Single-Level Creative Office
For Sale
$995,000
2904 E Rodeo Park Drive, Santa Fe, NM 87505
COMMERCIAL - Santa Fe, NM
Property Size4,418 SF
Lot Size1.41 Acres
Price / SF$225.22
Days on Market165
Property Features for 2904 E Rodeo Park Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
BIP
Zoning description
Business Industrial Park
Parking
17
Parking features
Parking Lot
Directions
South on Rodeo Park Drive E off of Rodeo Road.
Standard status
Active
APN
910003924
Size
4,418 SF
Lot size
1.41 Acres
Taxes and HOA fees
Tax Description
RODEO PARK COMM CONDOS UNIT 4 T16N R 9E S11 1.410 A
Tax Annual Amount
2839
Legal Description
RODEO PARK COMM CONDOS UNIT 4 T16N R 9E S11 1.410 A
Utilities
Water source
Public
Building Details
Year built
2002
Building materials
Frame
Listing Agency:
SF Brown Real Estate
(505) 473-7740
Listed By:
Alicia Bertram · License #48316
(505) 930-0520
Added: Mar 13
Changed: Aug 19
Last Checked: Aug 24 at 3:06AM
MLS# 202600984
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 standalone, single-level creative office property contains 4,418 square feet within a frame-built structure completed in 2002. The interior includes a reception area, private offices, open work areas, collaborative meeting spaces, a conference room, and a kitchen. Polished concrete floors, exposed structural ceilings, contemporary lighting, design accents, and natural light shape the workplace environment. Ground-floor access and an ADA-accessible entry support convenient daily use.
The property is located at 2904 E Rodeo Park Drive in the Rodeo Park Commercial Condominium Business Park. The site encompasses 1.41 acres and includes a parking lot, with resurfacing completed in 2025. Public water service is available, and the property is zoned BIP. Condominium services cover exterior landscaping, master insurance, and parking lot maintenance, while the owner is responsible for roof, stucco, and HVAC maintenance.
The property is located at 2904 E Rodeo Park Drive in the Rodeo Park Commercial Condominium Business Park. The site encompasses 1.41 acres and includes a parking lot, with resurfacing completed in 2025. Public water service is available, and the property is zoned BIP. Condominium services cover exterior landscaping, master insurance, and parking lot maintenance, while the owner is responsible for roof, stucco, and HVAC maintenance.
Key Highlights
- 4,418‑square‑foot standalone creative office building
- 1.41‑acre site in Rodeo Park Commercial Condominium Business Park
- Single‑level layout with reception, private offices, open work areas, conference room, and kitchen
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
$60,836
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
6.11%
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%
$1,216,720
$1.2M
Cap Rate 7%
$869,086
$869.1K
Cap Rate 9%
$675,956
$676.0K
Market Conditions
NOI Build-Up for 4,418 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
$95.4K $21.60/SF
− Vacancy
−$14.3K −$3.24/SF
EGI
$81.1K $18.36/SF
− OpEx
−$20.3K −$4.59/SF
NOI
$60.8K $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%
$1,216,720
Cap Rate 7%
$869,086
Cap Rate 9%
$675,956
Alternative Uses
Best Use
Office B
$869.1K
$760.5K – $1.01M
NOI $60,836 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,977 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
494
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Creative space - Ground-floor workplace with ADA-accessible entry, private offices, meeting areas, and open collaboration space.
Where is this creative space located?
The property is located at 2904 E Rodeo Park Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 4,418‑square‑foot standalone creative office building; 1.41‑acre site in Rodeo Park Commercial Condominium Business Park; Single‑level layout with reception, private offices, open work areas, conference room, and kitchen
