Santa Fe Office Condo For
228 S St Francis Drive Santa Fe, NM 87501
228 S St Francis Drive, Santa Fe, NM, 87501
$750,000
For Sale
$750,000
MULTI_FAMILY - Santa Fe, NM
Property Size2,348 SF
Lot Size0.03 Acres
Price / SF$319.42
Days on Market164
Property Features for 228 S St Francis Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- C-4
- Parking
- 7
- 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
Utilities
- Sewer type
- Public Sewer
- Water source
- Public
Building Details
- Year built
- 1999
- Roof type
- Flat
Listing Agency
Branch Realty
(505) 984-8100
228 S St. Francis Dr., Ste. E, Santa Fe, NM
Listed by
Darren Branch · License #15521
(505) 920-7777
Added: Feb 3 Checked: Jul 17 at 1:06 pm
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 income-producing Class B office condo is available for sale, featuring a new 5-year NNN lease with options. The tenant's lease extends to April 1, 2026. The property is located in a prime location with frontage on St. Francis Drive. The suite encompasses 2,348 square feet and includes 7 private offices, each benefiting from abundant natural light through windows. It also features 2 ADA-compliant restrooms and a central break room. The lot size is 0.03 acres. The property is zoned C-4.
Key Highlights
- Income‑producing property with a new 5‑year NNN lease
- Turn‑key Class B office condo
- Prime location with St. Francis Drive frontage
Local Financial Insights For Office B
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $50.7k | $21.60 |
| − Vacancy | −$7.6k | −$3.24 |
| EGI | $43.1k | $18.36 |
| − OpEx | −$10.8k | −$4.59 |
| NOI | $32.3k | $13.77 |
2,348 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office Units
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Income-producing Class B office condo with a new NNN lease.
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: Income‑producing property with a new 5‑year NNN lease; Turn‑key Class B office condo; Prime location with St. Francis Drive frontage
