Office Condo With Basement
New
For Sale
$420,000
1440 Saint Francis S, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size1,797 SF
Lot Size0.04 Acres
Price / SF$233.72
Days on Market3
Property Features for 1440 Saint Francis S
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Parking features
Parking Lot
Directions
South on St. Francis past Cordova. See Clock Tower and turn West into St. Francis Professional Center. Right at stop sign to final building on the right, 1440. Law Offices facing parking lot.
Standard status
Active
APN
018500485
Size
1,797 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Description
(NO BLK 8) LOT 46 ST FRANCIS PROF CENTER T17N R 9E S35
Legal Description
(NO BLK 8) LOT 46 ST FRANCIS PROF CENTER T17N R 9E S35
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1987
Flooring type
Carpet, Concrete, Tile
Building materials
Frame
Roof type
Membrane
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Alexanna Padilla · License #51625
(505) 660-3590
Added: Sep 2
Last Checked: Sep 4 at 9:06AM
MLS# 202603787
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.
This office condominium at Saint Francis Professional Center combines a 1,397-square-foot main level with approximately 400 square feet of usable basement area. The primary floor includes six offices, including two with built-in bookcases, along with a reception area featuring 10-foot ceilings, skylights, and a clerestory window. Basement space can support storage, a break room, or additional office use. Carpet, concrete, and tile flooring are installed throughout the property, which was built in 1987 with frame construction and a membrane roof.
The property is zoned C-1 and includes parking in an adjacent lot. Public water and public sewer serve the office. Two attorney tenants currently occupy the property, and one may be interested in a longer-term lease, supporting either continued professional occupancy or an owner-user arrangement.
The property is zoned C-1 and includes parking in an adjacent lot. Public water and public sewer serve the office. Two attorney tenants currently occupy the property, and one may be interested in a longer-term lease, supporting either continued professional occupancy or an owner-user arrangement.
Key Highlights
- 1,397 sq ft main floor with approximately 400 sq ft of usable basement space
- Six offices, including two with built‑in bookcases
- Reception area with 10‑foot ceilings, skylights, and a clerestory window
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
$24,745
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
5.89%
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%
$494,900
$494.9K
Cap Rate 7%
$353,500
$353.5K
Cap Rate 9%
$274,944
$274.9K
Market Conditions
NOI Build-Up for 1,797 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
$38.8K $21.60/SF
− Vacancy
−$5.8K −$3.24/SF
EGI
$33.0K $18.36/SF
− OpEx
−$8.2K −$4.59/SF
NOI
$24.7K $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%
$494,900
Cap Rate 7%
$353,500
Cap Rate 9%
$274,944
Alternative Uses
Best Use
Office B
$353.5K
$309.3K – $412.4K
NOI $24,745 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$488.0K
$427.0K – $569.3K
NOI $34,157 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
2,788
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 - C-1-zoned professional office with private rooms, a welcoming reception area, and adjacent parking.
Where is this office units located?
The property is located at 1440 Saint Francis S Santa Fe, NM.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 1,397 sq ft main floor with approximately 400 sq ft of usable basement space; Six offices, including two with built‑in bookcases; Reception area with 10‑foot ceilings, skylights, and a clerestory window
