Retail Space With High
For Sale
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1932 Cerrillos Rd, Santa Fe, NM 87505
C-2 zoned retail space with owner-operated dry cleaner, plus additional rent income from office and automotive maintenance tenants.
Property Size4,631 SF
Price / SF$221.50
Days on Market497
Property Features for 1932 Cerrillos Rd
General Information
Standard status
Active
Size
4,631 SF
Property subtype
RETAIL
Zoning
C-2
Site & Location
Traffic Count
30,000 vehicles/day
Road Access
Yes
Utilities to Site
Yes
Building Details
Tenancy
Multi
Listing Agency:
REA Real Estate Advisors
(505) 577-3524
Listed By:
Tai Bixby CCIM · License #40315
(505) 577-3524
Source:
Moodyscre
Added: Mar 21, 2025
Changed: Jul 30
Last Checked: Jul 30 at 3:27AM
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 REA Real Estate Advisors
Investment Insights
Based on property information with market context.
This retail space is currently owner-operated as a dry cleaner, with additional rent income from an office tenant and an automotive maintenance tenant. The offering includes the real estate only; business interests and the trade name La Unica are available for sale separately.
Located on a busy stretch of Cerrillos Road with excellent visibility (30,000 VPD), the property benefits from nearby retail and service businesses including Toyota, Beck and Bulow, Jiffy Lube, Budget Car Rental, and several restaurants and banking users. The City and State have plans for new sidewalks, a median, and street trees in this section of Cerrillos Road.
Zoned C-2, the site allows office, retail, automotive, medical, dental, restaurant, public assembly, and more. Utilities include 2 water meters, with separate meters for gas and electricity. A Phase 1 Environmental Site Assessment is complete, with Phase 2 Environmental Site Assessment to be completed shortly.
Located on a busy stretch of Cerrillos Road with excellent visibility (30,000 VPD), the property benefits from nearby retail and service businesses including Toyota, Beck and Bulow, Jiffy Lube, Budget Car Rental, and several restaurants and banking users. The City and State have plans for new sidewalks, a median, and street trees in this section of Cerrillos Road.
Zoned C-2, the site allows office, retail, automotive, medical, dental, restaurant, public assembly, and more. Utilities include 2 water meters, with separate meters for gas and electricity. A Phase 1 Environmental Site Assessment is complete, with Phase 2 Environmental Site Assessment to be completed shortly.
Key Highlights
- 4,631 SF retail space currently used as a La Unica dry cleaner
- Located on Cerrillos Road with excellent visibility (30,000 VPD)
- Zoned C‑2 allowing office, retail, automotive, medical, dental, restaurant, public assembly and more
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 | $100.0k | $21.60 |
| − Vacancy | −$15.0k | −$3.24 |
| EGI | $85.0k | $18.36 |
| − OpEx | −$21.3k | −$4.59 |
| NOI | $63.8k | $13.77 |
4,631 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$911.0K
$797.1K – $1.06M
NOI $63,769 @ 7.0% cap · market cap 6.22%
Second Best
Retail
$839.0K
$734.1K – $978.8K
NOI $58,730 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,026 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
30,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,395
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
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Frequently Asked Questions
What type of property is this?
Retail space - C-2 zoned retail space with owner-operated dry cleaner, plus additional rent income from office and automotive maintenance tenants.
Where is this retail space located?
The property is located at 1932 Cerrillos Rd Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,025,757.
What are key features of this property?
This property features: 4,631 SF retail space currently used as a La Unica dry cleaner; Located on Cerrillos Road with excellent visibility (30,000 VPD); Zoned C‑2 allowing office, retail, automotive, medical, dental, restaurant, public assembly and more
