Live-Work Commercial
1226 Flagman Way Santa Fe, NM 87505
For Sale
$1,520,000
COMMERCIAL - Santa Fe, NM
Property Size5,182 SF
Lot Size0.35 Acres
Price / SF$293.32
Days on Market48
Property Features for 1226 Flagman Way
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- BCD
- Parking
- 9
- Parking features
- On Street
- Standard status
- Active
- APN
- 910021272
- Size
- 5,182 SF
- Lot size
- 0.35 Acres
Taxes and HOA fees
- Tax Description
- Parcel LL in the Baca Railard.
Utilities
- Sewer type
- Public Sewer
- Water source
- Public
Building Details
- Year built
- 2010
- Flooring type
- Concrete
- Building materials
- MetalSiding, Concrete
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Added: Jun 9
Changed: Jun 12
Last Checked: Jul 26 at 1:06AM
MLS# 202602555
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.
A contemporary steel intermodal container architecture building totaling 5,182+/- SF across two stories, originally built in 2010 and comprehensively expanded and renovated between 2022 and 2025. The property includes an interior elevator and three full restrooms plus a 3/4 bath. A self-contained studio apartment with dedicated HVAC supports a true live-work program. Site services include two cisterns, with updated fire and security systems in place. The building’s three separate electric meters allow flexible configuration as one, two, or three independent units, and it is offered with ownership of all improvements.
The property is located in the Santa Fe Railyard within the Baca District, on a 15,417+/- SF parcel. Zoning is BCD-RED under the Railyard Master Plan Baca subdistrict. Ground lease commenced February 2008, with an initial 50-year term plus four 10-year extension options, providing a potential lease horizon through 2098. Current ground rent and CAM payable to the Railyard is $3,538/month. The building is within walking distance of SITE Santa Fe, the Santa Fe Farmers Market, Violet Crown Cinema, Second Street Brewery, El Museo Cultural, and the New Mexico Rail Runner station.
This offering suits buyers or operators seeking a mixed-use, live-work setup with the ability to operate as a single space or split into multiple independently metred units. The presence of dedicated HVAC for the studio apartment, elevator service for accessibility, and multiple restroom facilities support a range of office and creator-focused uses consistent with the Railyard Master Plan Baca subdistrict zoning.
The property is located in the Santa Fe Railyard within the Baca District, on a 15,417+/- SF parcel. Zoning is BCD-RED under the Railyard Master Plan Baca subdistrict. Ground lease commenced February 2008, with an initial 50-year term plus four 10-year extension options, providing a potential lease horizon through 2098. Current ground rent and CAM payable to the Railyard is $3,538/month. The building is within walking distance of SITE Santa Fe, the Santa Fe Farmers Market, Violet Crown Cinema, Second Street Brewery, El Museo Cultural, and the New Mexico Rail Runner station.
This offering suits buyers or operators seeking a mixed-use, live-work setup with the ability to operate as a single space or split into multiple independently metred units. The presence of dedicated HVAC for the studio apartment, elevator service for accessibility, and multiple restroom facilities support a range of office and creator-focused uses consistent with the Railyard Master Plan Baca subdistrict zoning.
Key Highlights
- 5,182+/- SF two‑story commercial building built in 2010 with metal and concrete construction
- Interior elevator plus public and updated fire and security systems
- Three electric meters for flexible configuration as one, two, or three independent units
Financial Insights For Office B
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 | $111.9k | $21.60 |
| − Vacancy | −$16.8k | −$3.24 |
| EGI | $95.1k | $18.36 |
| − OpEx | −$23.8k | −$4.59 |
| NOI | $71.4k | $13.77 |
5,182 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.02M
$892.0K – $1.19M
NOI $71,356 @ 7.0% cap · market cap 4.69%
Second Best
Mixed Use
$688.8K
$602.7K – $803.6K
NOI $48,218 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,499 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
CONTAINER
Theater & Performing Art Venue
Molecule
General Contractor
FAQs
What type of property is this?
Live-work space - Two-story container-style building with elevator, flexible unit metering, and a self-contained studio apartment.
Where is this live-work space located?
The property is located at 1226 Flagman Way Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,520,000.
What are key features of this property?
This property features: 5,182+/- SF two‑story commercial building built in 2010 with metal and concrete construction; Interior elevator plus public and updated fire and security systems; Three electric meters for flexible configuration as one, two, or three independent units
