Commercial Land with Multiple
For Sale
$3,100,000
Pending
1802 Cerrillos Rd, Santa Fe, NM 87505
Several city lots along Cerrillos Road and nearby streets offer a land assemblage for redevelopment.
Property Size16,700 SF
Days on Market558
Property Features for 1802 Cerrillos Rd
General Information
Standard status
Pending
Size
16,700 SF
Property subtype
Other
Zoning
C-2 Community Commercial Zone
Amenities
Power
Water
Sewer
Listing Agency:
Barker Realty, LLC
(505) 982-3836
Listed By:
David Barker · License #7466
(505) 982-3836
Source:
Carnm.resimplifi
Added: Feb 18, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:44PM
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 Barker Realty, LLC
Investment Insights
Based on property information with market context.
This commercial land offering includes several city lots associated with Cerrillos Road, 4th Street, 5th Street, and Berry Avenue in Santa Fe. The property includes older improvements and is being conveyed in its existing condition.
The site was formerly occupied by Empire Builders and is positioned at the Cerrillos Road, 4th Street, and 5th Street intersection area. Its multiple-lot configuration provides a contiguous commercial land assemblage within an established Santa Fe setting.
The site was formerly occupied by Empire Builders and is positioned at the Cerrillos Road, 4th Street, and 5th Street intersection area. Its multiple-lot configuration provides a contiguous commercial land assemblage within an established Santa Fe setting.
Key Highlights
- Several city lots included in one commercial land offering
- Frontage locations include Cerrillos Road, 4th Street, 5th Street, and Berry Avenue
- Former Empire Builders site
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
$100,841
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
3.25%
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%
$2,016,820
$2.0M
Cap Rate 7%
$1,440,586
$1.4M
Cap Rate 9%
$1,120,456
$1.1M
Market Conditions
NOI Build-Up for 16,700 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
$128.3K $7.68/SF
− Vacancy
−$9.6K −$0.58/SF
EGI
$118.6K $7.10/SF
− OpEx
−$17.8K −$1.07/SF
NOI
$100.8K $6.04/SF
Area
Santa Fe County, NM
Vacancy
7.50%
Lease Rate
$7.68 /SF/Yr
Expense Ratio
15.00%
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%
$2,016,820
Cap Rate 7%
$1,440,586
Cap Rate 9%
$1,120,456
Alternative Uses
Best Use
Warehouse
$1.44M
$1.26M – $1.68M
NOI $100,841 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.53M
$3.97M – $5.29M
NOI $317,434 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,508
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Several city lots along Cerrillos Road and nearby streets offer a land assemblage for redevelopment.
Where is this commercial land located?
The property is located at 1802 Cerrillos Rd Santa Fe, NM.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Several city lots included in one commercial land offering; Frontage locations include Cerrillos Road, 4th Street, 5th Street, and Berry Avenue; Former Empire Builders site
