Renovated Office
For Sale
$695,000
Pending
1315 S St Francis Drive, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size2,107 SF
Lot Size0.13 Acres
Days on Market326
Property Features for 1315 S St Francis Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Zoning description
C-1
Parking
4
Parking features
Offsite
Appliances
TanklessWaterHeater
Directions
Located on the east side of St. Francis Drive, north of San Mateo Road and just south of Alta Vista.
Standard status
Pending
APN
012219264
Size
2,107 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
LOT 6 BLK 4
Legal Description
LOT 6 BLK 4
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
hardwood floors
viga ceilings
updated kitchen/breakroom
private courtyard
washer/dryer connections
abundant storage
on-site parking
ADA accessible restroom
Building Details
Year built
1950
Flooring type
Wood, Tile
Roof type
Flat
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Cozette E. Hansen · License #49928
(505) 399-0538
Added: Oct 8, 2025
Changed: Aug 19
Last Checked: Aug 29 at 12:06PM
MLS# 202504492
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.
This renovated office property contains 2107 square feet within a 0.13-acre parcel. The interior includes a reception area, waiting space, three windowed offices, two restrooms, a private office with an attached restroom, and a larger office or conference room. Hardwood and tile flooring are paired with viga ceilings, while the refreshed kitchen and breakroom include modern appliances and track lighting.
A fenced courtyard with mature trees extends from the rear office or conference room and provides a private outdoor area. Additional features include washer/dryer connections, substantial storage, public water, public sewer, and a flat roof. The property is identified as C-1 zoning and was built in 1950.
A fenced courtyard with mature trees extends from the rear office or conference room and provides a private outdoor area. Additional features include washer/dryer connections, substantial storage, public water, public sewer, and a flat roof. The property is identified as C-1 zoning and was built in 1950.
Key Highlights
- 2107 square feet on a 0.13‑acre parcel
- C‑1 zoning supports commercial office use
- Three windowed offices plus a private office with en suite restroom
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
$29,013
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
4.17%
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%
$580,260
$580.3K
Cap Rate 7%
$414,471
$414.5K
Cap Rate 9%
$322,367
$322.4K
Market Conditions
NOI Build-Up for 2,107 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
$45.5K $21.60/SF
− Vacancy
−$6.8K −$3.24/SF
EGI
$38.7K $18.36/SF
− OpEx
−$9.7K −$4.59/SF
NOI
$29.0K $13.77/SF
Area
Santa Fe County, NM
Vacancy
15.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$580,260
Cap Rate 7%
$414,471
Cap Rate 9%
$322,367
Alternative Uses
Best Use
Office B
$414.5K
$362.7K – $483.6K
NOI $29,013 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$572.1K
$500.6K – $667.5K
NOI $40,050 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,458
Businesses Nearby
Explore this area
Business Placement
Demographics for 87505, NM
32,078
Population
18,733
Households
1.7
Avg Household Size
52
Median Age
54%
College-Educated
94%
High-School Grad
65.1 sq mi
ZIP Area
493
Density / Sq Mi
$75,912
Median Household Income
$41,169
Median Earnings
$1,348
Median Rent
$484,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - C-1-zoned office property with private work areas, updated support space, and a landscaped courtyard.
Where is this office units located?
The property is located at 1315 S St Francis Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2107 square feet on a 0.13‑acre parcel; C‑1 zoning supports commercial office use; Three windowed offices plus a private office with en suite restroom
