Ground-Floor Live-Work
For Sale
$395,000
3600 Cerrillos Road, Santa Fe, NM 87507
Residential, Santa Fe, NM
Property Size1,395 SF
Price / SF$283.15
Days on Market66
Property Features for 3600 Cerrillos Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2
Interior features
NoInteriorSteps
Accessibility
Accessible Approach with Ramp
Elementary school
Kearney
Middle school
Milagro
High school
Santa Fe
Directions
From Cerrillos Rd Look for the Best Western Hotel. The Cerrillos Road Lofts are located behind the hotel. Unit 501 is the far end of the complex in the middle building.
Standard status
Active
APN
990001404
Size
1,395 SF
Taxes and HOA fees
Tax Description
UNIT 501, .028 AC, THE LOFTS CONDOMINIUM, S5 T16N R 9E Acres: 0.0000
HOA Fee
$469 Monthly
Legal Description
UNIT 501, .028 AC, THE LOFTS CONDOMINIUM, S5 T16N R 9E Acres: 0.0000
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1995
Roof type
Tar/Gravel, Flat
Architectural style
Contemporary
Listing Agency:
Realty One of Santa Fe
(505) 257-9123
Listed By:
Theresa Shrader · License #49724
(505) 930-7070
Added: Jul 6
Changed: Sep 8
Last Checked: Sep 9 at 10:06AM
MLS# 202602992
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 1,395-square-foot condominium is a ground-floor corner property configured for live-work use. The layout includes three rented units, while two combined units are vacant, providing an existing multi-unit arrangement with flexibility for reconfiguration. The property is also described as having potential for four units, with the possibility of a fifth, or conversion into a modern residential living space.
The rear unit has direct access to an outdoor patio surrounded by maintained garden space. Interior access is step-free, with an accessible ramp approach. Building systems include forced-air, natural-gas heating and central air conditioning. Public water and public sewer serve the property, and the 1995 structure has a flat tar-and-gravel roof.
The rear unit has direct access to an outdoor patio surrounded by maintained garden space. Interior access is step-free, with an accessible ramp approach. Building systems include forced-air, natural-gas heating and central air conditioning. Public water and public sewer serve the property, and the 1995 structure has a flat tar-and-gravel roof.
Key Highlights
- 1,395 SF ground‑floor corner condominium
- Live‑work configuration with three rented units
- Two combined units are currently vacant
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
$19,209
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
4.86%
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%
$384,180
$384.2K
Cap Rate 7%
$274,414
$274.4K
Cap Rate 9%
$213,433
$213.4K
Market Conditions
NOI Build-Up for 1,395 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
$30.1K $21.60/SF
− Vacancy
−$4.5K −$3.24/SF
EGI
$25.6K $18.36/SF
− OpEx
−$6.4K −$4.59/SF
NOI
$19.2K $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%
$384,180
Cap Rate 7%
$274,414
Cap Rate 9%
$213,433
Alternative Uses
Best Use
Office B
$274.4K
$240.1K – $320.2K
NOI $19,209 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$273.4K
$239.3K – $319.0K
NOI $19,140 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$378.8K
$331.5K – $441.9K
NOI $26,516 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
942
Businesses Nearby
Explore this area
Business Placement
Demographics for 87507, NM
51,338
Population
21,272
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
96.1 sq mi
ZIP Area
534
Density / Sq Mi
$62,955
Median Household Income
$34,102
Median Earnings
$1,276
Median Rent
$333,300
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?
Live-work space - Corner-unit configuration with C-2 zoning, accessible entry, and private patio access from the rear unit.
Where is this live-work space located?
The property is located at 3600 Cerrillos Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 1,395 SF ground‑floor corner condominium; Live‑work configuration with three rented units; Two combined units are currently vacant
