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    142 W Palace Ave Santa Fe, NM 87501

    View on Map
    Sponsored
    For Sale
    $3,800,000

    SINGLE_FAMILY - Santa Fe, NM

    Type:Office
    Property size:
    19,911 SF
    Lot size:
    0.39 Acres
    Days on Market:
    26
    Last Refresh:
    Mar 22 at 8:06 pm

    Property Features for 142 W Palace Ave

    General Information

    Special listing conditions
    Standard
    Property type
    Residential
    Property subtype
    Office
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    BCD
    APN
    910019703
    Parking features
    Offsite, On Street, Parking Lot
    Size
    19,911 SF
    Lot size
    0.39 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1955
    Building materials
    Frame
    Roof type
    Flat

    We can help!

    Listing Contact
    Cozette E. Hansen
    Cozette E. Hansen

    Barker Realty LLC

    Listing agent Cozette E. Hansen License #49928

    Listing date Feb 24, 2026

    MLS# 202600184

    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

    Downtown Santa Fe Plaza Office Building

    Located in the heart of Downtown Santa Fe Plaza, the Bokum Building offers three stories with downtown views and includes a fully leased restaurant space at 28-32 Burro Alley. The property is near galleries including the Georgia O'Keeffe Museum, fine dining, premier retail, government buildings, and the Santa Fe Convention Center. Direct street access on Palace Ave includes ADA accessibility. The first floor, approximately 4,060 square feet, features 12 offices, open work areas, and in-suite restrooms. The second floor, accessible by elevator and stairs, spans approximately 8,197 square feet and includes 18 offices, a conference room, an oversized meeting/training area, a large kitchenette, in-suite restrooms with stalls, and downtown views. The third floor, approximately 3,123 square feet, serves as the executive suite, complete with an in-suite kitchenette, private shower, and built-in cabinetry. This level includes 9 private offices and open work areas, with views of the Plaza and the Sangre de Cristo Mountains. Additional basement storage provides approximately 1,921 square feet. The approximately 1,706 square feet restaurant space at 28-32 Burro Alley houses a long-established Mexican restaurant and occupies the historic site of Dona Tules' Gambling Hall. The property also offers 18 offsite parking spaces at 22 Chappelle Street. The property is zoned BCD and sits on a lot of 0.39 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Palace Prime Restaurant Commissioner Theresa Becenti-Aguilar State Government Office New Mexico Public ... State Government Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    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
    -105.940601
    Latitude
    35.688092

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    FAQs

    What type of property is this?
    Office building - Versatile BCD zoned property in Santa Fe's historic district.
    Where is this office building located?
    The property is located at 142 W Palace Ave Santa Fe, NM.
    What is the asking price?
    The asking price for this property is $3,800,000.
    What are key features of this property?
    This property features: - Prime Downtown Santa Fe Plaza location with high visibility and direct street access; - Includes a fully leased restaurant space providing immediate income; - 18 offsite parking spaces included, a rare and valuable amenity
    (505) 399-0538
    Request Owner's contact information
    142 W Palace Ave Santa Fe, NM 87501
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    Santa Fe, NM 87501
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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
    142 W Palace Ave Santa Fe, NM 87501
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    We can help!
    Listing Contact
    Cozette E. Hansen
    Cozette E. Hansen
    Real Estate License ID: 49928
    Learn More
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