Two-Building C-1 Storefront
For Sale
$420,000
3908 Rodeo Road, Santa Fe, NM 87507
CommercialSale, Santa Fe, NM
Property Size2,100 SF
Lot Size0.33 Acres
Price / SF$200
Days on Market72
Property Features for 3908 Rodeo Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
C-1
Directions
Directions: From Richards Avenue and Rodeo Road, travel east on Rodeo Road, pass Los Amigos Restaurant, and continue to the property.
Standard status
Active
APN
910011634
Size
2,100 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Description
T16n R9e S8, Lot A, 0.1790 Ac~ ;Pm1-050-095-472-520 and T16n R9e S8, Lot B, 0.1490 Ac~ ;Pm1-050-095-467-521
Legal Description
T16n R9e S8, Lot A, 0.1790 Ac~ ;Pm1-050-095-472-520 and T16n R9e S8, Lot B, 0.1490 Ac~ ;Pm1-050-095-467-521
Utilities
Sewer type
Public Sewer
Water source
Well
Building Details
Year built
1940
Flooring type
Wood
Building materials
Adobe, Block, Frame
Roof type
Tar/Gravel
Listing Agency:
Vista Real Estate Solutions
(505) 220-9422
Listed By:
Gary Bernier · License #REC20220881
(505) 833-1400
Added: Jul 17
Changed: Sep 15
Last Checked: Sep 26 at 6:06PM
MLS# 202603175
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 C-1 property includes two separate buildings positioned across two lots at 3908 Rodeo Road. The combined property measures 2,100 square feet on 0.33 acres. One structure was formerly operated as a dress shop, while the second is arranged as a duplex. Both buildings require renovation, creating a project-oriented commercial property with existing retail and residential configurations.
Construction incorporates adobe, block, and frame materials, with wood flooring and tar/gravel roofing. The property was built in 1940 and is served by a well and public sewer. The two-lot layout and established building improvements provide a defined starting point for a renovation plan within the C-1 zoning designation.
Construction incorporates adobe, block, and frame materials, with wood flooring and tar/gravel roofing. The property was built in 1940 and is served by a well and public sewer. The two-lot layout and established building improvements provide a defined starting point for a renovation plan within the C-1 zoning designation.
Key Highlights
- 2,100‑square‑foot property on 0.33 acres
- Two buildings located on two lots
- C‑1 zoning designation
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
$31,165
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
7.42%
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%
$623,300
$623.3K
Cap Rate 7%
$445,214
$445.2K
Cap Rate 9%
$346,278
$346.3K
Market Conditions
NOI Build-Up for 2,100 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
$46.6K $22.20/SF
− Vacancy
−$2.1K −$1.00/SF
EGI
$44.5K $21.20/SF
− OpEx
−$13.4K −$6.36/SF
NOI
$31.2K $14.84/SF
Area
Santa Fe County, NM
Vacancy
4.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$623,300
Cap Rate 7%
$445,214
Cap Rate 9%
$346,278
Alternative Uses
Best Use
Multifamily LT 5
$445.2K
$389.6K – $519.4K
NOI $31,165 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$411.6K
$360.2K – $480.2K
NOI $28,813 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$570.2K
$499.0K – $665.3K
NOI $39,917 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Similar Off Market Nearby
- Albertsons Floral — 3542 Zafarano Dr, Santa Fe, NM 87507
- Sam's Club Floral — 4201 Rodeo Rd, Santa Fe, NM 87507
- Art In Intuitive Concepts — 2314 Cam Del Prado, Santa Fe, NM 87507, United States
Frequently Asked Questions
What type of property is this?
Storefront property - Pair of structures combines former retail space with a duplex configuration and renovation needs.
Where is this storefront property located?
The property is located at 3908 Rodeo Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 2,100‑square‑foot property on 0.33 acres; Two buildings located on two lots; C‑1 zoning designation
