Three-Level Mixed-Use
New
For Sale
$18,000,000
116 W San Francisco Street, Santa Fe, NM 87501
CommercialSale, Santa Fe, NM
Property Size60,576 SF
Lot Size0.82 Acres
Price / SF$297.15
Days on Market3
Property Features for 116 W San Francisco Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
BCD
Zoning description
Business Capital District, Plaza / San Francisco subdistrict, within the downtown historic overlay. Retail, office and residential uses permitted. Legal non-conforming use as to parking.
Parking features
On Street, Offsite
Directions
From the Santa Fe Plaza, proceed one block west on West San Francisco Street to the corner of Galisteo Street. Plaza Mercado occupies the entire block bounded by West San Francisco Street on the north, Galisteo Street on the west, and West Water Street on the south.
Standard status
Active
APN
011510912
Size
60,576 SF
Lot size
0.82 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
A tract of land known as PLAZA MERCADO, within projected Section 24, T.17N., R.9E., City and County of Santa Fe, New Mexico, as shown on the Consolidation Plat for the Peters Commercial Subdivision, filed in the office of the County Clerk of Santa Fe County, New Mexico on April 17, 1990, in Plat Book 208, page 044, and more particularly described by metes and bounds thereon. Full metes and bounds legal description is in the supplements.
Tax Annual Amount
170446
Legal Description
A tract of land known as PLAZA MERCADO, within projected Section 24, T.17N., R.9E., City and County of Santa Fe, New Mexico, as shown on the Consolidation Plat for the Peters Commercial Subdivision, filed in the office of the County Clerk of Santa Fe County, New Mexico on April 17, 1990, in Plat Book 208, page 044, and more particularly described by metes and bounds thereon. Full metes and bounds legal description is in the supplements.
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
skylit central atrium
interior stair
glass-walled elevator
balconies
Building Details
Year built
1890
Flooring type
Concrete, Brick
Building materials
Block
Roof type
Membrane, Flat
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 3 at 12:06AM
MLS# 202603820
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 full-block commercial property contains approximately 60,576 square feet across three levels, with retail and office suites organized around a skylit atrium. An interior stair and glass-walled elevator connect the floors, and select upper-level suites include balconies facing the atrium. Storefronts address West San Francisco Street, Galisteo Street, and West Water Street, providing direct sidewalk access along each frontage. The property includes 58 commercial suites, with 55 occupied and 3 vacant.
The improvements combine structures dating to 1890, 1942, and approximately 1960 that were substantially renovated in 1982. BCD zoning within the downtown historic overlay permits retail, office, and residential uses. There is no dedicated on-site parking; street parking and nearby public lots serve the property. Public water and sewer are available, with block construction and flat membrane roofing. The sale is subject to court and receiver approval, and the property is in foreclosure and receivership.
The improvements combine structures dating to 1890, 1942, and approximately 1960 that were substantially renovated in 1982. BCD zoning within the downtown historic overlay permits retail, office, and residential uses. There is no dedicated on-site parking; street parking and nearby public lots serve the property. Public water and sewer are available, with block construction and flat membrane roofing. The sale is subject to court and receiver approval, and the property is in foreclosure and receivership.
Key Highlights
- Approximately 60,576 square feet across three levels
- 58 commercial suites: 55 occupied and 3 vacant
- Full‑block property with storefront access from three streets
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
$834,132
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
4.63%
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%
$16,682,640
$16.7M
Cap Rate 7%
$11,916,171
$11.9M
Cap Rate 9%
$9,268,133
$9.3M
Market Conditions
NOI Build-Up for 60,576 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
$1.31M $21.60/SF
− Vacancy
−$196.3K −$3.24/SF
EGI
$1.11M $18.36/SF
− OpEx
−$278.0K −$4.59/SF
NOI
$834.1K $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%
$16,682,640
Cap Rate 7%
$11,916,171
Cap Rate 9%
$9,268,133
Alternative Uses
Best Use
Office B
$11.92M
$10.43M – $13.90M
NOI $834,132 @ 7.0% cap · market cap 4.63%
Second Best
Retail
$10.97M
$9.60M – $12.80M
NOI $768,219 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$16.45M
$14.39M – $19.19M
NOI $1,151,429 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
94.8%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,554
Businesses Nearby
Explore this area
Business Placement
Demographics for 87501, NM
15,116
Population
10,480
Households
1.4
Avg Household Size
58
Median Age
61%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
299
Density / Sq Mi
$81,229
Median Household Income
$52,851
Median Earnings
$1,516
Median Rent
$649,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - BCD-zoned commercial property combines retail, office, and residential use potential within Santa Fe’s downtown historic overlay.
Where is this mixed-use property located?
The property is located at 116 W San Francisco Street Santa Fe, NM.
What is the asking price?
The asking price for this property is $18,000,000.
What are key features of this property?
This property features: Approximately 60,576 square feet across three levels; 58 commercial suites: 55 occupied and 3 vacant; Full‑block property with storefront access from three streets
