Live-Work Condominium with
For Sale
$569,000
1043 Don Diego #E, Santa Fe, NM 87505
C-1 zoning supports office and related commercial uses alongside residential occupancy.
Property Size1,640 SF
Price / SF$346.95
Days on Market8
Property Features for 1043 Don Diego #E
General Information
Standard status
Active
Size
1,640 SF
Total Parking Spaces
2
Property subtype
Commercial
Zoning
C-1
Additional Details
HOA Fee
$300
Amenities
Carpet Flooring
Concrete Flooring
Flat Roof
Parking Available
Tile Flooring
Building Details
Year Built
1979
Listing Agency:
SOTHEBY'S INT. RE/GRANT
(505) 988-2533
Listed By:
MAYA HIERSOUX
Source:
Corcoran
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 10 at 4:47AM
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 SOTHEBY'S INT. RE/GRANT
Investment Insights
Based on property information with market context.
This 1,640-square-foot condominium combines residential accommodations with a business-capable layout. Built in 1979, the property includes 3 bedrooms and 2 bathrooms, along with Santa Fe architectural details such as vigas, beamed ceilings, and a kiva fireplace. An updated kitchen, abundant natural light, a fenced private courtyard, and 2 designated parking spaces add practical functionality. The condominium association’s recorded CCR amendment allows business identification signage subject to Board approval.
Zoned C-1 for office and related commercial activity, the property supports professional and business offices, arts and crafts studios and galleries, medical and dental offices, banking, and other stated uses. Short-term rental use is permitted under city zoning with registration and no STR permit requirement. The address is near Trader Joe’s, Natural Grocers, CVS, Walgreens, Clafoutis French Bakery, Maria’s New Mexican Kitchen, Annapurna’s, and El Mercado Plaza.
Zoned C-1 for office and related commercial activity, the property supports professional and business offices, arts and crafts studios and galleries, medical and dental offices, banking, and other stated uses. Short-term rental use is permitted under city zoning with registration and no STR permit requirement. The address is near Trader Joe’s, Natural Grocers, CVS, Walgreens, Clafoutis French Bakery, Maria’s New Mexican Kitchen, Annapurna’s, and El Mercado Plaza.
Key Highlights
- 1,640‑square‑foot condominium with 3 bedrooms and 2 bathrooms
- C‑1 zoning for office and related commercial uses
- Short‑term rental use permitted with city registration; no STR permit required
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
$22,583
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
3.97%
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%
$451,660
$451.7K
Cap Rate 7%
$322,614
$322.6K
Cap Rate 9%
$250,922
$250.9K
Market Conditions
NOI Build-Up for 1,640 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
$35.4K $21.60/SF
− Vacancy
−$5.3K −$3.24/SF
EGI
$30.1K $18.36/SF
− OpEx
−$7.5K −$4.59/SF
NOI
$22.6K $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%
$451,660
Cap Rate 7%
$322,614
Cap Rate 9%
$250,922
Alternative Uses
Best Use
Office B
$322.6K
$282.3K – $376.4K
NOI $22,583 @ 7.0% cap · market cap 3.97%
Second Best
Apartment 5plus
$321.5K
$281.3K – $375.0K
NOI $22,502 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$445.3K
$389.7K – $519.6K
NOI $31,173 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,692
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-1 zoning supports office and related commercial uses alongside residential occupancy.
Where is this live-work space located?
The property is located at 1043 Don Diego #E Santa Fe, NM.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: 1,640‑square‑foot condominium with 3 bedrooms and 2 bathrooms; C‑1 zoning for office and related commercial uses; Short‑term rental use permitted with city registration; no STR permit required
