Three-Story Mixed-Use
For Sale
$2,900,000
Pending
142 W Palace, Santa Fe, NM 87501
CommercialSale, Santa Fe, NM
Property Size19,911 SF
Lot Size0.39 Acres
Days on Market224
Property Features for 142 W Palace
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
BCD
Parking features
Offsite, Parking Lot, On Street
Directions
Head west on Exit 282B 0.4 mi, Merge onto US-84 W/S St Francis Dr/US Hwy 285 N, Pass by Dunkin' (on the right in 2.5 mi), 2.7 mi, Turn right onto Cerrillos Rd 0.6 mi, Continue onto Sandoval St, 0.5 mi, Continue onto W Palace Ave, Destination will be on the right, 112 ft arrive at 142 W Palace Ave.
Standard status
Pending
APN
910019703
Size
19,911 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Description
As defined by title company.
Legal Description
As defined by title company.
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
ADA accessibility
conference room
meeting/training area
kitchenette
private shower
built-in cabinetry
basement storage
downtown views
Building Details
Year built
1955
Building materials
Frame
Roof type
Flat
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Cozette E. Hansen · License #49928
(505) 399-0538
Added: Jan 15
Changed: Aug 20
Last Checked: Aug 27 at 10:06PM
MLS# 202600184
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.
The Bokum Building is a 19,911-square-foot mixed-use property with three stories of office space, basement storage, and a restaurant component. Office improvements include 12 offices and open work areas on the first floor, while the 8,197-square-foot second floor adds 18 offices, a conference room, meeting and training space, kitchenette, restrooms, elevator, and stair access. The 3,123-square-foot third floor contains nine private offices, open work areas, a kitchenette, private shower, and built-in cabinetry. Basement storage adds approximately 1,921 square feet.
The property includes an approximately 1,706-square-foot, fully leased restaurant space at 28-32 Burro Alley, along with direct street access on Palace Ave and ADA accessibility. Eighteen offsite parking spaces at 22 Chappelle Street convey with the sale. Located in Downtown Santa Fe near the Plaza, the property is close to galleries, dining, retail, government buildings, and the Santa Fe Convention Center. Zoning is BCD.
The property includes an approximately 1,706-square-foot, fully leased restaurant space at 28-32 Burro Alley, along with direct street access on Palace Ave and ADA accessibility. Eighteen offsite parking spaces at 22 Chappelle Street convey with the sale. Located in Downtown Santa Fe near the Plaza, the property is close to galleries, dining, retail, government buildings, and the Santa Fe Convention Center. Zoning is BCD.
Key Highlights
- 19,911 square feet across three stories of office space and additional basement storage
- Approximately 1,706 SF fully leased restaurant space at 28‑32 Burro Alley
- First floor includes 12 offices, open work areas, and in‑suite restrooms
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
$185,269
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
6.39%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - BCD-zoned property combines offices, restaurant space, and direct downtown access.
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: 19,911 square feet across three stories of office space and additional basement storage; Approximately 1,706 SF fully leased restaurant space at 28‑32 Burro Alley; First floor includes 12 offices, open work areas, and in‑suite restrooms
