South Capitol Live/Work
For Sale
$488,000
Pending
1012 Marquez Place #206B, Santa Fe, NM 87505
Contemporary condo in South Capitol, close to Plaza and Railyard.
Property Size1,128 SF
Days on Market277
Property Features for 1012 Marquez Place #206B
General Information
Standard status
Pending
Size
1,128 SF
Property subtype
Commercial
Amenities
Sewer: Public
Building Details
Year Built
2004
Listing Agency:
Santa Fe - Washington
(505) 238-3399
Listed By:
Shak Bani · License #2023-0306
(505) 238-3399
Source:
Corcoran
Added: Nov 7, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Santa Fe - Washington
Investment Insights
Based on property information with market context.
This contemporary live/work condo is located in the South Capitol neighborhood, within walking distance of the Santa Fe Plaza and less than a mile from the Railyard District. The two-level, second-floor residence features 1 bedroom and 2 baths (1 full, 1 half) and is situated at the back of the complex. Expansive windows offer views of the Sangre de Cristo Mountains, while clerestory windows and 17-foot ceilings provide natural light. The open floor plan includes a modern kitchen and concrete floors with in-floor radiant heat. A new evaporative cooler has been installed. From the living area, there is access to a spacious deck with mountain views. The lofted bedroom upstairs includes closet space, a bath with a steam shower, and stackable laundry. The property offers convenient access to Whole Foods, Trader Joe’s, Natural Grocers, restaurants, and local amenities. The property size is 1128 square feet.
Key Highlights
- Highly desirable South Capitol location, walking distance to Santa Fe Plaza and close to the Railyard District.
- Live/work condo with mountain views from expansive windows and a spacious deck.
- Light‑filled space with 17’ ceilings, clerestory windows, and an open floor plan.**
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
$15,533
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
3.18%
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%
$310,660
$310.7K
Cap Rate 7%
$221,900
$221.9K
Cap Rate 9%
$172,589
$172.6K
Market Conditions
NOI Build-Up for 1,128 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
$24.4K $21.60/SF
− Vacancy
−$3.7K −$3.24/SF
EGI
$20.7K $18.36/SF
− OpEx
−$5.2K −$4.59/SF
NOI
$15.5K $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%
$310,660
Cap Rate 7%
$221,900
Cap Rate 9%
$172,589
Alternative Uses
Best Use
Office B
$221.9K
$194.2K – $258.9K
NOI $15,533 @ 7.0% cap · market cap 3.18%
Second Best
Mixed Use
$149.9K
$131.2K – $174.9K
NOI $10,496 @ 7.0% cap · market cap 2.15%
Theoretical Best
Office A
$306.3K
$268.0K – $357.4K
NOI $21,441 @ 7.0% cap · market cap 4.39%
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 - Contemporary condo in South Capitol, close to Plaza and Railyard.
Where is this live-work space located?
The property is located at 1012 Marquez Place #206B Santa Fe, NM.
What is the asking price?
The asking price for this property is $488,000.
What are key features of this property?
This property features: Highly desirable South Capitol location, walking distance to Santa Fe Plaza and close to the Railyard District.; Live/work condo with **mountain views from expansive windows and a spacious deck.**; Light‑filled space with 17’ ceilings, clerestory windows, and an open floor plan.**
