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    1 Plaza La Prensa Santa Fe, NM 87507

    Sponsored
    For Lease
    $22 SF/Yr

    COMMERCIAL - Santa Fe, NM

    Type:Office
    Property size:
    46,975 SF
    Lot size:
    5.84 Acres
    Days on Market:
    107
    Last Refresh:
    Feb 14 at 11:06 pm

    Property Features for 1 Plaza La Prensa

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Lease
    Property subtype
    Office
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    BIP
    APN
    910005441
    Size
    46,975 SF
    Lot size
    5.84 Acres

    Utilities

    Water source
    Public

    Building Details

    Year built
    2004

    We can help!

    Listing Contact
    Tai Bixby
    Tai Bixby

    Real Estate Advisors, LLC (505) 539-3200

    Listing agent Tai Bixby (505) 577-3524 License #40315

    Listing date Oct 31, 2025

    MLS# 202403087

    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.

    Learn more

    Property Insight Report

    Overview

    Modern Office Flex Building Available

    The property at 1 Plaza La Prensa Road features modern architecture and functional design. Constructed in 2004, this 46,975-square-foot office flex building is situated on a 5.84-acre lot. Originally designed with a configuration of one-third office space and two-thirds light manufacturing and warehousing, the building was renovated in 2019 to be entirely office space. The property retains the capability to revert to a mixed-use setup. The building, currently occupied by the State of New Mexico Human Services, will be vacant and available in September 2024. The versatile building includes a dock and drive-in door. The property provides 229 parking spaces. Located a few hundred feet from the Interstate 25 on-ramp and off-ramp, the property offers convenient access to Santa Fe and the rest of New Mexico. The Santa Fe Bypass Road, located nearby, further improves connectivity to northwestern New Mexico. Santa Fe is located in north-central New Mexico and is connected by Interstate 25 to Albuquerque, which is 55 miles south, and Denver, which is 380 miles north. The property is also offered for sale.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    NM Human Services ... Government Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -106.0439466
    Latitude
    35.603219

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    FAQs

    What type of property is this?
    Office building - Versatile office building in Santa Fe, available September 2024.
    Where is this office building located?
    The property is located at 1 Plaza La Prensa Santa Fe, NM.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: - Excellent Location: Immediate access to Interstate 25.; - Versatile Space: Can revert to original mixed office/warehouse configuration.; - Large Building: 46,975 sq ft building on 5.84 acres.
    (505) 577-3524
    Request Owner's contact information
    1 Plaza La Prensa Santa Fe, NM 87507
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    Santa Fe, NM 87507
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1 Plaza La Prensa Santa Fe, NM 87507
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    We can help!
    Listing Contact
    Tai Bixby
    Tai Bixby
    Real Estate License ID: 40315
    (505) 577-3524 (505) 983-5151 (505) 539-3201
    Learn more
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