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    Downtown Santa Fe Office Space Title is generated by Realmo AI

    119 E Marcy Street, Santa Fe, NM 87501

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    For Lease
    $23 SF/Yr $5,498/Mo (calc)

    COMMERCIAL - Santa Fe, NM

    Type:Office
    Property size:
    2,869 SF
    Lot size:
    0.30 Acres
    Added:
    Aug 21, 2024
    Days on Market:
    645
    Last Refresh:
    May 27 at 6:06 am

    Property Features for 119 E Marcy Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    BCD
    Standard status
    Active
    APN
    018400315
    Size
    2,869 SF
    Lot size
    0.30 Acres

    Utilities

    Water source
    Public

    Building Details

    Year built
    1987

    We can help!

    Listing Contact
    David Oberstein
    David Oberstein

    Listing agent David Oberstein License #15694

    Listing office Oberstein Properties, Inc. PO Box 1477, Santa Fe, NM

    Listing date Aug 21, 2024

    MLS# 202403535

    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.

    HighLights

    • Prime Downtown Santa Fe Location on Marcy Street
    • Parking Included: Six (Suite 201) or Three (Suite 203) unreserved spaces in on‑site garage
    • Potential for Downtown Art Gallery (Suite 201)
    • Suite 201: 2,468 Sq Ft with Five Offices, Conference Room, and Kitchenette
    • Suite 203: 1,415 Sq Ft with Three Offices, Conference Room, and Wet Bar
    • Leasehold Improvements Negotiable

    Overview

    Located in downtown Santa Fe, this commercial property offers office spaces with included parking. Suite 201 provides 2,468 square feet featuring five offices, a conference room, and a kitchenette with server and storage space. Suite 203 offers 1,415 square feet and includes three offices, a conference room, a wet bar area, and a server/storage closet. The lease for both suites is offered on a NNN basis, and leasehold improvements are negotiable. The property is located on a 0.3-acre lot. Six monthly unreserved parking spaces in an on-site parking garage are included in the lease rate for Suite 201, while three monthly unreserved parking spaces are included for Suite 203. The property's zoning is BCD. The entry faces Marcy Street, and the location has potential for a downtown art gallery.
    Property Profile Location Intelligence

    Current Use by Public Records

    Rodey Law Firm Law Firm Steven W. Johnson, ... Accounting Firm ultiSkin Medical Clinic Dr. David Heard Physician Dr. Blake White Physician

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Spa & Massage Center Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    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
    -105.9357939
    Latitude
    35.6890375

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    FAQs

    What type of property is this?
    Office units - Office suites with parking included in downtown Santa Fe.
    Where is this office units located?
    The property is located at 119 E Marcy Street Santa Fe, NM.
    What is the lease rate?
    The lease rate is $23 SF/Yr.
    What are key features of this property?
    This property features: Prime Downtown Santa Fe Location on Marcy Street; Parking Included: Six (Suite 201) or Three (Suite 203) unreserved spaces in on‑site garage; Potential for Downtown Art Gallery (Suite 201)
    (505) 470-2345
    We can help!
    Listing Contact
    David Oberstein
    David Oberstein
    Real Estate License ID: 15694
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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.

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