Light-Filled Flex
For Sale
$728,000
1300 Rufina, Santa Fe, NM 87507
CommercialSale, Santa Fe, NM
Property Size2,242 SF
Price / SF$324.71
Days on Market174
Property Features for 1300 Rufina
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-2
Parking features
Parking Lot
Directions
Siler to Rufina to Rufina Circle.
Standard status
Active
APN
099309306
Size
2,242 SF
Taxes and HOA fees
Tax Description
T17N R9E S33, THE STUDIOS AT 1300 CONDOMINIUM, UNIT A-1, 0.0 AC
Legal Description
T17N R9E S33, THE STUDIOS AT 1300 CONDOMINIUM, UNIT A-1, 0.0 AC
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2017
Flooring type
Concrete
Building materials
MetalSiding, Concrete
Roof type
Metal
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Joan M. DiGiovanna · License #49852
(505) 907-6387
Added: Mar 5
Changed: Aug 19
Last Checked: Aug 26 at 3:06AM
MLS# 202600816
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 2,242-square-foot flex property in Santa Fe was built in 2017 and previously served as office space. The I-2-zoned building features an open interior with exposed steel, soaring ceilings, hard-troweled concrete floors, expansive storefront windows, and a glass roll-up door. Two generously sized bathrooms, heating and cooling, a metal roof, and concrete and metal-siding construction add practical functionality. A parking lot and public water and sewer are also provided.
The property occupies a highly visible corner in Santa Fe’s Rufina District, near Second Street Brewery and Meow Wolf. Its street-facing glazing and natural light support a range of professional, creative, retail, hospitality, showroom, gallery, wellness, fitness, maker-space, café, and wine-bar concepts, subject to zoning and applicable approvals. Shared occupancy or subleasing may also be possible for an owner-user that does not need the full space, subject to governing documents and required approvals.
The property occupies a highly visible corner in Santa Fe’s Rufina District, near Second Street Brewery and Meow Wolf. Its street-facing glazing and natural light support a range of professional, creative, retail, hospitality, showroom, gallery, wellness, fitness, maker-space, café, and wine-bar concepts, subject to zoning and applicable approvals. Shared occupancy or subleasing may also be possible for an owner-user that does not need the full space, subject to governing documents and required approvals.
Key Highlights
- 2,242 SF flex property in Santa Fe’s Rufina District
- I‑2 zoning with prior office use
- Built in 2017 with concrete and metal‑siding construction
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
$30,872
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
4.24%
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%
$617,440
$617.4K
Cap Rate 7%
$441,029
$441.0K
Cap Rate 9%
$343,022
$343.0K
Market Conditions
NOI Build-Up for 2,242 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
$48.4K $21.60/SF
− Vacancy
−$7.3K −$3.24/SF
EGI
$41.2K $18.36/SF
− OpEx
−$10.3K −$4.59/SF
NOI
$30.9K $13.77/SF
Area
Santa Fe County, NM
Vacancy
15.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$617,440
Cap Rate 7%
$441,029
Cap Rate 9%
$343,022
Alternative Uses
Best Use
Office B
$441.0K
$385.9K – $514.5K
NOI $30,872 @ 7.0% cap · market cap 4.24%
Second Best
Flex RnD
$337.3K
$295.1K – $393.5K
NOI $23,608 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$608.8K
$532.7K – $710.3K
NOI $42,616 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,024
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87507, NM
51,338
Population
21,272
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
96.1 sq mi
ZIP Area
534
Density / Sq Mi
$62,955
Median Household Income
$34,102
Median Earnings
$1,276
Median Rent
$333,300
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.
Similar Off Market Nearby
- Casa Nova Custom Catering — 1314 Rufina Cir a7, Santa Fe, NM 87507
- Marigold Kitchen — 1314 Rufina Cir A 3, Santa Fe, NM 87507
Frequently Asked Questions
What type of property is this?
Flex space - I-2-zoned commercial space with expansive storefront glazing, concrete floors, and an adaptable open interior.
Where is this flex space located?
The property is located at 1300 Rufina Santa Fe, NM.
What is the asking price?
The asking price for this property is $728,000.
What are key features of this property?
This property features: 2,242 SF flex property in Santa Fe’s Rufina District; I‑2 zoning with prior office use; Built in 2017 with concrete and metal‑siding construction
