Two-Story Mixed-Use
New
For Sale
$4,650,000
132 Marcy E, Santa Fe, NM 87501
Masonry construction combines office, retail, and finished basement space.
Property Size11,455 SF
Lot Size0.49 Acres
Price / SF$405.94
Days on Market3
Property Features for 132 Marcy E
General Information
Standard status
Active
Size
11,455 SF
Net Rentable
11,455 SF
Total Parking Spaces
36
Lot size
0.49 Acres
Property subtype
Commercial
Zoning
BCD
Site & Location
Corner Location
Yes
Road Access
Yes
Additional Details
Asking Price
$4,650,000
Office Units
1
Building Details
Year Built
1970
Buildings
1
Stories
2
Construction
masonry
Tenancy
Multi
Listing Agency:
REAL ESTATE ADVISORS, LLC
(505) 539-3200
Listed By:
TAI BIXBY · License #40315
Source:
Corcoran
Added: Aug 15
Changed: Aug 17
Last Checked: Aug 17 at 12:12PM
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.
Built in 1970, this two-story masonry property combines office and retail improvements with a full finished basement. The building contains 11,455 SF of net rentable area on a 0.49-acre corner parcel with frontage along three streets and 36 surface parking spaces. A 3,854 SF ground-floor office suite is leased to a national real estate brokerage, while additional space includes 1,820 SF of retail, 1,342 SF of second-floor office, and 4,439 SF of basement area.
The property occupies the southwest corner of East Marcy Street and Otero Street in Downtown Santa Fe, two blocks from the historic Santa Fe Plaza. City Hall, the Santa Fe Community Convention Center, galleries, hotels, restaurants, and government and professional office corridors along Lincoln and Washington Avenues are nearby. BCD, Business Capital District, zoning allows office, retail, and residential uses.
The property occupies the southwest corner of East Marcy Street and Otero Street in Downtown Santa Fe, two blocks from the historic Santa Fe Plaza. City Hall, the Santa Fe Community Convention Center, galleries, hotels, restaurants, and government and professional office corridors along Lincoln and Washington Avenues are nearby. BCD, Business Capital District, zoning allows office, retail, and residential uses.
Key Highlights
- 11,455 SF of net rentable area on a 0.49‑acre corner site
- 36 on‑site surface parking spaces with frontage along three streets
- 3,854 SF ground‑floor office suite leased to a national real estate brokerage
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
$157,735
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
3.39%
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%
$3,154,700
$3.2M
Cap Rate 7%
$2,253,357
$2.3M
Cap Rate 9%
$1,752,611
$1.8M
Market Conditions
NOI Build-Up for 11,455 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
$247.4K $21.60/SF
− Vacancy
−$37.1K −$3.24/SF
EGI
$210.3K $18.36/SF
− OpEx
−$52.6K −$4.59/SF
NOI
$157.7K $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%
$3,154,700
Cap Rate 7%
$2,253,357
Cap Rate 9%
$1,752,611
Alternative Uses
Best Use
Office B
$2.25M
$1.97M – $2.63M
NOI $157,735 @ 7.0% cap · market cap 3.39%
Second Best
Retail
$2.08M
$1.82M – $2.42M
NOI $145,271 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$3.11M
$2.72M – $3.63M
NOI $217,737 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,394
Businesses Nearby
Explore this area
Business Placement
Demographics for 87501, NM
15,116
Population
10,480
Households
1.4
Avg Household Size
58
Median Age
61%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
299
Density / Sq Mi
$81,229
Median Household Income
$52,851
Median Earnings
$1,516
Median Rent
$649,100
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?
Mixed-use property - Masonry construction combines office, retail, and finished basement space.
Where is this mixed-use property located?
The property is located at 132 Marcy E Santa Fe, NM.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 11,455 SF of net rentable area on a 0.49‑acre corner site; 36 on‑site surface parking spaces with frontage along three streets; 3,854 SF ground‑floor office suite leased to a national real estate brokerage
