Office Condo with Basement
New
For Sale
$420,000
1440 Saint Francis #B, Santa Fe, NM 87505
Move-in-ready professional office with private rooms, a welcoming reception area, and parking beside the building.
Property Size1,797 SF
Price / SF$233.72
Days on Market7
Property Features for 1440 Saint Francis #B
General Information
Standard status
Active
Size
1,797 SF
Property subtype
Commercial
Additional Details
Floor
Main floor
Building Details
Year Built
1987
Listing Agency:
Barker Realty, LLC
Listed By:
Alexanna Padilla · License #7965
(505) 660-3590
Source:
Lisaharris-realestate
Added: Sep 4
Changed: Sep 9
Last Checked: Sep 10 at 5:28AM
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
Investment Insights
Based on property information with market context.
This office condominium occupies the main floor of the Saint Francis Professional Center and includes 1,397 sq ft with 6 offices. Two offices feature built-in bookcases. The reception area adds 10-foot ceilings, skylights, and a clerestory window, while approximately 400 sq ft of basement area provides additional usable space. The property was built in 1987.
The office is located at 1440 Saint Francis #B in Santa Fe, within an established professional park. Parking is available adjacent to the building. The configuration supports continued professional office use, with basement space that can accommodate storage, a break room, or up to two additional offices. One of the two attorney tenants may be interested in a longer-term lease.
The office is located at 1440 Saint Francis #B in Santa Fe, within an established professional park. Parking is available adjacent to the building. The configuration supports continued professional office use, with basement space that can accommodate storage, a break room, or up to two additional offices. One of the two attorney tenants may be interested in a longer-term lease.
Key Highlights
- 1,397 sq ft main‑floor office condominium
- Approximately 400 sq ft of usable basement space
- 6 offices, including 2 with built‑in bookcases
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Move-in-ready professional office with private rooms, a welcoming reception area, and parking beside the building.
Where is this office units located?
The property is located at 1440 Saint Francis #B 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 office condominium; Approximately 400 sq ft of usable basement space; 6 offices, including 2 with built‑in bookcases
