Atrium-Centered Mixed-Use
For Sale
$18,000,000
116 W San Francisco Street, Santa Fe, NM 87501
BCD zoning allows retail, office, and residential uses in this downtown Santa Fe property.
Property Size60,576 SF
Price / SF$297.15
Days on Market60
Property Features for 116 W San Francisco Street
General Information
Standard status
Active
Size
60,576 SF
Property subtype
Office
Zoning
BCD
Occupancy
95%
Additional Details
Mixed-Use Components
retail, office
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$170,446
Amenities
skylit central atrium
glass-walled elevator
balconies
Building Details
Building Size
60,576 SF
Year Built
1890
Year Renovated
1982
Stories
3
Tenancy
Multi
Listing Agency:
Real Estate Advisors, LLC
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Source:
Nmrootsrealestate
Added: Sep 1
Changed: Oct 30
Last Checked: Oct 30 at 1:44AM
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 Real Estate Advisors, LLC
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Investment Insights
Based on property information with market context.
Plaza Mercado is a three-level mixed-use property with approximately 60,576 square feet of retail and office space. Its 58 commercial suites are arranged around a central skylit atrium, with an interior stair and glass-walled elevator connecting the floors. Some second-floor suites have balconies facing the atrium. The property comprises buildings dating to 1890, 1942, and approximately 1960, which were combined and substantially renovated in 1982. At the time described, 55 suites were occupied and three were vacant.
Storefronts face West San Francisco Street, Galisteo Street, and West Water Street in downtown Santa Fe, half a block from the Plaza. BCD zoning within the downtown historic overlay permits retail, office, and residential uses. There is no dedicated on-site parking; street spaces and nearby public lots serve the property. The sale is subject to court and receiver approval.
Storefronts face West San Francisco Street, Galisteo Street, and West Water Street in downtown Santa Fe, half a block from the Plaza. BCD zoning within the downtown historic overlay permits retail, office, and residential uses. There is no dedicated on-site parking; street spaces and nearby public lots serve the property. The sale is subject to court and receiver approval.
Key Highlights
- Approximately 60,576 square feet across three levels
- 58 commercial suites; 55 occupied and 3 vacant
- BCD zoning within the downtown historic overlay permits retail, office, and residential uses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$768,219
Cap Rate
4.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,364,380
$15.4M
Cap Rate 7%
$10,974,557
$11.0M
Cap Rate 9%
$8,535,767
$8.5M
Market Conditions
NOI Build-Up for 60,576 SF
Gross rent
$1.20M $19.80/SF
− Vacancy
−$101.9K −$1.68/SF
EGI
$1.10M $18.12/SF
− OpEx
−$329.2K −$5.44/SF
NOI
$768.2K $12.68/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,364,380
Cap Rate 7%
$10,974,557
Cap Rate 9%
$8,535,767
Alternative Uses
Best Use
Retail
$10.97M
$9.60M – $12.80M
NOI $768,219 @ 7.0% cap · market cap 4.27%
Second Best
Mixed Use
$8.05M
$7.05M – $9.39M
NOI $563,652 @ 7.0% cap · market cap 3.13%
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.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
94.8%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,554
Businesses Nearby
34k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 30%
Hotels & Casinos 12%
Apparel 6%
Blake's LotaBurger
Dining
9,803 visits/mo
0.5 miles
La Fogata
Dining
5,948 visits/mo
0.0 miles
Wells Fargo
Shops & Services
5,396 visits/mo
0.3 miles
The UPS Store
Shops & Services
4,737 visits/mo
0.3 miles
El Sendero Inn
Hotels & Casinos
4,146 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - BCD zoning allows retail, office, and residential uses in this downtown Santa Fe property.
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; BCD zoning within the downtown historic overlay permits retail, office, and residential uses
