Freestanding Office Building with Outdoor
For Sale
$370,000
1523 Taos Street, Santa Fe, NM 87505
SINGLE_FAMILY - Santa Fe, NM
Property Size1,195 SF
Lot Size0.13 Acres
Price / SF$309.62
Days on Market57
Property Features for 1523 Taos Street
General Information
Property type
Residential
Property subtype
Office
Zoning
C-1
Directions
Take Cerrillos Rd to Cochiti Street, turn right onto Cochiti if you are North bound on Cerrillos or left if you are South bound. Turn left onto Taos Street. Continue north on Taos Street; 1523 Taos Street will be on your left.
Standard status
Active
APN
011076420
Size
1,195 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
LOT 13 BLK 3 BF YOUNG S/D (OLD LOT 3 BLK 32 INDIAN SCH )
Legal Description
LOT 13 BLK 3 BF YOUNG S/D (OLD LOT 3 BLK 32 INDIAN SCH )
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1950
Flooring type
Wood, Tile, Carpet
Building materials
Frame
Roof type
Flat
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Neda Talebreza · License #50893
(505) 681-3870
Added: Jun 17
Changed: Aug 1
Last Checked: Aug 11 at 11:06PM
MLS# 202601690
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.
Freestanding office building on a 0.13-acre lot featuring four private offices plus a reception area with hardwood floors that can function as a fifth office. The interior also includes a kitchenette and an in-suite restroom, with flooring finishes including wood, tile, and carpet. Construction is frame with a flat roof and public water and public sewer service.
The property is located at 1523 Taos Street in Santa Fe, NM, conveniently just off the Cerrillos Road corridor. Outside, the building offers a sizeable outdoor space along with an ample parking area that can support fleet vehicles, trailers, or other operational needs.
With its combination of office space and outdoor use in one location, this building is suited for users who need both work space and room for operational activities on-site.
The property is located at 1523 Taos Street in Santa Fe, NM, conveniently just off the Cerrillos Road corridor. Outside, the building offers a sizeable outdoor space along with an ample parking area that can support fleet vehicles, trailers, or other operational needs.
With its combination of office space and outdoor use in one location, this building is suited for users who need both work space and room for operational activities on-site.
Key Highlights
- 0.13‑acre lot with sizeable private outdoor space
- Freestanding office with 4 private offices plus reception area
- 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
$16,455
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
4.45%
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%
$329,100
$329.1K
Cap Rate 7%
$235,071
$235.1K
Cap Rate 9%
$182,833
$182.8K
Market Conditions
NOI Build-Up for 1,195 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
$25.8K $21.60/SF
− Vacancy
−$3.9K −$3.24/SF
EGI
$21.9K $18.36/SF
− OpEx
−$5.5K −$4.59/SF
NOI
$16.5K $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%
$329,100
Cap Rate 7%
$235,071
Cap Rate 9%
$182,833
Alternative Uses
Best Use
Office B
$235.1K
$205.7K – $274.3K
NOI $16,455 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$324.5K
$283.9K – $378.6K
NOI $22,715 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,680
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 building - C-1 zoned freestanding office with four private offices, reception area, kitchenette, restroom, and private outdoor space.
Where is this office building located?
The property is located at 1523 Taos Street Santa Fe, NM.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 0.13‑acre lot with sizeable private outdoor space; Freestanding office with 4 private offices plus reception area; C‑1 zoning
