1607 5th St - Midtown 3 3 Unit Apartment Building Offered at $676,490 CAD at a 5.76% Cap Rate Santa Fe, NM 87505

Good morning!
On behalf of the Owner, Maestas Real Estate Services and NM Apartment Advisors are pleased to present 1607 5th Street, a rare Santa Fe triplex opportunity located in one of the city’s most desirable in-town corridors. This centrally positioned property offers investors and owner-occupants the chance to own income-producing real estate in a market defined by limited housing supply, strong rental demand, and enduring lifestyle appeal.
Situated in the sought-after 87505 zip code, the property benefits from close proximity to many of Santa Fe’s most attractive amenities. Residents enjoy convenient access to the vibrant Railyard District, Whole Foods, Trader Joe’s, Santa Fe Plaza, Canyon Road galleries, and some of the city’s best dining, shopping, and cultural attractions. The location also offers quick access to St. Michael’s Drive, Cerrillos Road, and I-25 for commuters and regional travel.
Just minutes away is the transformative Midtown District redevelopment, a major mixed-use project expected to bring new housing, employment centers, creative office space, parks, and cultural uses to the heart of Santa Fe. This continued investment enhances the long-term growth story for surrounding neighborhoods and increases the desirability of nearby housing.
The property consists of three one-bedroom / one-bath units totaling approximately 1,740 square feet on a 0.11-acre parcel. Current rents average approximately $1,270 per month, with projected upside toward market rents near $1,648, creating a compelling value-add opportunity for an investor seeking stronger future cash flow.
This triplex contains three one bedroom, one bathroom units with a current average rent of $1,270 which leaves a long runway to increase value by raising rents closer to the market average of $1,648.
Metrics of investment performance at the ask price of $496,084 and average rents of $1,270 include a GRM of 10.83, a before-reserves cap rate of 5.89%, a price per sf of $285.11, a price per unit of $165,361 with an after-tax IRR of 12.9%.
21 Page marketing flyer can be viewed at http://www.nmapartment.com/apt/NMAA-5th1607SF.pdf
Qualified investors can access the confidential document center by completing the online confidentiality agreement at http://www.nmapartment.com/5th1607sf
Santa Fe remains one of the Southwest’s most supply-constrained and lifestyle-driven markets, drawing residents, retirees, creatives, and second-home buyers from across the country. As a UNESCO Creative City known for arts, architecture, cuisine, and outdoor recreation, demand for well-located rental housing continues to outperform many peer markets.
Whether you are seeking an owner-occupant strategy—live in one unit and collect income from the others—or an investor looking for a foothold in Santa Fe’s appreciating housing market, 1607 5th Street offers location, flexibility, and upside.
Qualified buyers may request additional confidential information and tour access. Do not disturb residents.
Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
tclarke@nmapartment.com
And
Anita Maestas
Qualifying Broker
Maestas Real Estate Service
(505) 463-3565
anita@maestasrealty.com