Corner Office
For Sale
$1,300,000
1322 Paseo de Peralta, Santa Fe, NM 87501
CommercialSale, Santa Fe, NM
Property Size5,211 SF
Lot Size0.21 Acres
Price / SF$249.47
Days on Market49
Property Features for 1322 Paseo de Peralta
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
BCD
Parking
14
Directions
East on Paseo de Peralta from Cerrillos. on the left at corner of W. Manhattan and Paseo de Peralta.
Standard status
Active
APN
11017450
Size
5,211 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
T17N R9E S25 TRACT A 0.214AC
Legal Description
T17N R9E S25 TRACT A 0.214AC
Utilities
Water source
Public
Building Details
Year built
1974
Listing Agency:
Shepler Commercial, LLC
(505) 982-7600
Listed By:
John Shepler · License #8936
(505) 660-5650
Added: Aug 14
Changed: Aug 19
Last Checked: Oct 1 at 2:06PM
MLS# 202603583
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 office building contains approximately 5,211 square feet arranged across two levels. The ground floor provides 2,666 square feet, while the lower level or basement adds approximately 2,545 square feet. Constructed in 1974, the property is classified under BCD zoning and has public water service.
The building occupies a corner at W. Manhattan Avenue and Paseo de Peralta in Santa Fe, with the Roundhouse located one block away. Its central setting places the property near state government offices and other downtown-area activity. The parcel measures 0.21 acres and is addressed at 1322 Paseo de Peralta.
The building occupies a corner at W. Manhattan Avenue and Paseo de Peralta in Santa Fe, with the Roundhouse located one block away. Its central setting places the property near state government offices and other downtown-area activity. The parcel measures 0.21 acres and is addressed at 1322 Paseo de Peralta.
Key Highlights
- Approximately 5,211 square feet of office space
- 2,666 square feet on the ground floor
- Approximately 2,545 square feet in the lower level/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
$71,755
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
5.52%
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%
$1,435,100
$1.4M
Cap Rate 7%
$1,025,071
$1.0M
Cap Rate 9%
$797,278
$797.3K
Market Conditions
NOI Build-Up for 5,211 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
$112.6K $21.60/SF
− Vacancy
−$16.9K −$3.24/SF
EGI
$95.7K $18.36/SF
− OpEx
−$23.9K −$4.59/SF
NOI
$71.8K $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%
$1,435,100
Cap Rate 7%
$1,025,071
Cap Rate 9%
$797,278
Alternative Uses
Best Use
Office B
$1.03M
$896.9K – $1.20M
NOI $71,755 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,051 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,561
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?
Office building - Two-level office property with ground-floor and lower-level areas near Santa Fe’s Roundhouse.
Where is this office building located?
The property is located at 1322 Paseo de Peralta Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Approximately 5,211 square feet of office space; 2,666 square feet on the ground floor; Approximately 2,545 square feet in the lower level/basement
