Three-Story Mixed-Use
For Sale
$2,900,000
Pending
142 W Palace, Santa Fe, NM 87501
Office floors and a leased restaurant space combine in a downtown property with elevator access and off-site parking.
Property Size19,911 SF
Days on Market15
Property Features for 142 W Palace
General Information
Standard status
Pending
Size
19,911 SF
Total Parking Spaces
18
Elevators
Yes
Zoning
BCD
Additional Details
Road Access
Yes
Tenant in Place
Yes
Property Use
Office
Amenities
downtown views
conference room
meeting/training area
kitchenette
private shower
built-in cabinetry
basement storage
false
Public
0.39
Public Records
Off Site,Parking Lot,On Street
Basement
19911
Building Details
Building Size
19,911 SF
Year Built
1955
Buildings
1
Stories
3
Listing Agency:
Barker Realty, LLC
Listed By:
Cozette E. Hansen · License #49928
(505) 399-0538
Source:
Snodgrassrealty
Added: Oct 16
Changed: Oct 29
Last Checked: Oct 29 at 2:34PM
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
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Investment Insights
Based on property information with market context.
This three-level mixed-use property pairs office space at 142 W Palace with a leased restaurant at 28–32 Burro Alley. The first floor has approximately 4,060 SF, with 12 offices, open work areas, and in-suite restrooms. The second floor totals approximately 8,197 SF and includes 18 offices, a conference room, a meeting and training area, kitchenette, and restrooms. An elevator and stairs serve this level. The 3,123 SF third floor contains nine private offices, open work areas, a kitchenette, shower, and built-in cabinetry. Basement storage adds approximately 1,921 SF. The restaurant space is approximately 1,706 SF, and the property is zoned BCD.
Direct street access is available on Palace Avenue, with ADA accessibility. The building sits near the Santa Fe Plaza, galleries, dining, retail, government buildings, and the Santa Fe Convention Center. Eighteen off-site parking spaces at 22 Chappelle Street convey with the sale.
Direct street access is available on Palace Avenue, with ADA accessibility. The building sits near the Santa Fe Plaza, galleries, dining, retail, government buildings, and the Santa Fe Convention Center. Eighteen off-site parking spaces at 22 Chappelle Street convey with the sale.
Key Highlights
- Three office floors: approximately 4,060 SF, 8,197 SF, and 3,123 SF
- First floor includes 12 offices; second floor includes 18 offices and a conference room
- Third floor has nine private offices, kitchenette, shower, and built‑in cabinetry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$185,269
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,705,380
$3.7M
Cap Rate 7%
$2,646,700
$2.6M
Cap Rate 9%
$2,058,544
$2.1M
Market Conditions
NOI Build-Up for 19,911 SF
Gross rent
$322.6K $16.20/SF
− Vacancy
−$26.1K −$1.31/SF
EGI
$296.4K $14.89/SF
− OpEx
−$111.2K −$5.58/SF
NOI
$185.3K $9.30/SF
Area
Santa Fe County, NM
Vacancy
8.10%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,705,380
Cap Rate 7%
$2,646,700
Cap Rate 9%
$2,058,544
Alternative Uses
Best Use
Specialty Retail
$4.32M
$3.78M – $5.04M
NOI $302,560 @ 7.0% cap · market cap 10.43%
Second Best
Office B
$3.92M
$3.43M – $4.57M
NOI $274,174 @ 7.0% cap · market cap 9.45%
Theoretical Best
Office A
$5.41M
$4.73M – $6.31M
NOI $378,468 @ 7.0% cap · market cap 13.05%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,554
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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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Office floors and a leased restaurant space combine in a downtown property with elevator access and off-site parking.
Where is this mixed-use property located?
The property is located at 142 W Palace Santa Fe, NM.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Three office floors: approximately 4,060 SF, 8,197 SF, and 3,123 SF; First floor includes 12 offices; second floor includes 18 offices and a conference room; Third floor has nine private offices, kitchenette, shower, and built‑in cabinetry
