Warehouse Condo with Loading
For Sale
$400,000
Pending
11 Plaza La Prensa, Santa Fe, NM 87507
CommercialSale, Santa Fe, NM
Property Size1,988 SF
Lot Size0.05 Acres
Days on Market80
Property Features for 11 Plaza La Prensa
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
BIP,I-1
Zoning description
BIP - I1
Parking features
Parking Lot
Directions
From I-25, take Exit 278 (Cerrillos Road) west approx. 0.3 miles. Turn left onto the I-25 Frontage Road and continue 0.2 miles. Turn right onto New Mexican Plaza and proceed 0.1 miles, then turn right onto Plaza La Prensa Unit 4.
Standard status
Pending
APN
910019068
Size
1,988 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Description
T16N R 8E S24 UNIT 4 PLAZA DE PRENZA
Legal Description
T16N R 8E S24 UNIT 4 PLAZA DE PRENZA
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2008
Flooring type
Vinyl, Concrete
Roof type
Metal
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Cozette E. Hansen · License #49928
(505) 399-0538
Added: Jun 10
Changed: Aug 19
Last Checked: Aug 28 at 12:06AM
MLS# 202602068
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 1,988-square-foot warehouse condominium, built in 2008, combines an open work area with an in-suite office, private restroom, and mezzanine suitable for additional office or storage use. One 12-foot bay door and one 12-foot loading dock door support warehouse operations, while skylights bring natural light into the space. Concrete and vinyl flooring, a metal roof, and parking-lot access are included.
The property is located just off I-25 in Santa Fe and has public water and public sewer service. Zoning is BIP,I-1. The condominium is currently occupied by a tenant through December 2026.
The property is located just off I-25 in Santa Fe and has public water and public sewer service. Zoning is BIP,I-1. The condominium is currently occupied by a tenant through December 2026.
Key Highlights
- 1,988 square feet in a 2008 warehouse condominium
- One 12‑foot bay door and one 12‑foot loading dock door
- In‑suite office, private restroom, and functional mezzanine
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
$20,934
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
5.23%
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%
$418,680
$418.7K
Cap Rate 7%
$299,057
$299.1K
Cap Rate 9%
$232,600
$232.6K
Market Conditions
NOI Build-Up for 1,988 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
$35.8K $18.00/SF
− Vacancy
−$3.6K −$1.80/SF
EGI
$32.2K $16.20/SF
− OpEx
−$11.3K −$5.67/SF
NOI
$20.9K $10.53/SF
Area
Santa Fe County, NM
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$418,680
Cap Rate 7%
$299,057
Cap Rate 9%
$232,600
Alternative Uses
Best Use
Flex RnD
$299.1K
$261.7K – $348.9K
NOI $20,934 @ 7.0% cap · market cap 5.23%
Second Best
Warehouse
$171.5K
$150.1K – $200.1K
NOI $12,004 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$539.8K
$472.4K – $629.8K
NOI $37,788 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87507, NM
51,338
Population
21,272
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
96.1 sq mi
ZIP Area
534
Density / Sq Mi
$62,955
Median Household Income
$34,102
Median Earnings
$1,276
Median Rent
$333,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- High Country STORAGE — 27736 W Frontage Rd, Santa Fe, NM 87507
Frequently Asked Questions
What type of property is this?
Warehouse - Includes an office, private restroom, mezzanine, and open warehouse layout for flexible commercial operations.
Where is this warehouse located?
The property is located at 11 Plaza La Prensa Santa Fe, NM.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 1,988 square feet in a 2008 warehouse condominium; One 12‑foot bay door and one 12‑foot loading dock door; In‑suite office, private restroom, and functional mezzanine
