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    1424 And 2, Unit 1 Santa Fe, NM 87505

    Sponsored
    For Sale
    $495,000

    SINGLE_FAMILY - Santa Fe, NM

    Type:Office
    Property size:
    2,078 SF
    Lot size:
    0.05 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 3 at 11:06 pm

    Property Features for 1424 And 2

    General Information

    Special listing conditions
    Standard
    Property type
    Residential
    Property subtype
    Office
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    C-1
    APN
    018402145
    Parking
    10
    Size
    2,078 SF
    Lot size
    0.05 Acres

    Utilities

    Water source
    Public

    Building Details

    Year built
    1980

    We can help!

    Listing Contact
    Phillip Varela

    Varela Real Estate, Inc. (505) 982-2525

    Listing agent Phillip Varela License #18075

    Listing date Mar 3, 2026

    MLS# 202600758

    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

    Remodeled Office Space in Santa Fe

    This well-maintained and thoughtfully remodeled office space is located at 1424 Luisa Street, Units 1 & 2, in Santa Fe. The property offers functionality and professional appeal in a convenient location. The turnkey office environment features updated finishes, clean and modern interiors, and a flexible layout suitable for a variety of professional uses. It is ideal for established firms seeking a polished setting or growing businesses needing a fresh space. The property delivers efficiency and comfort. Two combined units offer flexible configuration with the possibility of leasing out a third smaller unit. The tastefully remodeled interior is well-maintained and great for personal use or investment. It provides a professional setting ideal for office or service-based businesses, with convenient access to main streets and surrounding commercial areas. Ample on-site parking is available. Each space offers a welcoming reception area, private offices, a conference area, and a kitchenette with functional workspaces designed to support productivity while maintaining a professional atmosphere for clients and staff. Located in a well-established commercial corridor of Santa Fe, the property provides accessibility and visibility while maintaining a quiet, professional setting. The lot size is 0.05 acres, and the property size is 2078 square feet. The zoning is C-1.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Map

    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -105.9519721
    Latitude
    35.6686054

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    FAQs

    What type of property is this?
    Office space - Turnkey office space with modern interiors and flexible layout.
    Where is this office space located?
    The property is located at 1424 And 2, Unit 1 Santa Fe, NM.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: - Turnkey, remodeled office space in a convenient Santa Fe location.; - Flexible layout suitable for various professional uses, including the possibility of leasing out a 3rd smaller unit.; - Well-maintained and ideal for personal use or investment.
    (505) 982-2525
    Request Owner's contact information
    1424 And 2, Unit 1 Santa Fe, NM 87505
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    Santa Fe, NM 87505
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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
    1424 And 2, Unit 1 Santa Fe, NM 87505
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    We can help!
    Listing Contact
    Phillip Varela
    Real Estate License ID: 18075
    (505) 982-2525 (505) 570-9700
    Learn more
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