Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2404 Cerrillos Rd Santa Fe, NM 87505

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Sublease opportunity in a prime location with versatile layout.

    Property size:
    2,494 SF
    Lot size:
    1.37 Acres

    Property Features for 2404 Cerrillos Rd

    General Information

    Size
    2,494 SF
    Lot size
    1.37 Acres

    We can help!

    Listing Contact
    Chris Armistad
    Chris Armistad
    Source: Moodyscre

    Listing Agency: Armistad Real Estate LLC Listing Agent: Chris Armistad

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Retail Space on Cerrillos Road

    This 2494-square-foot retail space is available for sublease. The property is located in a prime location and is surrounded by strong national tenants. The layout is versatile and can accommodate a multitude of uses. Tenant Improvements Allowance is available. The property is cannabis-friendly.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Regional Finance Loan Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -105.9805855
    Latitude
    35.6592765

    Nearby Similar for Lease

    • $10,500 /Mo
      2,000 SF

      Prime Retail Space Near Plaza

      Highly visible retail space in Santa Fe's historic core.
      106 W San Francisco St, Santa Fe, NM 87501
      View Details
    • $15 SF/Yr
      17,301 SF

      Downtown Santa Fe Office Space

      Prime commercial space in the heart of Santa Fe Plaza.
      142 W Palace Ave, Santa Fe, NM 87501
      View Details
    • $35 SF/Yr
      3,058 SF

      Downtown Santa Fe Class A Office

      Premier office space in the heart of Santa Fe.
      125 Lincoln Ave, Santa Fe, NM 87501
      View Details
    • New
      $3,300 /Mo
      1,900 SF

      Santa Fe Live/Work Space

      Modern 1,900 SF commercial-residential space in Santa Fe, NM.
      901 W San Mateo Rd, Santa Fe, NM 87505
      View Details
    • $2,808 /Mo
      1,774 SF

      Renovated Office Space in Santa Fe

      Newly renovated office space with nine private offices for lease.
      2019 Galisteo St, Santa Fe, NM 87505
      View Details
    • $28 SF/Yr
      7,600 SF

      Class A Office Building, Santa Fe

      Remodeled Class A office space in central Santa Fe location.
      1048 Paseo De Peralta, Santa Fe, NM 87501
      View Details
    • New
      $15 SF/Yr
      1,368 SF

      Santa Fe Live/Work Studio

      Live/work studio compound designed for artists and small businesses.
      1807 2Nd St, Santa Fe, NM 87505
      View Details
    • New
      $2,090 /Mo
      1,254 SF

      Move-in Ready Office Suite

      Professional office space with private entrance, convenient location, parking.
      2945 Rodeo Park Dr E, Santa Fe, NM 87505
      View Details
    • $33,333
      20,000 SF

      Santa Fe Office Building For Lease

      Two-story office building with modern amenities and ample parking.
      2905 E Rodeo Park Dr, Santa Fe, NM 87505
      View Details
    • $3,400 /Mo
      1,500 SF

      Modern Live/Work Space Available

      New industrial modern construction in Santa Fe's Siler Rufina District.
      1728 Camino Carlos Rey, Santa Fe, NM 87505
      View Details
    • $1,710 /Mo
      795 SF

      Santa Fe Commercial Condo

      Commercial condo for lease, ideal for medical use.
      2213 Brothers Rd, Santa Fe, NM 87505
      View Details
    • $3,250 /Mo
      1,200 SF

      Historic Adobe Office Space

      Charming office space near the Roundhouse in historic adobe building.
      536 Old Santa Fe Trl, Santa Fe, NM 87505
      View Details

    FAQs

    What type of property is this?
    Retail space - Sublease opportunity in a prime location with versatile layout.
    Where is this retail space located?
    The property is located at 2404 Cerrillos Rd Santa Fe, NM.
    What are key features of this property?
    This property features: - Prime location; - Cannabis-friendly; - Surrounded by strong national tenants
    (505) 221-6999 Call to check price and availability
    Request Owner's contact information
    2404 Cerrillos Rd Santa Fe, NM 87505
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2404 Cerrillos Rd
    Santa Fe, NM 87505
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2404 Cerrillos Rd Santa Fe, NM 87505
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Chris Armistad
    Chris Armistad
    (505) 221-6999
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!