Multi-Tenant Medical Office
For Sale
$9,000,000
435 Saint Michaels Drive, Santa Fe, NM 87505
COMMERCIAL - Santa Fe, NM
Property Size27,839 SF
Lot Size2.02 Acres
Price / SF$323.29
Days on Market74
Property Features for 435 Saint Michaels Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
H-Z
Parking features
Parking Lot
Standard status
Active
APN
12857999
Size
27,839 SF
Lot size
2.02 Acres
Utilities
Water source
Public
Building Details
Year built
1985
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Jacob Rocker · License #52736
(505) 226-3929
Added: Jun 15
Changed: Aug 4
Last Checked: Aug 27 at 9:06PM
MLS# 202602677
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.
St. Michael’s Medical Park is a 27,839-square-foot medical office property on 2.02 acres in Santa Fe. Built in 1985, the asset is fully occupied by nine tenants and includes a parking lot. The property is served by public water and is zoned H-Z.
The medical office campus sits at the entrance to the Christus St. Vincent healthcare campus, which includes a regional hospital and an 80,000 SF cancer diagnostic and treatment center. This setting places the property within a concentrated healthcare environment serving residents across four counties. Located at 435 Saint Michaels Drive, the property combines an established medical office building with proximity to significant healthcare infrastructure.
The medical office campus sits at the entrance to the Christus St. Vincent healthcare campus, which includes a regional hospital and an 80,000 SF cancer diagnostic and treatment center. This setting places the property within a concentrated healthcare environment serving residents across four counties. Located at 435 Saint Michaels Drive, the property combines an established medical office building with proximity to significant healthcare infrastructure.
Key Highlights
- 27,839‑square‑foot medical office property on 2.02 acres
- 100% occupied by 9 tenants
- Located at the entrance to the Christus St. Vincent healthcare campus
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
$385,147
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
4.28%
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%
$7,702,940
$7.7M
Cap Rate 7%
$5,502,100
$5.5M
Cap Rate 9%
$4,279,411
$4.3M
Market Conditions
NOI Build-Up for 27,839 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
$701.5K $25.20/SF
− Vacancy
−$59.6K −$2.14/SF
EGI
$641.9K $23.06/SF
− OpEx
−$256.8K −$9.22/SF
NOI
$385.1K $13.83/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$7,702,940
Cap Rate 7%
$5,502,100
Cap Rate 9%
$4,279,411
Alternative Uses
Best Use
Healthcare Medical
$5.50M
$4.81M – $6.42M
NOI $385,147 @ 7.0% cap · market cap 4.28%
Second Best
Office B
$5.48M
$4.79M – $6.39M
NOI $383,343 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$7.56M
$6.61M – $8.82M
NOI $529,164 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,816
Businesses Nearby
Well-served
Demand for This Use
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully occupied medical office asset with on-site parking and a healthcare-campus setting.
Where is this medical office space located?
The property is located at 435 Saint Michaels Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 27,839‑square‑foot medical office property on 2.02 acres; 100% occupied by 9 tenants; Located at the entrance to the Christus St. Vincent healthcare campus
