Office Unit with St. Francis
For Sale
$750,000
228 S St Francis Drive, Santa Fe, NM 87501
CommercialSale, Santa Fe, NM
Property Size2,348 SF
Lot Size0.03 Acres
Price / SF$319.42
Days on Market252
Property Features for 228 S St Francis Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-4
Parking
7
Directions
St Francis between Agua Fria and Alameda @ Roybal St.
Standard status
Active
APN
910000475
Size
2,348 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
UNIT C ROYBAL STREET OFFICE T17N R 9E S23 CONDOMINIUMS
Legal Description
UNIT C ROYBAL STREET OFFICE T17N R 9E S23 CONDOMINIUMS
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1999
Roof type
Flat
Listing Agency:
Branch Realty
(505) 984-8100
Listed By:
Darren Branch · License #15521
(505) 920-7777
Added: Feb 3
Changed: Aug 19
Last Checked: Oct 13 at 8:06PM
MLS# 202600404
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 Class B office condo contains 2,348 square feet arranged with seven private offices, each featuring windows for natural light. The suite also includes two ADA-compliant restrooms and a central break room. Built in 1999, the property has a flat roof and is served by public water and public sewer.
The office unit fronts St. Francis Drive in Santa Fe and carries C-4 zoning. A new 5-year NNN lease with options is in place, with tenant occupancy scheduled for 4/1/2026. The property is offered as a furnished commercial office asset with a defined lease structure and dedicated suite layout.
The office unit fronts St. Francis Drive in Santa Fe and carries C-4 zoning. A new 5-year NNN lease with options is in place, with tenant occupancy scheduled for 4/1/2026. The property is offered as a furnished commercial office asset with a defined lease structure and dedicated suite layout.
Key Highlights
- 2,348‑square‑foot Class B office condo
- Seven private offices with windows
- Two ADA‑compliant restrooms and central break room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,332
Cap Rate
4.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$646,640
$646.6K
Cap Rate 7%
$461,886
$461.9K
Cap Rate 9%
$359,244
$359.2K
Market Conditions
NOI Build-Up for 2,348 SF
Gross rent
$50.7K $21.60/SF
− Vacancy
−$7.6K −$3.24/SF
EGI
$43.1K $18.36/SF
− OpEx
−$10.8K −$4.59/SF
NOI
$32.3K $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 Rate 5%
$646,640
Cap Rate 7%
$461,886
Cap Rate 9%
$359,244
Alternative Uses
Best Use
Office B
$461.9K
$404.2K – $538.9K
NOI $32,332 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$637.6K
$557.9K – $743.9K
NOI $44,631 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,389
Businesses Nearby
Explore this area
Business Placement
Demographics for 87501, NM
15,116
Population
10,480
Households
1.4
Avg Household Size
58
Median Age
61%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
299
Density / Sq Mi
$81,229
Median Household Income
$52,851
Median Earnings
$1,516
Median Rent
$649,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office units - Class B office condo with seven private offices, two ADA-compliant restrooms, and a central break room.
Where is this office units located?
The property is located at 228 S St Francis Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2,348‑square‑foot Class B office condo; Seven private offices with windows; Two ADA‑compliant restrooms and central break room
