Two-Unit Office
For Sale
$780,000
460 St Michaels Drive, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size3,228 SF
Price / SF$241.64
Days on Market38
Property Features for 460 St Michaels Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Zoning description
C-1
Directions
St Michaels to Botulph to Brunn School Road.
Standard status
Active
APN
96002839
Size
3,228 SF
Taxes and HOA fees
Tax Description
Per title binder
Legal Description
Per title binder
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1996
Flooring type
Carpet, Tile
Building materials
Adobe
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Added: Jul 21
Changed: Aug 19
Last Checked: Aug 27 at 9:06PM
MLS# 202603232
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.
Two-office condominium opportunity in Santa Fe’s medical and professional corridor at Office Court on St. Michael’s Drive. The property includes Units 100A and 100B totaling approximately 3,228± square feet (1,614± SF each). Unit 100A is vacant and recently remodeled with new flooring and fresh paint, plus exterior waterproofing, multiple private offices, a reception area, kitchenette, built-in cabinetry, and two restrooms. Unit 100B is leased to a law firm tenant, providing in-place occupancy until the end of 2026.
The building is constructed with adobe and was built in 1996. Flooring includes tile and carpet. The property is zoned C-1 and is served by public water and public sewer. It is located directly across from Christus St. Vincent Regional Medical Center, with convenient access to St. Michael’s Drive and I-25, and ample shared parking.
Units can be purchased together or separately, with showings by appointment only.
The building is constructed with adobe and was built in 1996. Flooring includes tile and carpet. The property is zoned C-1 and is served by public water and public sewer. It is located directly across from Christus St. Vincent Regional Medical Center, with convenient access to St. Michael’s Drive and I-25, and ample shared parking.
Units can be purchased together or separately, with showings by appointment only.
Key Highlights
- Units 100A and 100B totaling approximately 3,228± SF (1,614± SF each)
- Unit 100A is vacant and recently remodeled with new flooring and fresh paint
- Unit 100B is leased to a law firm tenant through the end of 2026
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
$44,659
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
5.73%
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%
$893,180
$893.2K
Cap Rate 7%
$637,986
$638.0K
Cap Rate 9%
$496,211
$496.2K
Market Conditions
NOI Build-Up for 3,228 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
$81.3K $25.20/SF
− Vacancy
−$6.9K −$2.14/SF
EGI
$74.4K $23.06/SF
− OpEx
−$29.8K −$9.22/SF
NOI
$44.7K $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%
$893,180
Cap Rate 7%
$637,986
Cap Rate 9%
$496,211
Alternative Uses
Best Use
Healthcare Medical
$638.0K
$558.2K – $744.3K
NOI $44,659 @ 7.0% cap · market cap 5.73%
Second Best
Office B
$635.0K
$555.6K – $740.8K
NOI $44,450 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$876.5K
$767.0K – $1.02M
NOI $61,358 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
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 - Two office condo units in Santa Fe zoned C-1, with one recently remodeled and one leased through 2026.
Where is this office units located?
The property is located at 460 St Michaels Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Units 100A and 100B totaling approximately 3,228± SF (1,614± SF each); Unit 100A is vacant and recently remodeled with new flooring and fresh paint; Unit 100B is leased to a law firm tenant through the end of 2026
