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    Professional Office Building in Santa Fe Title is generated by Realmo AI

    2006 Botulph Road, Santa Fe, NM 87505

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    Claim this Listing
    For Sale
    $3,250,000

    SINGLE_FAMILY - Santa Fe, NM

    Type:Office
    Property size:
    20,467 SF
    Lot size:
    0.90 Acres
    Price / SF:
    $158/SF
    Added:
    Dec 10, 2025
    Days on Market:
    156
    Last Refresh:
    May 15 at 10:06 pm

    Property Features for 2006 Botulph Road

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    C-1
    Parking
    54
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    18900178
    Size
    20,467 SF
    Lot size
    0.90 Acres

    Taxes and HOA fees

    Tax Description
    per title binder

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1983
    Roof type
    Flat

    We can help!

    Listing Contact
    Tai Bixby
    Tai Bixby

    Listing agent Tai Bixby License #40315

    Listing office Real Estate Advisors, LLC 1227 Paseo de Peralta, Albuquerque, NM

    Listing date Dec 10, 2025

    MLS# 202505354

    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.

    HighLights

    • Prime location in Santa Fe's medical and business corridor
    • Substantial size: +/-20,467 square feet on +/-0.90 acres
    • Flexible suite configurations and 11,323+/- RSF of vacancy
    • Well‑maintained with recent asphalt overlay and restriped 54‑space parking lot
    • Excellent natural light, ADA‑accessible restrooms, and elevator service
    • C‑1 zoning permits a variety of commercial and office applications

    Overview

    The Catron Building is a two-story professional office property located in Santa Fe's medical and business corridor. The building offers approximately 20,467 square feet on approximately 0.90 acres. It features flexible suite configurations, natural light, ADA-accessible restrooms, and elevator service. The property is suitable for medical, dental, behavioral health, administrative office, or professional services. The building has a mix of leased suites and approximately 11,323 square feet of vacancy. It is located off St. Michael's Drive, providing access to Santa Fe's medical hub, downtown, Hwy 285, and I-25. The immediate area includes medical clinics, law firms, financial services, and professional offices. The location serves local residents and the region's healthcare community. The property includes a restriped 54-space parking lot and mature landscaping. Zoning is C-1, permitting a variety of commercial and office applications.

    Financial Insights

    Value Estimation Calculated for Healthcare Medical

    Conservative
    $3.15M
    NOI $283,157 @ 9.00% cap · cautious / downside scenario
    Moderate
    $4.05M
    NOI $283,157 @ 7.00% cap · market / base-case scenario
    Aggressive
    $5.66M
    NOI $283,157 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Healthcare Medical

    Component $ $/SF
    Gross rent $515.8k $25.20
    − Vacancy −$43.8k −$2.14
    EGI $471.9k $23.06
    − OpEx −$188.8k −$9.22
    NOI $283.2k $13.83
    20,467 SF · lease $25.20/SF/yr · vacancy 8.50% · expense 40.00%

    Alternative Use Scenarios

    Best Use
    Healthcare Medical
    $4.05M
    $3.54M – $4.72M (±1% cap)
    NOI $283,157 @ 7.0% cap · market cap 8.71%
    Second Best
    Office B
    $4.03M
    $3.52M – $4.70M (±1% cap)
    NOI $281,831 @ 7.0% cap · market cap 8.67%
    Theoretical Best
    Office A
    $5.56M
    $4.86M – $6.48M (±1% cap)
    NOI $389,037 @ 7.0% cap · market cap 11.97%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dr. Jane Fresne, ... Physician Southwest University of Naprapathic ... High School Cullen Christopher Law Firm Catron, Catron & Glassman ... Law Firm Catron Julia Law Firm

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Dental Office Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -105.9485877
    Latitude
    35.6571445

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    FAQs

    What type of property is this?
    Office building - Two-story office building near medical hub with flexible configurations.
    Where is this office building located?
    The property is located at 2006 Botulph Road Santa Fe, NM.
    What is the asking price?
    The asking price for this property is $3,250,000.
    What are key features of this property?
    This property features: Prime location in Santa Fe's medical and business corridor; Substantial size: +/-20,467 square feet on +/-0.90 acres; Flexible suite configurations and 11,323+/- RSF of vacancy
    (505) 577-3524
    We can help!
    Listing Contact
    Tai Bixby
    Tai Bixby
    Real Estate License ID: 40315
    Learn More
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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
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