5-Unit Retail
For Sale
$575,000
1915 Cerrillos Rd, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size3,345 SF
Lot Size0.20 Acres
Price / SF$171.90
Days on Market231
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Property Features for 1915 Cerrillos Rd
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
C-2
Parking
8
Parking features
Parking Lot
Directions
Building is across the street from Toyota on Cerrillos Road.
Standard status
Active
APN
12822600
Size
3,345 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
T17N R9E S34, SUNSET ADDITION, BLK 1, SOUTHERLY PORTION OF LOT 9, 0.216 AC to be verified by titleos
Legal Description
T17N R9E S34, SUNSET ADDITION, BLK 1, SOUTHERLY PORTION OF LOT 9, 0.216 AC to be verified by titleos
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1954
Flooring type
Tile
Building materials
Adobe, Frame
Roof type
Flat
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Paige B. Cochran · License #50939
(505) 500-2041
Added: Feb 26
Changed: Aug 19
Last Checked: Oct 15 at 4:06PM
MLS# 202600516
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 C-2-zoned retail property contains five units within a 3,345-square-foot building on 0.2 acres. The improvements date to 1954 and include adobe and frame construction, tile flooring, and a flat roof. Public water and public sewer serve the property. A roof replacement was completed in 2023, while stucco and exterior paint were updated in July 2019. Mini-splits were added to Units 1A and C in 2022.
The property is located at 1915 Cerrillos Road in Santa Fe, across from Toyota, Oil Stop, and El Rey Court. On-site parking includes 14 spaces, with two designated handicap spaces and one owner-reserved space.
The property is located at 1915 Cerrillos Road in Santa Fe, across from Toyota, Oil Stop, and El Rey Court. On-site parking includes 14 spaces, with two designated handicap spaces and one owner-reserved space.
Key Highlights
- Five retail units in a 3,345‑square‑foot building
- C‑2 zoning on a 0.2‑acre property
- 14‑space parking lot with 2 handicap spaces and 1 owner‑reserved space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,829
Cap Rate
8.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,016,580
$1.0M
Cap Rate 7%
$726,129
$726.1K
Cap Rate 9%
$564,767
$564.8K
Market Conditions
NOI Build-Up for 3,345 SF
Gross rent
$72.3K $21.60/SF
− Vacancy
−$4.5K −$1.34/SF
EGI
$67.8K $20.26/SF
− OpEx
−$16.9K −$5.07/SF
NOI
$50.8K $15.20/SF
Area
Santa Fe County, NM
Vacancy
6.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,016,580
Cap Rate 7%
$726,129
Cap Rate 9%
$564,767
Alternative Uses
Best Use
Specialty Retail
$726.1K
$635.4K – $847.2K
NOI $50,829 @ 7.0% cap · market cap 8.84%
Second Best
Retail
$606.0K
$530.3K – $707.0K
NOI $42,421 @ 7.0% cap · market cap 7.38%
Theoretical Best
Office A
$908.3K
$794.8K – $1.06M
NOI $63,582 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,395
Businesses Nearby
343k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Groceries 19%
Shops & Services 15%
Apparel 9%
Chick-fil-A
Dining
59,966 visits/mo
0.4 miles
Smith's
Groceries
35,385 visits/mo
0.3 miles
Food King
Groceries
29,719 visits/mo
0.5 miles
Burlington
Apparel
26,112 visits/mo
0.3 miles
Dion's Pizza
Dining
20,117 visits/mo
0.2 miles
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
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Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Retail space - C-2-zoned commercial property with a newer roof, refreshed exterior, and mini-splits in select units.
Where is this retail space located?
The property is located at 1915 Cerrillos Rd Santa Fe, NM.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Five retail units in a 3,345‑square‑foot building; C‑2 zoning on a 0.2‑acre property; 14‑space parking lot with 2 handicap spaces and 1 owner‑reserved space
