Discover a prime investment opportunity in Santa Fe! This multi-family property located in the historic Agua Fria Village is sited on a 2.191 acre parcel- half of which is undeveloped. Originally a family compound with three residences, it became the International Institute of Chinese Medicine, and was later reimagined into 5 dwellings and 2 studios spanning 8,000 square feet. The charming property features gated access, ample paved parking for residents and visitors alike, 3 buildings, two wells, and 3 septic systems. With flexible "Commercial Neighborhood" zoning, County oversight, and a full set of plans to develop the vacant portion, the savvy investor will enjoy immediate rental income while a plan is formulated for the additional land. Just a short drive from downtown, shopping, and entertainment, this singular opportunity is priced at it's most recent appraisal value, and is poised to combine the historic charm of Santa Fe with the profitability of future development within our robust housing market.