Versatile Commercial Live-Work
For Sale
$500,000
Pending
41 Bisbee #B4, Santa Fe, NM 87507
Commercial property with office, workspace, loading dock, and live-work potential.
Property Size2,771 SF
Lot Size0.07 Acres
Days on Market279
Property Features for 41 Bisbee #B4
General Information
Standard status
Pending
Size
2,771 SF
Lot size
0.07 Acres
Property subtype
Commercial
Amenities
Metal Roof
Carpet Flooring
Concrete Flooring
Laminate Flooring
OnStreet
Parking Available
Parking Lot
Paved
Vinyl Flooring
Wood Flooring
Building Details
Year Built
2006
Listing Agency:
SHEPLER COMMERCIAL, LLC
(505) 982-7600
Listed By:
DAMON APODACA · License #48437
Source:
Corcoran
Added: Nov 24, 2025
Changed: Aug 16
Last Checked: Aug 15 at 6:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SHEPLER COMMERCIAL, LLC
Investment Insights
Based on property information with market context.
This commercial property is suitable for live-work arrangements, featuring an upstairs bathroom with a shower and a downstairs kitchenette. It includes four office spaces, with two located upstairs and two downstairs, along with a reception area. The rear of the property contains a large workspace with 23-foot ceilings, an overhead garage door, and a drive-up loading dock. Parking is available in both the front and back of the building. The office units are equipped with HVAC, while the warehouse/workspace has an evaporative cooler and a gas space heater. The downstairs bathroom is ADA compliant. The property has good access to I25, State Road 14, and 599.
Key Highlights
- Drive‑up loading dock and large overhead garage door with 23‑foot ceilings in workspace.
- Live/work potential** with upstairs bath/shower and downstairs kitchenette.
- Four comfortable office spaces (2 up, 2 down) and a nice reception area.
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
$38,157
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
7.63%
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%
$763,140
$763.1K
Cap Rate 7%
$545,100
$545.1K
Cap Rate 9%
$423,967
$424.0K
Market Conditions
NOI Build-Up for 2,771 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
$59.9K $21.60/SF
− Vacancy
−$9.0K −$3.24/SF
EGI
$50.9K $18.36/SF
− OpEx
−$12.7K −$4.59/SF
NOI
$38.2K $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%
$763,140
Cap Rate 7%
$545,100
Cap Rate 9%
$423,967
Alternative Uses
Best Use
Office B
$545.1K
$477.0K – $636.0K
NOI $38,157 @ 7.0% cap · market cap 7.63%
Second Best
Mixed Use
$368.3K
$322.3K – $429.7K
NOI $25,784 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$752.4K
$658.4K – $877.9K
NOI $52,671 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
187
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
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Frequently Asked Questions
What type of property is this?
Live-work space - Commercial property with office, workspace, loading dock, and live-work potential.
Where is this live-work space located?
The property is located at 41 Bisbee #B4 Santa Fe, NM.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Drive‑up loading dock and large overhead garage door with **23‑foot ceilings in workspace**.; Live/work potential** with upstairs bath/shower and downstairs kitchenette.; Four comfortable office spaces (2 up, 2 down) and a nice reception area.
