Remodeled Office
For Sale
$495,000
1424 Luisa, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size2,078 SF
Lot Size0.05 Acres
Price / SF$238.21
Days on Market185
Property Features for 1424 Luisa
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Parking
10
Directions
From St Francis to Columbia to Luisa to property
Standard status
Active
APN
018402145
Size
2,078 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Description
T17N R 9E S26 1424 LUISA STREET CONDOMINIUM UNIT 1
Legal Description
T17N R 9E S26 1424 LUISA STREET CONDOMINIUM UNIT 1
Utilities
Water source
Public
Amenities
reception area
private offices
conference room
kitchenette
Building Details
Year built
1980
Listing Agency:
Varela Real Estate, Inc.
(505) 982-2525
Listed By:
Phillip Varela · License #18075
(505) 570-9700
Added: Mar 2
Changed: Aug 19
Last Checked: Sep 3 at 11:06PM
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.
Investment Insights
Based on property information with market context.
Located at 1424 Luisa in Santa Fe, this 2,078-square-foot office property combines Units 1 and 2 in a remodeled configuration. The interior includes reception areas, private offices, conference space, a kitchenette, and work areas arranged for professional operations. Updated finishes and ongoing maintenance support a clean, functional setting for office or service-based use.
The property sits within an established commercial corridor with access to main streets and surrounding commercial areas. On-site parking is available, while public water serves the property. Built in 1980 and zoned C-1, the 0.05-acre site offers a compact commercial footprint with two connected office units and a possible smaller third unit.
The property sits within an established commercial corridor with access to main streets and surrounding commercial areas. On-site parking is available, while public water serves the property. Built in 1980 and zoned C-1, the 0.05-acre site offers a compact commercial footprint with two connected office units and a possible smaller third unit.
Key Highlights
- 2,078 square feet across combined Office Units 1 & 2
- Remodeled interior with updated finishes
- Reception areas, private offices, conference space, and kitchenette
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
$28,614
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
5.78%
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%
$572,280
$572.3K
Cap Rate 7%
$408,771
$408.8K
Cap Rate 9%
$317,933
$317.9K
Market Conditions
NOI Build-Up for 2,078 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
$44.9K $21.60/SF
− Vacancy
−$6.7K −$3.24/SF
EGI
$38.2K $18.36/SF
− OpEx
−$9.5K −$4.59/SF
NOI
$28.6K $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%
$572,280
Cap Rate 7%
$408,771
Cap Rate 9%
$317,933
Alternative Uses
Best Use
Office B
$408.8K
$357.7K – $476.9K
NOI $28,614 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$564.3K
$493.7K – $658.3K
NOI $39,499 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,293
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
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Frequently Asked Questions
What type of property is this?
Office units - Two connected units provide private offices, conference space, reception areas, and a kitchenette for professional operations.
Where is this office units located?
The property is located at 1424 Luisa 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: 2,078 square feet across combined Office Units 1 & 2; Remodeled interior with updated finishes; Reception areas, private offices, conference space, and kitchenette
