Multi-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 Market186
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: Aug 31 at 2:06PM
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 retail storefront property consists of 5 units. Parking totals 14 spaces, including two handicap-accessible spaces and one owner-reserved space. Recent improvements include a new roof installed in 2023, new stucco and paint completed in July 2019, and mini-split heating and cooling added to Units 1A and C in 2022.
The building is located with commercial frontage on Cerrillos Road in Santa Fe, New Mexico. The listing notes high-traffic frontage and visibility across the street from Toyota, Oil Stop, and El Rey Court.
Zoned C-2, the property offers a straightforward small commercial configuration for tenants seeking individual unit space within a multi-unit retail setting.
The building is located with commercial frontage on Cerrillos Road in Santa Fe, New Mexico. The listing notes high-traffic frontage and visibility across the street from Toyota, Oil Stop, and El Rey Court.
Zoned C-2, the property offers a straightforward small commercial configuration for tenants seeking individual unit space within a multi-unit retail setting.
Key Highlights
- High‑traffic commercial frontage on Cerrillos Road.
- Five individual units within the building.
- Fourteen parking spaces, including handicap accessibility.
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
$42,421
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
7.38%
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%
$848,420
$848.4K
Cap Rate 7%
$606,014
$606.0K
Cap Rate 9%
$471,344
$471.3K
Market Conditions
NOI Build-Up for 3,345 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
$66.2K $19.80/SF
− Vacancy
−$5.6K −$1.68/SF
EGI
$60.6K $18.12/SF
− OpEx
−$18.2K −$5.44/SF
NOI
$42.4K $12.68/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$848,420
Cap Rate 7%
$606,014
Cap Rate 9%
$471,344
Alternative Uses
Best Use
Retail
$606.0K
$530.3K – $707.0K
NOI $42,421 @ 7.0% cap · market cap 7.38%
Second Best
—
—
no second resolved use
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.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,395
Businesses Nearby
343k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Multi-unit retail building with 5 units and 14 parking spaces, including two handicap stalls and owner-reserved space.
Where is this storefront property 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: High‑traffic commercial frontage on Cerrillos Road.; Five individual units within the building.; Fourteen parking spaces, including handicap accessibility.
