C-2 Live-Work Loft with
New
For Sale
$537,500
1012 Marquez Place #209B, Santa Fe, NM 87505
Contemporary mixed-use layout with flexible living, office, and short-term rental potential under C-2 zoning and applicable CC&Rs.
Property Size2,578 SF
Price / SF$208.49
Days on Market4
Property Features for 1012 Marquez Place #209B
General Information
Standard status
Active
Size
2,578 SF
Property subtype
Commercial
Zoning
C-2
Taxes and HOA fees
Annual Taxes
$3,560
Amenities
private deck
double height windows
built-in shelving
contemporary kitchen
powder room with W/D
wood floors
evaporative cooling
radiant heat
Exterior Description: Stucco
Sewer: Public
Building Details
Year Built
2004
Listing Agency:
Santa Fe - Washington
(505) 660-8064
Listed By:
Ginny Cerrella · License #15353
(505) 660-8064
Source:
Corcoran
Added: Aug 11
Changed: Aug 13
Last Checked: Aug 13 at 5:18AM
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 2,578 SF live-work loft, built in 2004, combines an open main level with a flexible upper-level suite. The interior includes 17-foot ceilings, double-height windows, concrete and wood flooring, a contemporary kitchen, dining space with built-in shelving, and a private deck. A powder room includes a washer and dryer, while the upstairs primary suite has a full bath and an adjoining area suitable for office, exercise, or additional sleeping use.
The property is located at 1012 Marquez Place #209B in Santa Fe, near the Cordova Corridor and Guadalupe District. Trader Joe’s, Clafoutis, and Santa Fe Baking Company are within walking distance, with Historic Downtown, galleries, museums, and dining destinations a short distance away. C-2 zoning applies, and short-term rentals are permitted pursuant to the CC&Rs.
Radiant heat and evaporative cooling serve the unit. The configuration accommodates residential and mixed-use purposes within a single, contemporary property.
The property is located at 1012 Marquez Place #209B in Santa Fe, near the Cordova Corridor and Guadalupe District. Trader Joe’s, Clafoutis, and Santa Fe Baking Company are within walking distance, with Historic Downtown, galleries, museums, and dining destinations a short distance away. C-2 zoning applies, and short-term rentals are permitted pursuant to the CC&Rs.
Radiant heat and evaporative cooling serve the unit. The configuration accommodates residential and mixed-use purposes within a single, contemporary property.
Key Highlights
- 2,578 SF live‑work loft at 1012 Marquez Place #209B
- C‑2 zoning with short‑term rentals permitted pursuant to the CC&Rs
- 17‑foot ceilings and double‑height windows bring natural light to the main living area
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
Apartment 5plus
$505.3K
$442.1K – $589.5K
NOI $35,371 @ 7.0% cap · market cap 6.58%
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 - Contemporary mixed-use layout with flexible living, office, and short-term rental potential under C-2 zoning and applicable CC&Rs.
Where is this live-work space located?
The property is located at 1012 Marquez Place #209B 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 SF live‑work loft at 1012 Marquez Place #209B; C‑2 zoning with short‑term rentals permitted pursuant to the CC&Rs; 17‑foot ceilings and double‑height windows bring natural light to the main living area
