construction includes adobe and frame elements, with tile, carpet, and potentially hardwood beneath portions of the carpet. The one-bedroom unit also has a wood-burning stove. Additional features include mature trees, fencing, a metal roof, public water, and public sewer. Located at 711 W Manhattn Ave in Santa Fe, the property is minutes from the Railyard and Downtown Plaza.
Key Highlights
- Two‑unit duplex totaling 1,176 square feet
- 0.07‑acre parcel with mature trees and fencing
- Approximately 461‑square‑foot one‑bedroom unit
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
$17,453
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
3.88%
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%
$349,060
$349.1K
Cap Rate 7%
$249,329
$249.3K
Cap Rate 9%
$193,922
$193.9K
Market Conditions
NOI Build-Up for 1,176 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
$26.1K $22.20/SF
− Vacancy
−$1.2K −$1.00/SF
EGI
$24.9K $21.20/SF
− OpEx
−$7.5K −$6.36/SF
NOI
$17.5K $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%
$349,060
Cap Rate 7%
$249,329
Cap Rate 9%
$193,922
Alternative Uses
Best Use
Multifamily LT 5
$249.3K
$218.2K – $290.9K
NOI $17,453 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$230.5K
$201.7K – $268.9K
NOI $16,135 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$319.3K
$279.4K – $372.6K
NOI $22,353 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,014
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?
Duplex - Two separately metered residences with gas heat, kitchens, fencing, and mature trees.
Where is this duplex located?
The property is located at 711 W Manhattn Ave Santa Fe, NM.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,176 square feet; 0.07‑acre parcel with mature trees and fencing; Approximately 461‑square‑foot one‑bedroom unit
