Madrid Commercial Property on
2849 NM 14 Madrid, NM 87010
2849 NM 14, Madrid, NM, 87010
$875,000
For Sale
$875,000
COMMERCIAL - Madrid, NM
Property Size2,279 SF
Lot Size0.17 Acres
Price / SF$383.94
Days on Market151
Property Features for 2849 NM 14
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- APN
- 76003976
- Size
- 2,279 SF
- Lot size
- 0.17 Acres
Building Details
- Year built
- 1989
Listing Agency
Keller Williams Realty
(505) 983-5151
130 Lincoln Ave, Ste. K, Santa Fe, NM
Listed by
Leslie Gallatin-Giorgetti · License #47708
(505) 670-7578
Added: Feb 16 Checked: Jul 17 at 8:06 pm
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.
Investment Insights
Based on property information with market context.
This commercially zoned property is situated in the heart of the historic town of Madrid, New Mexico, located on Main Street. The location is positioned to attract business from both tourists and locals. Madrid is a community outside of Santa Fe and a visitor stop along the Turquoise Trail. The property features a commercial kitchen and is being sold fully furnished and equipped to operate a restaurant. It also includes a fire alarm system. The property is currently leased to The Refinery, presenting an investment opportunity. The property, totaling 2279 square feet on a 0.17-acre lot, once operated as two businesses, including a retail space in a Santa Fe Railroad railcar, which is now configured as additional indoor dining space. The property offers both indoor and outdoor dining, with the outdoor space overlooking the Madrid Museum and serving as a setting for dining and live music. Parking is located along State Highway 14 in front of the restaurant.
Key Highlights
- Prime commercial location on Main Street in historic Madrid, a popular tourist destination.
- Fully equipped commercial kitchen and furnished restaurant, ready for immediate operation.
- Currently leased to The Refinery, providing a solid investment opportunity.
Local Financial Insights For Specialty Retail
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 | $49.2k | $21.60 |
| − Vacancy | −$3.1k | −$1.34 |
| EGI | $46.2k | $20.26 |
| − OpEx | −$11.5k | −$5.07 |
| NOI | $34.6k | $15.20 |
2,279 SF · lease $21.60/SF/yr · vacancy 6.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$494.7K
$432.9K – $577.2K
NOI $34,631 @ 7.0% cap · market cap 3.96%
Second Best
Retail
$412.9K
$361.3K – $481.7K
NOI $28,902 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$618.8K
$541.5K – $722.0K
NOI $43,319 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Turn key restaurants
FAQs
What type of property is this?
Restaurant - Commercially zoned property in the heart of Madrid, New Mexico.
Where is this 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: Prime commercial location on Main Street in historic Madrid, a popular tourist destination.; Fully equipped commercial kitchen and furnished restaurant, ready for immediate operation.; Currently leased to The Refinery, providing a solid investment opportunity.
