For Sale
$1,100,000
1932 Cerrillos, Santa Fe, NM 87505
Storefront properties
Property Size4,631 SF
Lot Size0.39 Acres
Price / SF$237.53
Days on Market316
Property Features for 1932 Cerrillos
General Information
Standard status
Active
Size
4,631 SF
Lot size
0.39 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,305
Amenities
Garage
Carpet Flooring
Concrete Flooring
Flat Roof
OnStreet
Parking Available
Parking Lot
Paved
Pitched Roof
Tar Gravel Roof
Tile Flooring
Listing Agency:
BARKER REALTY, LLC
(505) 982-9836
Listed By:
JAMES DELGADO · License #39148
Source:
Corcoran
Added: Sep 30, 2025
Changed: Aug 8
Last Checked: Aug 8 at 2:38PM
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.
Key Highlights
- High‑traffic location on Cerrillos Road (30,000 VPD) with excellent visibility.
- C‑2 zoning allows for a wide range of uses.
- Existing income from office and automotive maintenance tenants.
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
$63,769
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
5.80%
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%
$1,275,380
$1.3M
Cap Rate 7%
$910,986
$911.0K
Cap Rate 9%
$708,544
$708.5K
Market Conditions
NOI Build-Up for 4,631 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
$100.0K $21.60/SF
− Vacancy
−$15.0K −$3.24/SF
EGI
$85.0K $18.36/SF
− OpEx
−$21.3K −$4.59/SF
NOI
$63.8K $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%
$1,275,380
Cap Rate 7%
$910,986
Cap Rate 9%
$708,544
Alternative Uses
Best Use
Office B
$911.0K
$797.1K – $1.06M
NOI $63,769 @ 7.0% cap · market cap 5.80%
Second Best
Retail
$839.0K
$734.1K – $978.8K
NOI $58,730 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,026 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,395
Businesses Nearby
Under-served
Demand for This Use
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
Where is this storefront property located?
The property is located at 1932 Cerrillos Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: High‑traffic location on Cerrillos Road (30,000 VPD) with excellent visibility.; C‑2 zoning allows for a wide range of uses.; Existing income from office and automotive maintenance tenants.
