Six-Bedroom Short-Term Rental
For Sale
Contact for pricing
850 NM 599 Frontage, Santa Fe, NM 87507
Currently operated as an Airbnb, the property combines single-level living with outdoor space and distinctive Southwestern design elements.
Property Size3,034 SF
Price / SF$391.89
Days on Market93
Property Features for 850 NM 599 Frontage
General Information
Standard status
Active
Size
3,034 SF
Total Parking Spaces
8
Property subtype
Multifamily, Land
Building Details
Year Built
2008
Buildings
1
Tenancy
Single
Listing Agency:
Varela Real Estate
(505) 982-2525
Listed By:
Phillip Varela · License #NM 18075
Source:
Crexi
Added: Jun 1
Changed: Aug 31
Last Checked: Aug 31 at 3:16AM
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 Varela Real Estate
Investment Insights
Based on property information with market context.
This Santa Fe residence is currently operating as an Airbnb and offers 3,034 square feet of living area on one level. Built in 2008, the home includes 6 bedrooms, 3.5 bathrooms, a 2-car garage, radiant heat, a private well, tile roofing, stucco exterior, and two Kiva fireplaces. Custom Pueblo-style detailing is paired with modern residential finishes, while RV access, a gazebo, and expansive outdoor areas add functional versatility.
The property encompasses 2.41 acres at 850 NM 599 Frontage in Santa Fe, with mountain views and access to a peaceful setting. Santa Fe Plaza, hiking trails, golf, and parks are described as minutes away. Its existing short-term rental operation, residential scale, and furnished outdoor amenities support continued use as an income-producing accommodation or a private residence.
The property encompasses 2.41 acres at 850 NM 599 Frontage in Santa Fe, with mountain views and access to a peaceful setting. Santa Fe Plaza, hiking trails, golf, and parks are described as minutes away. Its existing short-term rental operation, residential scale, and furnished outdoor amenities support continued use as an income-producing accommodation or a private residence.
Key Highlights
- Currently operating as an Airbnb
- 3,034 Sq Ft residence on 2.41 Acres
- 6 Bedrooms, 3.5 Bathrooms, 2 Car Garage
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
$41,628
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
3.50%
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%
$832,560
$832.6K
Cap Rate 7%
$594,686
$594.7K
Cap Rate 9%
$462,533
$462.5K
Market Conditions
NOI Build-Up for 3,034 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
$79.0K $26.04/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$75.7K $24.95/SF
− OpEx
−$34.1K −$11.23/SF
NOI
$41.6K $13.72/SF
Area
Santa Fe County, NM
Vacancy
4.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$832,560
Cap Rate 7%
$594,686
Cap Rate 9%
$462,533
Alternative Uses
Best Use
Apartment 5plus
$594.7K
$520.4K – $693.8K
NOI $41,628 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$823.9K
$720.9K – $961.2K
NOI $57,670 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Explore this area
Business Placement
Demographics for 87507, NM
51,338
Population
21,272
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
96.1 sq mi
ZIP Area
534
Density / Sq Mi
$62,955
Median Household Income
$34,102
Median Earnings
$1,276
Median Rent
$333,300
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?
Short term rental property - Currently operated as an Airbnb, the property combines single-level living with outdoor space and distinctive Southwestern design elements.
Where is this short term rental property located?
The property is located at 850 NM 599 Frontage Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,189,000.
What are key features of this property?
This property features: Currently operating as an Airbnb; 3,034 Sq Ft residence on 2.41 Acres; 6 Bedrooms, 3.5 Bathrooms, 2 Car Garage
