Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    460 Saint Michaels Dr, Unit 801 Santa Fe, NM 87505

    Sponsored
    For Lease
    $288,275

    COMMERCIAL - Santa Fe, NM

    Type:Office
    Property size:
    887 SF
    Days on Market:
    2
    Last Refresh:
    Mar 4 at 2:06 am

    Property Features for 460 Saint Michaels Dr

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    Zoning
    C-1
    APN
    980000990
    Parking
    3
    Parking features
    Parking Lot
    Size
    887 SF

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1995
    Flooring type
    Laminate, Tile
    Building materials
    Frame
    Roof type
    Membrane

    We can help!

    Listing Contact
    Kenneth Joseph

    Office Court Companies (505) 424-4600

    Listing agent Kenneth Joseph (505) 660-5146 License #15913

    Listing date Mar 3, 2026

    MLS# 202600785

    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.

    Learn more

    Property Insight Report

    Overview

    Santa Fe Office Space Available

    This commercial space in Santa Fe, NM, features three private offices and a large, light-filled reception area. The property includes a galley kitchen and new flooring, with operable windows throughout. It benefits from adjacent parking and lush landscaping. The location is conveniently situated near St. Vincent's. The property has a C-1 zoning. The unit contains 887 square feet. There is an opportunity to purchase adjacent leased units for offset to rent, future expansion or investment. SBA 504 lends up to 90% at 5.80% as of 3-3-2026. Sale is subject to Owner's contingencies.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Dental Office Spa & Massage Center Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -105.9487823
    Latitude
    35.6576155

    Nearby Similar for Lease

    • New
      $1,710 /Mo
      795 SF

      Santa Fe Commercial Condo

      Commercial condo for lease, ideal for medical use.
      2213 Brothers Rd, Santa Fe, NM 87505
      View Details
    • $2,808 /Mo
      1,774 SF

      Renovated Office Space in Santa Fe

      Newly renovated office space with nine private offices for lease.
      2019 Galisteo St, Santa Fe, NM 87505
      View Details
    • $2,212 /Mo
      1,896 SF

      Updated Office Space with Views

      Updated office space near downtown with mountain views and parking.
      1405 Luisa St, Santa Fe, NM 87505
      View Details
    • New
      $1,710 /Mo
      795 SF

      Santa Fe Commercial Condo

      Commercial condo for lease, ideal for medical use.
      2213 Brothers Rd, Santa Fe, NM 87505
      View Details
    • New
      $35 SF/Yr
      3,058 SF

      Downtown Santa Fe Class A Office

      Premier office space in the heart of Santa Fe.
      125 Lincoln Ave, Santa Fe, NM 87501
      View Details
    • $1,528 /Mo
      Pending

      Historic Office Space in Santa Fe

      Multi-tenant office building in the heart of downtown Santa Fe.
      330 Garfield St, Santa Fe, NM 87501
      View Details
    • $6,278 /Mo
      Pending

      Historic Santa Fe Railyard Office

      Historic 4-story office building with renovated rooftop deck and parking.
      330 Garfield St, Santa Fe, NM 87501
      View Details
    • $3,400 /Mo
      1,500 SF

      Modern Live/Work Space Available

      New industrial modern construction in Santa Fe's Siler Rufina District.
      1728 Camino Carlos Rey, Santa Fe, NM 87505
      View Details
    • $23 SF/Yr
      2,869 SF

      Downtown Santa Fe Office Space

      Office suites with parking included in downtown Santa Fe.
      119 E Marcy St, Santa Fe, NM 87501
      View Details
    • $3,300 /Mo
      2,000 SF

      Santa Fe Commercial Space Available

      Prime commercial space for lease in Santa Fe's Rodeo District.
      3600 Rodeo Rd, Santa Fe, NM 87507
      View Details
    • $33,333
      20,000 SF

      Santa Fe Office Building For Lease

      Two-story office building with modern amenities and ample parking.
      2905 E Rodeo Park Dr, Santa Fe, NM 87505
      View Details
    • $5,629 /Mo
      3,860 SF

      Santa Fe Retail/Office Space

      High-traffic location near downtown with medical build-out and great visibility.
      510 N Guadalupe Unit, Santa Fe, NM 87501
      View Details

    FAQs

    What type of property is this?
    Office space - Office space with private offices, reception area, and parking.
    Where is this office space located?
    The property is located at 460 Saint Michaels Dr, Unit 801 Santa Fe, NM.
    What is the lease rate?
    The lease rate is $288,275.
    What are key features of this property?
    This property features: - Convenient location caddy corner from St. Vincent's.; - SBA 504 financing available (up to 90% at 5.80% as of 3-3-2026).; - Opportunity to purchase adjacent leased unit(s) for rental income or future expansion.
    (505) 424-4600
    Request Owner's contact information
    460 Saint Michaels Dr, Unit 801 Santa Fe, NM 87505
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    460 Saint Michaels Dr, Unit 801
    Santa Fe, NM 87505
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    460 Saint Michaels Dr, Unit 801 Santa Fe, NM 87505
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Kenneth Joseph
    (505) 424-4600
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!