Two-Office Professional
For Sale
$175,000
1480 Saint Francis, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size624 SF
Lot Size0.02 Acres
Price / SF$280.45
Days on Market223
Property Features for 1480 Saint Francis
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Directions
from St Francis to the professional center with the clock tower to the unit
Standard status
Active
APN
099309988
Size
624 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Description
LOT 21, ST FRANCIS PROFESSIONAL CENTER, S35, T17N, R9E
Legal Description
LOT 21, ST FRANCIS PROFESSIONAL CENTER, S35, T17N, R9E
Utilities
Water source
Public
Building Details
Year built
1985
Building materials
Frame
Roof type
Flat
Listing Agency:
Varela Real Estate, Inc.
(505) 982-2525
Listed By:
Phillip Varela · License #18075
(505) 982-2525
Added: Jan 15
Changed: Aug 19
Last Checked: Aug 26 at 7:06AM
MLS# 202505369
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 624-square-foot office unit is configured with two private offices, a reception area, and one bathroom. The property was built in 1985 with frame construction, a flat roof, and public water service. C-1 zoning supports its commercial office setting within the St. Francis Professional Center.
The property fronts a busy commercial corridor in Santa Fe and is located near downtown and the Rail Runner station. The surrounding area includes professional offices, retail businesses, and service providers, creating an established commercial setting for an office user.
The property fronts a busy commercial corridor in Santa Fe and is located near downtown and the Rail Runner station. The surrounding area includes professional offices, retail businesses, and service providers, creating an established commercial setting for an office user.
Key Highlights
- 624 square feet of office space
- Two offices, reception area, and one bathroom
- C‑1 zoning
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
$8,592
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
4.91%
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%
$171,840
$171.8K
Cap Rate 7%
$122,743
$122.7K
Cap Rate 9%
$95,467
$95.5K
Market Conditions
NOI Build-Up for 624 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
$13.5K $21.60/SF
− Vacancy
−$2.0K −$3.24/SF
EGI
$11.5K $18.36/SF
− OpEx
−$2.9K −$4.59/SF
NOI
$8.6K $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%
$171,840
Cap Rate 7%
$122,743
Cap Rate 9%
$95,467
Alternative Uses
Best Use
Office B
$122.7K
$107.4K – $143.2K
NOI $8,592 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$169.4K
$148.3K – $197.7K
NOI $11,861 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Efficient commercial office configuration with a reception area, bathroom, C-1 zoning, and public water service.
Where is this office units located?
The property is located at 1480 Saint Francis Santa Fe, NM.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 624 square feet of office space; Two offices, reception area, and one bathroom; C‑1 zoning
