Office Condo with Reception
For Sale
$555,000
103 S St Francis Drive, Santa Fe, NM 87501
SINGLE_FAMILY - Santa Fe, NM
Property Size1,384 SF
Lot Size0.03 Acres
Price / SF$401.01
Days on Market203
Property Features for 103 S St Francis Drive
General Information
Property type
Residential
Property subtype
Office
Zoning
C-4
Parking
3
Parking features
Parking Lot
Standard status
Active
APN
099303494
Size
1,384 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
UNIT B, PLACITA DEL RIO BUSINESS PARK CONDOMINIUM, S23 T17N R9E
Legal Description
UNIT B, PLACITA DEL RIO BUSINESS PARK CONDOMINIUM, S23 T17N R9E
Utilities
Water source
Public
Amenities
kitchenette
private bathroom
covered brick walkway
Building Details
Year built
2009
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Andrea F. Lucero · License #40551
(505) 780-0311
Added: Jan 21
Changed: Aug 1
Last Checked: Aug 12 at 11:06AM
MLS# 202600141
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.
Office condo (middle unit) in a three-unit complex, built in 2009, with a reception and waiting area filled with natural light. The floor plan is flexible and can accommodate up to four private offices, supported by a kitchenette and a private bathroom.
The property is situated along the Santa Fe River at the intersection of St. Francis Dr. and W. Alameda, with visibility along St. Francis Dr. A covered brick walkway with wood vigas connects for accessible entry and curb appeal. The parking lot includes 11 spaces, with three designated for Unit B, one shared ADA space, and one additional shared space. Water service is public, and there are no COA dues.
The unit’s compact site setting provides a professional, client-friendly environment within a small multi-tenant office arrangement.
The property is situated along the Santa Fe River at the intersection of St. Francis Dr. and W. Alameda, with visibility along St. Francis Dr. A covered brick walkway with wood vigas connects for accessible entry and curb appeal. The parking lot includes 11 spaces, with three designated for Unit B, one shared ADA space, and one additional shared space. Water service is public, and there are no COA dues.
The unit’s compact site setting provides a professional, client-friendly environment within a small multi-tenant office arrangement.
Key Highlights
- 1,384 SF office condo, middle unit in a three‑unit complex
- 0.03‑acre lot
- Built in 2009
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
$19,147
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
3.45%
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%
$382,940
$382.9K
Cap Rate 7%
$273,529
$273.5K
Cap Rate 9%
$212,744
$212.7K
Market Conditions
NOI Build-Up for 1,384 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
$34.9K $25.20/SF
− Vacancy
−$3.0K −$2.14/SF
EGI
$31.9K $23.06/SF
− OpEx
−$12.8K −$9.22/SF
NOI
$19.1K $13.83/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$382,940
Cap Rate 7%
$273,529
Cap Rate 9%
$212,744
Alternative Uses
Best Use
Healthcare Medical
$273.5K
$239.3K – $319.1K
NOI $19,147 @ 7.0% cap · market cap 3.45%
Second Best
Office B
$272.3K
$238.2K – $317.6K
NOI $19,058 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$375.8K
$328.8K – $438.5K
NOI $26,307 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,542
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - C-4 zoned office condo in a three-unit complex with flexible layout and 11-space parking lot.
Where is this office units located?
The property is located at 103 S St Francis Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $555,000.
What are key features of this property?
This property features: 1,384 SF office condo, middle unit in a three‑unit complex; 0.03‑acre lot; Built in 2009
