Building Details

Year built 1989

Listing Agency: Keller Williams Realty k***@kw.com Show Phone

Listed By: Leslie Gallatin-Giorgetti · License #47708 Show Phone

Added: Feb 16 Changed: Oct 16 Last Checked: Oct 18 at 6:06PM

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MLS# 202600307

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.

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Investment Insights

Based on property information with market context.

This 2,279-square-foot conventional restaurant property was built in 1989 and includes a commercial kitchen with furnishings and operating equipment. The dining program spans the main building and an on-site Santa Fe Railroad railcar configured for additional indoor seating. Outdoor dining space overlooks the Madrid Museum and has also accommodated live music. A state-of-the-art fire alarm system is in place.

The 0.17-acre property is commercially zoned and positioned on Main Street in Madrid, with designated parking along State Highway 14 directly in front of the restaurant. The property is currently leased to The Refinery. Its setting in the historic Madrid community places it along the Turquoise Trail National Scenic Byway, between Santa Fe and Albuquerque, with visitor activity associated with the surrounding town and route.

Key Highlights

• 2,279‑square‑foot restaurant property on 0.17 acres
• Commercial kitchen conveys with furnishings and operating equipment
• On‑site Santa Fe Railroad railcar configured for additional indoor dining

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$34,631

Cap Rate

3.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$692,620 $692.6K

Cap Rate 7%

$494,729 $494.7K

Cap Rate 9%

$384,789 $384.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,279 SF

Gross rent

$49.2K $21.60/SF

− Vacancy

−$3.1K −$1.34/SF

EGI

$46.2K $20.26/SF

− OpEx

−$11.5K −$5.07/SF

NOI

$34.6K $15.20/SF

Area

Santa Fe County, NM

Vacancy

6.20%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$692,620

Cap Rate 7%

$494,729

Cap Rate 9%

$384,789

Alternative Uses

Best Use

Specialty Retail

$494.7K

$432.9K – $577.2K (±1% cap)

NOI $34,631 @ 7.0% cap · market cap 3.96%

Second Best

Industrial

$161.9K

$141.7K – $188.9K (±1% cap)

NOI $11,333 @ 7.0% cap · market cap 1.30%

Theoretical Best

Office A

$618.8K

$541.5K – $722.0K (±1% cap)

NOI $43,319 @ 7.0% cap · market cap 4.95%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Conventional restaurants

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

106

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 87010, NM

1,165

Population

898

Households

1.3

Avg Household Size

58

Median Age

63%

College-Educated

100%

High-School Grad

166.7 sq mi

ZIP Area

7

Density / Sq Mi

$45,490

Median Household Income

$21,840

Median Earnings

$1,375

Median Rent

$450,000

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Commercial restaurant property with a furnished kitchen, indoor and outdoor dining areas, and designated parking along State Highway 14.

Where is this conventional restaurant located?

The property is located at 2849 NM 14 Madrid, NM.

What is the asking price?

The asking price for this property is $875,000.

What are key features of this property?

This property features: 2,279‑square‑foot restaurant property on 0.17 acres; Commercial kitchen conveys with furnishings and operating equipment; On‑site Santa Fe Railroad railcar configured for additional indoor dining