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    1109 Paseo Corazon unit 5 Santa Fe, NM 87507

    View on Map
    For Sale
    $449,900

    COMMERCIAL - Pueblo - Santa Fe, NM

    Property size:
    1,126 SF
    Added:
    Feb 6, 2026
    Days on Market:
    54
    Last Refresh:
    Mar 31 at 11:06 pm

    Property Features for 1109 Paseo Corazon unit 5

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    R-1, 2, 3, 4, 5, 6
    Interior features
    InteriorSteps
    Accessibility
    Accessible Approach with Ramp
    Appliances
    EnergyStarQualifiedAppliances, TanklessWaterHeater
    Standard status
    Active
    APN
    99311915
    Size
    1,126 SF

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Ductless (Heating)
    Cooling system
    Ductless
    Water source
    Public

    Building Details

    Year built
    2022
    Flooring type
    Vinyl, Concrete, Tile
    Building materials
    Frame, Stucco
    Roof type
    Flat
    Architectural style
    Pueblo

    We can help!

    Listing Contact
    Leslie Gallatin-Giorgetti

    Listing agent Leslie Gallatin-Giorgetti License #47708

    Listing office Keller Williams Realty 130 Lincoln Ave, Ste. K, Santa Fe, NM

    Listing date Feb 6, 2026

    MLS# 202600059 Listing URL

    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.

    Overview

    Santa Fe Corner Unit with Balcony

    This corner unit, constructed in 2022, features a wraparound balcony and mountain views in central Santa Fe. The property offers 1,126 square feet of space across two levels. An east- and south-facing orientation ensures ample natural light throughout the day. The upstairs area includes an open studio-style living space, a luxury bathroom, and access to a private balcony. The kitchen is equipped with quartz countertops, subway tile backsplash, and full-size appliances. Downstairs features concrete floors, an ADA-compliant bathroom, a large glass roll-up garage door, and storage closets. Both floors have mini-splits, blinds, ceiling fans, track lighting, and smooth drywall. Energy-efficient features include an on-demand water heater and two dedicated grid-tied solar panels. Washer and dryer hookups are available. The property is hardwired for high-speed cable. HOA dues are $225 per month, covering dumpster service, parking, landscaping, exterior building maintenance, and insurance, with an estimated $700 HOA sign-up fee. The flexible downstairs space is suitable for work, studio, or showroom use. The property is zoned R-1, 2, 3, 4, 5, 6.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Live-work space

    Suggested Use

    Real Estate Agency Law Firm Dental Office Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Daycare Center Skin Care Clinic

    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
    -105.9906912
    Latitude
    35.6656992

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    FAQs

    What type of property is this?
    Live-work space - Modern live-work space with mountain views in central Santa Fe.
    Where is this live-work space located?
    The property is located at 1109 Paseo Corazon unit 5 Santa Fe, NM.
    What is the asking price?
    The asking price for this property is $449,900.
    What are key features of this property?
    This property features: Built in 2022: Modern construction with recent updates and lightly used.; Wraparound Balcony with Mountain Views: Enjoy outdoor living and scenic views.; Flexible Live/Work Space: Two‑level layout with open studio upstairs and adaptable downstairs area with roll‑up garage door.
    (505) 670-7578
    We can help!
    Listing Contact
    Leslie Gallatin-Giorgetti
    Real Estate License ID: 47708
    Learn More
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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
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