Courtyard Office
For Sale
$535,330
460 Saint Michaels Drive, Santa Fe, NM 87505
Multiple private offices, operable windows, distinctive millwork, and on-site parking support a professional workspace.
Property Size1,598 SF
Price / SF$335
Days on Market545
Property Features for 460 Saint Michaels Drive
General Information
Standard status
Active
Size
1,598 SF
Property subtype
Office
Additional Details
Road Access
Yes
Amenities
3
C-1
Parking.
7 Parking Spaces. Lot.
Building Details
Year Built
1995
Listing Agency:
(505) 660-5146
Listed By:
Office Court Companies
(505) 660-5146
Source:
Xome
Added: Mar 5, 2025
Changed: Aug 31
Last Checked: Aug 31 at 3:49PM
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 Office Court Companies
Investment Insights
Based on property information with market context.
This 1,598-square-foot office unit, built in 1995, is part of a courtyard office park on Saint Michaels Drive. The interior includes a formal reception area, four large offices or conference rooms, carved woodwork, and numerous operable windows. Outdoor features include a circular fountain with benches, while the property provides seven parking spaces.
The property has frontage along St. Michael's Drive and is positioned diagonally across from a hospital. C-1 zoning and the existing office configuration provide a clearly defined commercial setting for professional occupancy.
The property has frontage along St. Michael's Drive and is positioned diagonally across from a hospital. C-1 zoning and the existing office configuration provide a clearly defined commercial setting for professional occupancy.
Key Highlights
- 1,598‑square‑foot office unit in a courtyard office park
- Four large offices or conference rooms
- Reception area with carved woodwork
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
$22,004
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
4.11%
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%
$440,080
$440.1K
Cap Rate 7%
$314,343
$314.3K
Cap Rate 9%
$244,489
$244.5K
Market Conditions
NOI Build-Up for 1,598 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
$34.5K $21.60/SF
− Vacancy
−$5.2K −$3.24/SF
EGI
$29.3K $18.36/SF
− OpEx
−$7.3K −$4.59/SF
NOI
$22.0K $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%
$440,080
Cap Rate 7%
$314,343
Cap Rate 9%
$244,489
Alternative Uses
Best Use
Office B
$314.3K
$275.1K – $366.7K
NOI $22,004 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$433.9K
$379.7K – $506.3K
NOI $30,375 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,452
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Multiple private offices, operable windows, distinctive millwork, and on-site parking support a professional workspace.
Where is this office units located?
The property is located at 460 Saint Michaels Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $535,330.
What are key features of this property?
This property features: 1,598‑square‑foot office unit in a courtyard office park; Four large offices or conference rooms; Reception area with carved woodwork
