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    Cerrillos Road Commercial Property Title is generated by Realmo AI

    1932 Cerrillos Road, Santa Fe, NM 87505

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    For Sale
    $1,100,000

    SINGLE_FAMILY - Santa Fe, NM

    Type:Office
    Property size:
    4,631 SF
    Lot size:
    0.39 Acres
    Price / SF:
    $237/SF
    Added:
    Nov 26, 2024
    Days on Market:
    547
    Last Refresh:
    May 27 at 6:06 am

    Property Features for 1932 Cerrillos Road

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    C-2
    Parking features
    Garage, Parking Lot, On Street
    Standard status
    Active
    APN
    011264896
    Size
    4,631 SF
    Lot size
    0.39 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    LOT 14 BLK 1 LLANO ADDN LOT 1 &13 BLK 1 LLANO ADDN 1901 CHAMISA ST DBA LA UNICA ALSO ADVANCED AUTO WORKS
    Tax Annual Amount
    6305

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Flooring type
    Carpet, Concrete, Tile
    Building materials
    Adobe, Block, Frame, MetalSiding
    Roof type
    Flat, Tar/Gravel

    We can help!

    Listing Contact
    James Delgado
    James Delgado

    Listing agent James Delgado License #39148

    Listing office Barker Realty, LLC 530 S Guadalupe St., Santa Fe, NM

    Listing date Nov 26, 2024

    MLS# 202404911

    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.

    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
    • Upcoming city and state improvements include new sidewalks, median, and street trees
    • Utilities include 2 water meters and separate meters for gas and electricity
    • Phase 1 Environmental Site Assessment Complete, Phase 2 Environmental Site Assessment nearing completion

    Overview

    This commercial property is situated on a busy section of Cerrillos Road, experiencing a traffic volume of 30,000 vehicles per day, and offers excellent visibility. The property is currently occupied by La Unica Drycleaner, with additional rental income generated from an office tenant and an automotive maintenance tenant. The offering includes the real estate only; the La Unica business and trade name are available for separate purchase. The zoning is C-2, which permits a range of uses including office, retail, automotive, medical, dental, restaurant, and public assembly. The location is near Toyota, Beck and Bulow, Jiffy Lube, Budget Car Rental, Mampuku Ramen, Jambo, Chase Bank, Dion's Pizza, and Chick-Fil-A. Planned improvements for this section of Cerrillos Road include new sidewalks, a median, and street trees, to be implemented by the City and State. Utilities include two water meters, along with separate meters for gas and electricity. A Phase 1 Environmental Site Assessment has been completed, and a Phase 2 Environmental Site Assessment is forthcoming. The property has a size of 4631 square feet and sits on a lot of 0.39 acres.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $708.5K
    NOI $63,769 @ 9.00% cap · cautious / downside scenario
    Moderate
    $911.0K
    NOI $63,769 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.28M
    NOI $63,769 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $100.0k $21.60
    − Vacancy −$15.0k −$3.24
    EGI $85.0k $18.36
    − OpEx −$21.3k −$4.59
    NOI $63.8k $13.77
    4,631 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $911.0K
    $797.1K – $1.06M (±1% cap)
    NOI $63,769 @ 7.0% cap · market cap 5.80%
    Second Best
    Retail
    $839.0K
    $734.1K – $978.8K (±1% cap)
    NOI $58,730 @ 7.0% cap · market cap 5.34%
    Theoretical Best
    Office A
    $1.26M
    $1.10M – $1.47M (±1% cap)
    NOI $88,026 @ 7.0% cap · market cap 8.00%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    La Unica Cleaners ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Budget Car Rental — 1946 Cerrillos Rd, Santa Fe, NM 87505
    • Enterprise Rent-A-Car — 1611 St Michaels Dr, Santa Fe, NM 87505
    • Hertz Car Rental - Santa Fe - Cerrillos (07859-24) HLE — 2010 Cerrillos Rd SUITE 7, Santa Fe, NM 87505
    • U-Haul Neighborhood Dealer — 1214 Camino Carlos Rey Ste 1, Santa Fe, NM 87505
    • United Rentals — 2707 Cerrillos Rd, Santa Fe, NM 87507

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -105.9751331
    Latitude
    35.663336

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    FAQs

    What type of property is this?
    Automotive property - High-visibility commercial property on Cerrillos Road.
    Where is this automotive property located?
    The property is located at 1932 Cerrillos Road 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
    (505) 699-7472
    We can help!
    Listing Contact
    James Delgado
    James Delgado
    Real Estate License ID: 39148
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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