Contemporary Live-Work
For Sale
$537,500
1012 Marquez Place, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size2,578 SF
Lot Size0.02 Acres
Price / SF$208.49
Days on Market11
Property Features for 1012 Marquez Place
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2
Interior features
InteriorSteps
Subdivision
Lofts at Marquez Pl
Elementary school
Wood Gormley
Middle school
Milagro
High school
Santa Fe
Directions
Don Diego to Linda Vista Rd. Turn right onto Marquez Place and into the parking lot for 1012. Condo is in the front; Bldg. 2.
Standard status
Active
APN
910008051
Size
2,578 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
T17N R9E S26, THE LOFTS AT MARQUEZ PLACE CONDOMINIUMS, UNIT 209B
Tax Annual Amount
3560
HOA Fee
$240 Monthly
Legal Description
T17N R9E S26, THE LOFTS AT MARQUEZ PLACE CONDOMINIUMS, UNIT 209B
Utilities
Sewer type
Public Sewer
Heating system
Radiant Floor, Radiant
Water source
Public
Building Details
Year built
2004
Flooring type
Concrete, Wood
Building materials
Frame, Stucco
Roof type
Flat
Architectural style
Contemporary
Additional Structures
Storage
Listing Agency:
Corcoran Plaza Properties
(505) 982-4466
Listed By:
Ginny Cerrella · License #15353
(505) 660-8064
Added: Aug 10
Changed: Aug 19
Last Checked: Aug 20 at 4:06AM
MLS# 202603498
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 2,578-square-foot live-work property was built in 2004 with a contemporary design and an open interior suited to residential or mixed-use occupancy. The main level features 17-foot ceilings, double-height windows, concrete flooring, a modern kitchen, powder room with washer and dryer, dining space, and built-in shelving. A private deck extends the usable area. Upstairs, the primary suite includes a full bath and an adjacent flex area that can function as an office, second bedroom, or workout space. Wood flooring, radiant heat, evaporative cooling, public water, and public sewer are included, with a flat roof and frame-and-stucco construction.
The property is zoned C-2, and the CC&Rs permit short-term rentals. It is near the Cordova Corridor and Guadalupe District, with Trader Joe’s, Clafoutis, and Santa Fe Baking Company within walking distance. Historic Downtown, galleries, museums, and dining are also described as minutes away.
The property is zoned C-2, and the CC&Rs permit short-term rentals. It is near the Cordova Corridor and Guadalupe District, with Trader Joe’s, Clafoutis, and Santa Fe Baking Company within walking distance. Historic Downtown, galleries, museums, and dining are also described as minutes away.
Key Highlights
- 2,578 square feet on a 0.02‑acre lot
- C‑2 zoning with short‑term rentals permitted under the CC&Rs
- 17‑foot ceilings and double‑height windows
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
$35,499
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
6.60%
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%
$709,980
$710.0K
Cap Rate 7%
$507,129
$507.1K
Cap Rate 9%
$394,433
$394.4K
Market Conditions
NOI Build-Up for 2,578 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
$55.7K $21.60/SF
− Vacancy
−$8.4K −$3.24/SF
EGI
$47.3K $18.36/SF
− OpEx
−$11.8K −$4.59/SF
NOI
$35.5K $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%
$709,980
Cap Rate 7%
$507,129
Cap Rate 9%
$394,433
Alternative Uses
Best Use
Office B
$507.1K
$443.7K – $591.7K
NOI $35,499 @ 7.0% cap · market cap 6.60%
Second Best
Mixed Use
$342.7K
$299.9K – $399.8K
NOI $23,988 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$700.0K
$612.5K – $816.7K
NOI $49,003 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,999
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?
Live-work space - C-2-zoned open-plan property with a private deck, flexible upper-level space, and short-term rentals permitted under the CC&Rs.
Where is this live-work space located?
The property is located at 1012 Marquez Place Santa Fe, NM.
What is the asking price?
The asking price for this property is $537,500.
What are key features of this property?
This property features: 2,578 square feet on a 0.02‑acre lot; C‑2 zoning with short‑term rentals permitted under the CC&Rs; 17‑foot ceilings and double‑height windows
