Office Condo with
For Sale
$440,000
2074 Galisteo Street, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size2,000 SF
Price / SF$220
Days on Market40
Property Features for 2074 Galisteo Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Parking features
Parking Lot
Directions
Heading North on S. St Francis turn right onto St. Michael's Dr. Head East for 1 mile then turn right onto Galisteo St. Continue for 1.7 miles then turn right into Serena Plaza. The unit is in the front towards the right hand side.
Standard status
Active
APN
990003084
Size
2,000 SF
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2000
Flooring type
Vinyl, Carpet
Building materials
Frame
Roof type
Metal
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Cozette E. Hansen · License #49928
(505) 399-0538
Added: Jul 21
Changed: Aug 19
Last Checked: Aug 29 at 12:06PM
MLS# 202603111
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 office condo offers a versatile interior layout with six private offices with windows, an additional interior office, a reception area with an oversized waiting room, two private restrooms, abundant storage, a kitchenette, and an in-suite washer and dryer. The unit is currently configured as one expansive suite, with potential to convert back into two separate units.
The property is zoned C-1 and includes ample on-site parking for employee and client access. Condominium association dues are approximately $225 per month per unit and include exterior roof maintenance, landscaping, and trash service.
Both HVAC systems have been replaced within the past five years, supporting reliable climate control for day-to-day operations.
The property is zoned C-1 and includes ample on-site parking for employee and client access. Condominium association dues are approximately $225 per month per unit and include exterior roof maintenance, landscaping, and trash service.
Both HVAC systems have been replaced within the past five years, supporting reliable climate control for day-to-day operations.
Key Highlights
- Office condo built in 2000 with frame construction and a metal roof
- Suite includes six private offices with windows plus one interior office and a reception area with an oversized waiting room
- Two private restrooms, abundant storage, and an in‑suite kitchenette with washer/dryer
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
$27,540
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
6.26%
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%
$550,800
$550.8K
Cap Rate 7%
$393,429
$393.4K
Cap Rate 9%
$306,000
$306.0K
Market Conditions
NOI Build-Up for 2,000 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
$43.2K $21.60/SF
− Vacancy
−$6.5K −$3.24/SF
EGI
$36.7K $18.36/SF
− OpEx
−$9.2K −$4.59/SF
NOI
$27.5K $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%
$550,800
Cap Rate 7%
$393,429
Cap Rate 9%
$306,000
Alternative Uses
Best Use
Office B
$393.4K
$344.3K – $459.0K
NOI $27,540 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$543.1K
$475.2K – $633.6K
NOI $38,016 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
1,923
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 - Office condo with multiple private offices, reception/waiting area, two restrooms, kitchenette, and in-suite washer/dryer.
Where is this office units located?
The property is located at 2074 Galisteo Street Santa Fe, NM.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Office condo built in 2000 with frame construction and a metal roof; Suite includes six private offices with windows plus one interior office and a reception area with an oversized waiting room; Two private restrooms, abundant storage, and an in‑suite kitchenette with washer/dryer
