Building Details

Year built 1995

Listing Agency: Shepler Commercial, LLC Show Phone

Listed By: John Shepler · License #8936 Show Phone

Added: Sep 15, 2025 Changed: Aug 19 Last Checked: Oct 13 at 6:06PM

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MLS# 202503491

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 1,332-square-foot ground-floor live-work space is configured as an end-cap unit with four individual offices. The property was developed within Cerrillos Lofts, a 1995 project designed around live-work use, and is currently occupied by four office tenants. Existing leases are generally month to month, providing flexibility for continued occupancy or potential owner use, subject to lease terms.

The property is located at 3600 Cerrillos Road in Santa Fe, New Mexico. C-2 zoning, public water service, and parking distributed throughout the loft community support its commercial positioning. The unit’s combination of office layout and live-work design offers a distinct configuration within the broader Cerrillos Lofts development.

Key Highlights

• 1,332 square feet of ground‑floor commercial space
• End‑cap unit within Cerrillos Lofts
• Four current tenants, each occupying an individual office

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,342

Cap Rate

7.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$366,840 $366.8K

Cap Rate 7%

$262,029 $262.0K

Cap Rate 9%

$203,800 $203.8K

Market Conditions

NOI Build-Up for 1,332 SF

Gross rent

$28.8K $21.60/SF

− Vacancy

−$4.3K −$3.24/SF

EGI

$24.5K $18.36/SF

− OpEx

−$6.1K −$4.59/SF

NOI

$18.3K $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 Rate 5%

$366,840

Cap Rate 7%

$262,029

Cap Rate 9%

$203,800

Alternative Uses

Best Use

Office B

$262.0K

$229.3K – $305.7K (±1% cap)

NOI $18,342 @ 7.0% cap · market cap 7.03%

Second Best

Mixed Use

$177.1K

$154.9K – $206.6K (±1% cap)

NOI $12,394 @ 7.0% cap · market cap 4.75%

Theoretical Best

Office A

$361.7K

$316.5K – $422.0K (±1% cap)

NOI $25,319 @ 7.0% cap · market cap 9.70%

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

Property Analytics

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Current Use

Luluscape (Bike/Boat/Book/etc) Store Integrative Medicine Institute Physician English Erin Engineer Michael Ray Martin ... Dental Office Lopez-Hinds Samantha Dental Office

Suggested Use

Top Pick Real Estate Agency Law Firm (Bike/Boat/Book/etc) Store Computer & Electronic Repair Electrical Service Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Office units

100%

Occupancy

Multi-tenant

Tenancy

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this live-work space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Live-work space - Ground-floor configuration includes four separately occupied offices.

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 $261,000.

What are key features of this property?

This property features: 1,332 square feet of ground‑floor commercial space; End‑cap unit within Cerrillos Lofts; Four current tenants, each occupying an individual office