Office Property with
For Sale
$509,025
1409 2nd St, Santa Fe, NM 87505
C2-zoned office property with a separate casita offering additional workspace or live-work flexibility.
Property Size3,085 SF
Price / SF$165
Days on Market219
Property Features for 1409 2nd St
General Information
Standard status
Active
Size
3,085 SF
Total Parking Spaces
8
Property subtype
Office
Zoning
C2
Amenities
Mature Landscaping
Building Details
Buildings
2
Listing Agency:
Colliers - NM
(505) 880-7015
Listed By:
Keith Bandoni · License #14472
(505) 880-7015
Source:
Carnm.resimplifi
Added: Jan 22
Changed: Aug 28
Last Checked: Aug 29 at 5:54AM
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 Colliers - NM
Investment Insights
Based on property information with market context.
This C2-zoned office property includes a 2,726 SF main building, excluding basement storage, plus a separate 359 SF casita/apartment/office, excluding its loft area. The main building was formerly used for behavioral health offices and can support professional office functions, including counseling, legal, administrative, or general office use. The separate structure adds flexibility for additional office space or a live-work arrangement.
Located at 1409 2nd St in Santa Fe, the property provides access throughout the city and is minutes from downtown Santa Fe. On-site parking accommodates approximately 8 vehicles, while mature landscaping and reported maintenance contribute to the property's established setting.
Located at 1409 2nd St in Santa Fe, the property provides access throughout the city and is minutes from downtown Santa Fe. On-site parking accommodates approximately 8 vehicles, while mature landscaping and reported maintenance contribute to the property's established setting.
Key Highlights
- 2,726 SF main building, excluding basement storage
- Separate 359 SF casita/apartment/office, excluding loft area
- C2 zoning
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
$42,680
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
8.38%
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%
$853,600
$853.6K
Cap Rate 7%
$609,714
$609.7K
Cap Rate 9%
$474,222
$474.2K
Market Conditions
NOI Build-Up for 3,085 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
$77.7K $25.20/SF
− Vacancy
−$6.6K −$2.14/SF
EGI
$71.1K $23.06/SF
− OpEx
−$28.5K −$9.22/SF
NOI
$42.7K $13.83/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$853,600
Cap Rate 7%
$609,714
Cap Rate 9%
$474,222
Alternative Uses
Best Use
Healthcare Medical
$609.7K
$533.5K – $711.3K
NOI $42,680 @ 7.0% cap · market cap 8.38%
Second Best
Office B
$606.9K
$531.0K – $708.0K
NOI $42,480 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$837.7K
$733.0K – $977.3K
NOI $58,640 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,716
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 - C2-zoned office property with a separate casita offering additional workspace or live-work flexibility.
Where is this office units located?
The property is located at 1409 2nd St Santa Fe, NM.
What is the asking price?
The asking price for this property is $509,025.
What are key features of this property?
This property features: 2,726 SF main building, excluding basement storage; Separate 359 SF casita/apartment/office, excluding loft area; C2 zoning
