Historic Office Condo with Adobe
New
For Sale
$900,000
200 W De Vargas, Santa Fe, NM 87501
CommercialSale, Santa Fe, NM
Property Size1,942 SF
Price / SF$463.44
Days on Market3
Property Features for 200 W De Vargas
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
BCD
Parking features
Parking Lot
Directions
From Sandoval Street, head south toward W. De Vargas Street and turn left into the parking lot entrance on the Sandoval Street side, adjacent to the courthouse. There is a gate with a code. Continue into the parking area for 200 W. De Vargas Street. Suite 2 is located within the office condo complex.
Standard status
Active
APN
018309810
Size
1,942 SF
Taxes and HOA fees
Tax Description
UNIT 2 DEVARGAS URBAN RENEWAL REPLAT OF TR A T17N R 9E S24
Legal Description
UNIT 2 DEVARGAS URBAN RENEWAL REPLAT OF TR A T17N R 9E S24
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1800
Flooring type
Brick
Building materials
Adobe
Roof type
Flat
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Neda Talebreza · License #50893
(505) 681-3870
Added: Aug 20
Last Checked: Aug 22 at 10:06AM
MLS# 202603418
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 1,942-square-foot office condo combines a three-office layout with adaptable reception and conference areas. Multiple exterior entrances provide separate access points, while adobe construction, brick flooring, high viga ceilings, and abundant natural light create a distinctive interior environment. The property was built in 1800 and includes a flat roof, public water, and public sewer.
Located in Santa Fe, the office is near government buildings, the courthouse, and established professional services. Mature landscaping and an on-site parking lot contribute to the property’s setting and accessibility. The BCD zoning designation and existing configuration support professional uses such as legal, accounting, counseling or therapy, nonprofit, political, and consulting offices, as identified for the property.
Located in Santa Fe, the office is near government buildings, the courthouse, and established professional services. Mature landscaping and an on-site parking lot contribute to the property’s setting and accessibility. The BCD zoning designation and existing configuration support professional uses such as legal, accounting, counseling or therapy, nonprofit, political, and consulting offices, as identified for the property.
Key Highlights
- 1,942 SF office condo with three private offices
- Adobe construction with brick flooring and high viga ceilings
- Flexible reception and conference areas
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
$26,741
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
2.97%
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%
$534,820
$534.8K
Cap Rate 7%
$382,014
$382.0K
Cap Rate 9%
$297,122
$297.1K
Market Conditions
NOI Build-Up for 1,942 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
$41.9K $21.60/SF
− Vacancy
−$6.3K −$3.24/SF
EGI
$35.7K $18.36/SF
− OpEx
−$8.9K −$4.59/SF
NOI
$26.7K $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%
$534,820
Cap Rate 7%
$382,014
Cap Rate 9%
$297,122
Alternative Uses
Best Use
Office B
$382.0K
$334.3K – $445.7K
NOI $26,741 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$527.3K
$461.4K – $615.2K
NOI $36,914 @ 7.0% cap · market cap 4.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
4,670
Businesses Nearby
Explore this area
Business Placement
Demographics for 87501, NM
15,116
Population
10,480
Households
1.4
Avg Household Size
58
Median Age
61%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
299
Density / Sq Mi
$81,229
Median Household Income
$52,851
Median Earnings
$1,516
Median Rent
$649,100
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
What type of property is this?
Office units - Three private offices, flexible meeting areas, and multiple entrances support a range of professional office functions.
Where is this office units located?
The property is located at 200 W De Vargas Santa Fe, NM.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 1,942 SF office condo with three private offices; Adobe construction with brick flooring and high viga ceilings; Flexible reception and conference areas
