South Capitol Live/Work
For Sale
$488,000
Pending
1012 Marquez Place #206B, Santa Fe, NM 87505
Contemporary condo in desirable location with mountain views and modern amenities.
Property Size1,159 SF
Days on Market277
Property Features for 1012 Marquez Place #206B
General Information
Standard status
Pending
Size
1,159 SF
Property subtype
Commercial
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: Jul 6
Last Checked: Jul 23 at 8:27AM
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 property offers convenient access to Whole Foods, Trader Joe’s, Natural Grocers, restaurants, and local amenities. This two-level, second-floor residence features 1 bedroom and 2 baths (1 full, 1 half) and is situated at the back of the complex. The condo features expansive windows with views of the Sangre de Cristo Mountains, clerestory windows, and 17’ ceilings. The open floor plan includes a modern kitchen, concrete floors with in-floor radiant heat, and a new evaporative cooler. A spacious deck extends from the living area, providing an outdoor living space with mountain views. The upstairs lofted bedroom includes closet space, a ¾ bath with a steam shower, and stackable laundry. The property size is 1159 square feet.
Key Highlights
- Highly desirable South Capitol location, walking distance to Santa Fe Plaza.
- Live/work condo with mountain views and a spacious deck.
- Light‑filled with expansive and clerestory windows, plus soaring 17' ceilings.
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
$15,959
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
3.27%
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%
$319,180
$319.2K
Cap Rate 7%
$227,986
$228.0K
Cap Rate 9%
$177,322
$177.3K
Market Conditions
NOI Build-Up for 1,159 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
$25.0K $21.60/SF
− Vacancy
−$3.8K −$3.24/SF
EGI
$21.3K $18.36/SF
− OpEx
−$5.3K −$4.59/SF
NOI
$16.0K $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%
$319,180
Cap Rate 7%
$227,986
Cap Rate 9%
$177,322
Alternative Uses
Best Use
Office B
$228.0K
$199.5K – $266.0K
NOI $15,959 @ 7.0% cap · market cap 3.27%
Second Best
Mixed Use
$154.1K
$134.8K – $179.7K
NOI $10,784 @ 7.0% cap · market cap 2.21%
Theoretical Best
Office A
$314.7K
$275.4K – $367.2K
NOI $22,030 @ 7.0% cap · market cap 4.51%
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 desirable location with mountain views and modern amenities.
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.; Live/work condo with mountain views and a spacious deck.; Light‑filled with expansive and clerestory windows, plus soaring 17' ceilings.
