Downtown Santa Fe Mixed-Use
For Sale
$4,650,000
132 Marcy Street E, Santa Fe, NM 87501
CommercialSale, Santa Fe, NM
Property Size11,455 SF
Lot Size0.49 Acres
Price / SF$405.94
Days on Market49
Property Features for 132 Marcy Street E
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
BCD
Parking
36
Standard status
Active
APN
019000430
Size
11,455 SF
Lot size
0.49 Acres
Taxes and HOA fees
Tax Description
T17N R9E S24, 0.4941 AC
Legal Description
T17N R9E S24, 0.4941 AC
Utilities
Water source
Public
Building Details
Year built
1970
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Added: Aug 14
Changed: Aug 19
Last Checked: Oct 1 at 1:06PM
MLS# 202603580
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.
Located at 132 East Marcy Street in Downtown Santa Fe, this two-story masonry mixed-use building provides approximately 11,455 square feet of net rentable area on a 0.49-acre corner site. The improvements include office and retail areas, a full finished basement, and 36 on-site surface parking spaces. A ground-floor office suite of approximately 3,854 square feet is leased to a national real estate brokerage, while the property also includes vacant retail, second-floor office, and basement areas.
The building occupies the southwest corner of East Marcy Street and Otero Street, with frontage on three streets. It is two blocks from the historic Santa Fe Plaza and near City Hall, the Santa Fe Community Convention Center, galleries, hotels, restaurants, and the professional and government office corridors along Lincoln and Washington Avenues. BCD, or Business Capital District, zoning allows a broad mix of office, retail, and residential uses.
The building occupies the southwest corner of East Marcy Street and Otero Street, with frontage on three streets. It is two blocks from the historic Santa Fe Plaza and near City Hall, the Santa Fe Community Convention Center, galleries, hotels, restaurants, and the professional and government office corridors along Lincoln and Washington Avenues. BCD, or Business Capital District, zoning allows a broad mix of office, retail, and residential uses.
Key Highlights
- Approximately 11,455 SF of net rentable area on a 0.49‑acre corner site
- 36 on‑site surface parking spaces
- Two‑story masonry building with a full finished basement
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
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,050
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story masonry property combines office, retail, basement space, parking, and flexible BCD zoning near the historic Santa Fe Plaza.
Where is this mixed-use property located?
The property is located at 132 Marcy Street 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: Approximately 11,455 SF of net rentable area on a 0.49‑acre corner site; 36 on‑site surface parking spaces; Two‑story masonry building with a full finished basement
