Two-Story Office
For Sale
$215,000
1464 S St Francis, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size1,176 SF
Price / SF$182.82
Days on Market415
Property Features for 1464 S St Francis
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Parking
3
Directions
On St. Michaels Dr and South St. Francis Dr. head North for approx. 0.5 miles. Turn left at the St. Francis. Professional Center clock tower entrance. Turn right at the end of the road and building is on the left hand side of the street.
Standard status
Active
APN
18100100
Size
1,176 SF
Taxes and HOA fees
Tax Description
T1 7N R9E S35, St. Francis Professional Center, Lot 13, .09 AC
Legal Description
T1 7N R9E S35, St. Francis Professional Center, Lot 13, .09 AC
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
kiva fireplace
built-in bookcases
private restroom
waiting/reception area
ample storage
commercial-grade carpet
Building Details
Year built
1991
Flooring type
Carpet
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Cozette E. Hansen · License #49928
(505) 399-0538
Added: Jul 11, 2025
Changed: Aug 19
Last Checked: Aug 29 at 12:06PM
MLS# 202502674
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 1,176-square-foot office condominium occupies two stories and includes four offices with windows, a private restroom, and a generous reception and waiting area. One office has a kiva fireplace, while two include built-in bookcases. Storage is incorporated into the layout, and commercial-grade carpeting has been recently installed throughout.
The property is positioned just off South St. Francis Drive, with access to I-25, restaurants, and shopping. Built in 1991, the condominium is served by public water and public sewer and carries C-1 zoning.
The property is positioned just off South St. Francis Drive, with access to I-25, restaurants, and shopping. Built in 1991, the condominium is served by public water and public sewer and carries C-1 zoning.
Key Highlights
- 1,176‑square‑foot two‑story office condominium
- Four windowed offices, including one with a kiva fireplace
- Two offices feature built‑in bookcases
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
$16,194
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
7.53%
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%
$323,880
$323.9K
Cap Rate 7%
$231,343
$231.3K
Cap Rate 9%
$179,933
$179.9K
Market Conditions
NOI Build-Up for 1,176 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
$25.4K $21.60/SF
− Vacancy
−$3.8K −$3.24/SF
EGI
$21.6K $18.36/SF
− OpEx
−$5.4K −$4.59/SF
NOI
$16.2K $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%
$323,880
Cap Rate 7%
$231,343
Cap Rate 9%
$179,933
Alternative Uses
Best Use
Office B
$231.3K
$202.4K – $269.9K
NOI $16,194 @ 7.0% cap · market cap 7.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$319.3K
$279.4K – $372.6K
NOI $22,353 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,788
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 - Windowed offices, private restroom, reception area, and commercial-grade carpet support a compact professional workspace.
Where is this office units located?
The property is located at 1464 S St Francis Santa Fe, NM.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 1,176‑square‑foot two‑story office condominium; Four windowed offices, including one with a kiva fireplace; Two offices feature built‑in bookcases
