Office Unit with Reception
For Sale
$209,160
460 Saint Michaels Drive, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size664 SF
Lot Size0.02 Acres
Price / SF$315
Days on Market149
Property Features for 460 Saint Michaels Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Parking
2
Parking features
Parking Lot
Directions
St. Michael's Drive to Botulph Road. Turn right on Brunn School, and first right into the project. Unit is in the middle of the soutwestern most cluster .
Standard status
Active
APN
980000990
Size
664 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Description
UNIT 700 OFFICE COURT DEV II, LTD
Legal Description
UNIT 700 OFFICE COURT DEV II, LTD
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1995
Flooring type
Tile, Laminate
Building materials
Frame
Roof type
Membrane
Listing Agency:
Office Court Companies
(505) 424-4600
Listed By:
Kenneth Joseph · License #15913
(505) 660-5146
Added: Apr 8
Changed: Aug 19
Last Checked: Sep 3 at 8:06PM
MLS# 202601458
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 664-square-foot office unit, built in 1995, combines a large private office with an open work area and a separate reception space. A galley complements the layout, while numerous operable windows provide natural ventilation. Tile and laminate flooring, frame construction, and a membrane roof are among the documented improvements.
The property is located at 460 Saint Michaels Drive in Santa Fe, New Mexico, near Christus St. Vincent's. The site includes parking-lot access and is served by public water and public sewer. C-1 zoning supports its office classification.
The property is located at 460 Saint Michaels Drive in Santa Fe, New Mexico, near Christus St. Vincent's. The site includes parking-lot access and is served by public water and public sewer. C-1 zoning supports its office classification.
Key Highlights
- 664 square feet of office space
- Separate reception area with large private office and open workspace
- Galley included in the suite layout
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
$9,143
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
4.37%
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%
$182,860
$182.9K
Cap Rate 7%
$130,614
$130.6K
Cap Rate 9%
$101,589
$101.6K
Market Conditions
NOI Build-Up for 664 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
$14.3K $21.60/SF
− Vacancy
−$2.2K −$3.24/SF
EGI
$12.2K $18.36/SF
− OpEx
−$3.0K −$4.59/SF
NOI
$9.1K $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%
$182,860
Cap Rate 7%
$130,614
Cap Rate 9%
$101,589
Alternative Uses
Best Use
Office B
$130.6K
$114.3K – $152.4K
NOI $9,143 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$180.3K
$157.8K – $210.4K
NOI $12,621 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,452
Businesses Nearby
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.
Frequently Asked Questions
What type of property is this?
Office units - C-1-zoned office suite with private reception, open workspace, galley, and operable windows.
Where is this office units located?
The property is located at 460 Saint Michaels Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $209,160.
What are key features of this property?
This property features: 664 square feet of office space; Separate reception area with large private office and open workspace; Galley included in the suite layout
