Two-Story Metal Flex
1221 Flagman Way Unit B1-B4 Santa Fe, NM 87505
1221 Flagman Way Unit B1-B4, Santa Fe, NM, 87505
$1,600,000
For Sale
$1,600,000
Built in 2009 with full HVAC and city utilities, the two-story layout supports an active fitness center and upper medical/martial uses.
Property Size5,984 SF
Price / SF$267.38
Days on Market13
Property Features for 1221 Flagman Way Unit B1-B4
General Information
- Standard status
- Active
- Size
- 5,984 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 2009
Listing agency
Sotheby's Int. RE/Grant
(505) 780-9500
Listed by
Chris Webster · License #02342
(505) 780-9500
Source
Xome
Added: Jul 10 Updated: Jul 20 at 11:05PM Checked: Jul 21 at 3:00AM
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.
Set in the Baca Street Railyard, this two-story metal building (built in 2009) totals 5,986 square feet and is configured for real, active use. City utilities and a full HVAC system are in place. The building includes dedicated office space and multiple bathrooms, including two three-quarter baths each with a shower plus an additional 1/2 bath.
The ground floor operates as a functional fitness center and gym, while the upper floor houses a Jiu Jitsu studio and a chiropractic practice. Zoning allows for commercial and/or residential use. The property is currently income-producing, and the existing occupants would like to remain; however, no long-term leases encumber the property. Please note the leasehold structure: this is subject to a City ground lease with a significant term remaining and options to renew (not fee-simple). Baca Street is described as a walkable, design-forward corner of Santa Fe, connected by foot and bike along the Acequia Trail to the wider Railyard’s markets, museums, and restaurants.
The ground floor operates as a functional fitness center and gym, while the upper floor houses a Jiu Jitsu studio and a chiropractic practice. Zoning allows for commercial and/or residential use. The property is currently income-producing, and the existing occupants would like to remain; however, no long-term leases encumber the property. Please note the leasehold structure: this is subject to a City ground lease with a significant term remaining and options to renew (not fee-simple). Baca Street is described as a walkable, design-forward corner of Santa Fe, connected by foot and bike along the Acequia Trail to the wider Railyard’s markets, museums, and restaurants.
Key Highlights
- 5,986 SF two‑story metal building built in 2009, located in the Baca Street Railyard of Santa Fe
- City utilities and a full HVAC system are in place
- Ground floor operates as a fitness center/gym; upper floor includes a Jiu Jitsu studio and chiropractic practice
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $150.8k | $25.20 |
| − Vacancy | −$12.8k | −$2.14 |
| EGI | $138.0k | $23.06 |
| − OpEx | −$55.2k | −$9.22 |
| NOI | $82.8k | $13.83 |
5,984 SF · lease $25.20/SF/yr · vacancy 8.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$1.18M
$1.03M – $1.38M
NOI $82,787 @ 7.0% cap · market cap 5.17%
Second Best
Office B
$1.18M
$1.03M – $1.37M
NOI $82,400 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$1.62M
$1.42M – $1.90M
NOI $113,744 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Stay Gold Guitars
(Bike/Boat/Book/etc) Store
Undisputed Fitness
Training Center
10th Planet Jiu ...
Training Center
New Mexico Interactive ...
(Bike/Boat/Book/etc) Store
Body In Motion Sports ...
Alternative Medicine Practice
Similar For Sale Nearby
Similar Off Market Nearby
- The Miller Gym — 1583 Pacheco St, Santa Fe, NM 87505
- BOARD30 Santa Fe/ Da Vinci Bodyboard — 1512 Pacheco St c101, Santa Fe, NM 87505
- Maya Aubrey — 1704 Lena St, Santa Fe, NM 87505
- Studio E2 Yoga — 1600 Lena St, Santa Fe, NM 87505
- WELL BAR — 1703 1/2, Lena St, Santa Fe, NM 87505
FAQs
What type of property is this?
Fitness center & gym - Built in 2009 with full HVAC and city utilities, the two-story layout supports an active fitness center and upper medical/martial uses.
Where is this fitness center & gym located?
The property is located at 1221 Flagman Way Unit B1-B4 Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 5,986 SF two‑story metal building built in 2009, located in the Baca Street Railyard of Santa Fe; City utilities and a full HVAC system are in place; Ground floor operates as a fitness center/gym; upper floor includes a Jiu Jitsu studio and chiropractic practice
