Medical Office Building with Daycare
For Sale
$2,100,000
450 St Michaels Dr, Santa Fe, NM 87505
SINGLE_FAMILY - Santa Fe, NM
Property Size7,820 SF
Lot Size1.17 Acres
Price / SF$268.54
Days on Market756
Property Features for 450 St Michaels Dr
General Information
Property type
Residential
Property subtype
Office
Zoning
C-1
Parking
32
Parking features
Parking Lot
Directions
Heading North on S St Francis Dr before St Michaels Dr, turn right onto the off-ramp heading East. Stay on St Michaels for 0.6 miles and building will be on the right hand side.
Standard status
Active
APN
018000048
Size
7,820 SF
Lot size
1.17 Acres
Taxes and HOA fees
Tax Description
TR D CHAMISA HGTS AS UNIT 2 1.169 AC (NO BLK 2)
Legal Description
TR D CHAMISA HGTS AS UNIT 2 1.169 AC (NO BLK 2)
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
reception area
waiting area
vaulted ceilings
wood beams
diamond plaster wall finishes
treatment/exam rooms
soundproofing
built-in cabinetry
nurse's station
break room
kitchenette
storage room
receiving door
open floor plan
outdoor courtyard
Building Details
Year built
1993
Flooring type
Carpet, Tile
Building materials
Block, Frame
Roof type
Flat
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Cozette E. Hansen · License #49928
(505) 399-0538
Added: Jul 11, 2024
Changed: Aug 1
Last Checked: Aug 5 at 2:06AM
MLS# 202402655
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.
Newly remodeled medical office building on 1.17 acres of C-1 zoned land. The main level is approximately 4,000 SF and has been renovated from top to bottom, with a reception area and a generously sized waiting area featuring vaulted ceilings with wood beams and diamond plaster wall finishes. The suite includes nine windowed treatment/exam rooms with additional soundproofing for privacy. Many rooms offer built-in cabinetry and sinks, along with a nurse’s station or workroom with built-in wood cabinetry for files or storage. A break room with a kitchenette and back storage room with a receiving door for large deliveries round out the main level.
The lower level is approximately 3,820 SF and currently houses a daycare center. This level includes an open floor plan with strong lighting, restrooms, a break room, several private offices, and an outdoor courtyard. The property offers high visibility on St. Michaels Drive and ample on-site parking.
Built in 1993, the building features block and frame construction, a flat roof, and carpet and tile flooring. Public water and public sewer are provided.
The lower level is approximately 3,820 SF and currently houses a daycare center. This level includes an open floor plan with strong lighting, restrooms, a break room, several private offices, and an outdoor courtyard. The property offers high visibility on St. Michaels Drive and ample on-site parking.
Built in 1993, the building features block and frame construction, a flat roof, and carpet and tile flooring. Public water and public sewer are provided.
Key Highlights
- 1.17‑acre site zoned C‑1 with newly remodeled medical office space
- Main level approx. 4,000 SF fully renovated with reception and vaulted waiting area
- Suite includes nine windowed treatment/exam rooms with additional soundproofing
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $197.1k | $25.20 |
| − Vacancy | −$16.8k | −$2.14 |
| EGI | $180.3k | $23.06 |
| − OpEx | −$72.1k | −$9.22 |
| NOI | $108.2k | $13.83 |
7,820 SF · lease $25.20/SF/yr · vacancy 8.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$1.55M
$1.35M – $1.80M
NOI $108,188 @ 7.0% cap · market cap 5.15%
Second Best
Office B
$1.54M
$1.35M – $1.79M
NOI $107,681 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,643 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,382
Businesses Nearby
Balanced
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 - Remodeled C-1 medical office on 1.17 acres with an exam-room suite and a lower-level daycare center.
Where is this medical office space located?
The property is located at 450 St Michaels Dr Santa Fe, NM.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 1.17‑acre site zoned C‑1 with newly remodeled medical office space; Main level approx. 4,000 SF fully renovated with reception and vaulted waiting area; Suite includes nine windowed treatment/exam rooms with additional soundproofing
