Two-Story Office
For Sale
$1,700,000
124 Siringo Road, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size9,592 SF
Lot Size0.90 Acres
Price / SF$177.23
Days on Market174
Property Features for 124 Siringo Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Zoning description
Commercial
Parking
54
Parking features
Parking Lot
Directions
On Siringo Between Botulph and St Francis, south side of the street
Standard status
Active
APN
940002353
Size
9,592 SF
Lot size
0.90 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT ONE -A (1-A), OF THE SAN MIGUEL OFFICE AND APARTMENT PARK, AS SHOWN ON PLAT OF SURVEY BY TIERRA ENGINEERING CONSULTANTS INC., DATED FEBRUARY 1, 1993 AND RECORDED JUNE2 4, 1993, IN PLAT BOOK 249, PAGE 016, AS DOCUMENT NO. 819323, RECORDS OF SANTA FE COUNTY, NEW MEXICO
Tax Annual Amount
19856
Legal Description
LOT ONE -A (1-A), OF THE SAN MIGUEL OFFICE AND APARTMENT PARK, AS SHOWN ON PLAT OF SURVEY BY TIERRA ENGINEERING CONSULTANTS INC., DATED FEBRUARY 1, 1993 AND RECORDED JUNE2 4, 1993, IN PLAT BOOK 249, PAGE 016, AS DOCUMENT NO. 819323, RECORDS OF SANTA FE COUNTY, NEW MEXICO
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1996
Roof type
Flat
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Added: Mar 6
Changed: Aug 19
Last Checked: Aug 27 at 9:06PM
MLS# 202600862
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 two-story office and research facility contains approximately 9,592 square feet on approximately 0.90 acres. Built in 1996, the property offers private offices, conference rooms, reception areas, laboratories, and collaborative work areas, along with elevator access and a rooftop patio. A month-to-month tenant is currently in place.
Located at 124 Siringo Road in Santa Fe, the property sits just east of St. Francis Drive and includes 54 parking spaces in an on-site lot. Public water and public sewer serve the property. C-1 zoning supports office, professional, medical, dental, research, educational, and religious uses.
Located at 124 Siringo Road in Santa Fe, the property sits just east of St. Francis Drive and includes 54 parking spaces in an on-site lot. Public water and public sewer serve the property. C-1 zoning supports office, professional, medical, dental, research, educational, and religious uses.
Key Highlights
- Approximately 9,592 SF office and research facility on approximately 0.90 acres
- Two‑story building constructed in 1996 with elevator access
- 54‑space parking lot for employees and visitors
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
$132,703
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
7.81%
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%
$2,654,060
$2.7M
Cap Rate 7%
$1,895,757
$1.9M
Cap Rate 9%
$1,474,478
$1.5M
Market Conditions
NOI Build-Up for 9,592 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
$241.7K $25.20/SF
− Vacancy
−$20.5K −$2.14/SF
EGI
$221.2K $23.06/SF
− OpEx
−$88.5K −$9.22/SF
NOI
$132.7K $13.83/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$2,654,060
Cap Rate 7%
$1,895,757
Cap Rate 9%
$1,474,478
Alternative Uses
Best Use
Healthcare Medical
$1.90M
$1.66M – $2.21M
NOI $132,703 @ 7.0% cap · market cap 7.81%
Second Best
Office B
$1.89M
$1.65M – $2.20M
NOI $132,082 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$2.60M
$2.28M – $3.04M
NOI $182,325 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,435
Businesses Nearby
Explore this area
Business Placement
Demographics for 87505, NM
32,078
Population
18,733
Households
1.7
Avg Household Size
52
Median Age
54%
College-Educated
94%
High-School Grad
65.1 sq mi
ZIP Area
493
Density / Sq Mi
$75,912
Median Household Income
$41,169
Median Earnings
$1,348
Median Rent
$484,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - C-1 zoning supports office, medical, research, and professional uses.
Where is this office building located?
The property is located at 124 Siringo Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Approximately 9,592 SF office and research facility on approximately 0.90 acres; Two‑story building constructed in 1996 with elevator access; 54‑space parking lot for employees and visitors
