Santa Fe Professional Office
For Sale
$1,700,000
124 Siringo Rd, Santa Fe, NM 87505
Two-story office and research facility in central Santa Fe.
Property Size9,592 SF
Lot Size0.90 Acres
Price / SF$177.23
Days on Market173
Property Features for 124 Siringo Rd
General Information
Standard status
Active
Size
9,592 SF
Lot size
0.90 Acres
Taxes and HOA fees
Annual Taxes
$19,856
Listing Agency:
Real Estate Advisors, LLC
(505) 577-3524
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Source:
Exprealty
Added: Mar 7
Changed: Aug 25
Last Checked: Aug 26 at 1:31PM
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
Investment Insights
Based on property information with market context.
This professional office and research facility offers approximately 9,592 square feet of space on a 0.90-acre lot. Constructed in 1996, the two-story building features a versatile floor plan that includes private offices, conference rooms, reception areas, laboratories, and collaborative workspace. The property also provides elevator access and a rooftop patio. With 54 parking spaces available, there is ample parking for both employees and visitors. The property is located on Siringo Road, east of St. Francis Drive, in an established professional and medical office district near Christus St. Vincent Regional Medical Center. Its location provides connectivity to St. Michael’s Drive, Cerrillos Road, and Interstate 25. The C-1 Zoning allows for office, medical, dental, research, educational, and religious uses. This location is suitable for an owner-user, research facility, medical office, or professional services firm seeking a central Santa Fe location with accessibility and parking.
Key Highlights
- Excellent central Santa Fe location with strong accessibility and abundant parking (54 spaces).
- Versatile ±9,592 SF floor plan suitable for various uses: office, research, medical, etc.
- Offered for sale below $1,800,000 appraisal.
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 - Two-story office and research facility in central Santa Fe.
Where is this office building located?
The property is located at 124 Siringo Rd 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: Excellent central Santa Fe location with strong accessibility and abundant parking (54 spaces).; Versatile ±9,592 SF floor plan suitable for various uses: office, research, medical, etc.; Offered for sale below $1,800,000 appraisal.
