Building Details

Year Built 1800

Construction adobe

Listing Agency: BARKER REALTY, LLC Show Phone

Listed By: NEDA TALEBREZA · License #50893 Show Phone

Source: Corcoran

Added: Aug 21 Changed: Oct 16 Last Checked: Oct 16 at 8:59AM

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Investment Insights

Based on property information with market context.

This 1,942-square-foot historic office condo at 200 W De Vargas #2 offers three private offices plus reception and conference areas. Multiple exterior entrances support convenient circulation for clients and staff, while high viga ceilings, brick floors, adobe construction, and abundant natural light define the interior. The property was built in 1800 and includes on-site parking.

The office is near Santa Fe’s government buildings, courthouse, and established professional services. Its configuration is suited to legal, accounting, counseling or therapy, nonprofit, political, consulting, and other professional office uses.

Key Highlights

• 1,942‑square‑foot historic office condo
• Three spacious private offices with reception and conference areas
• High viga ceilings, brick floors, and adobe construction

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,741

Cap Rate

2.97%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$534,820 $534.8K

Cap Rate 7%

$382,014 $382.0K

Cap Rate 9%

$297,122 $297.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,942 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $36,914 @ 7.0% cap · market cap 4.10%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Shepler Commercial Real ... Real Estate Agency Nambe LLC Business Administration Service dwl group Consultant Artisan Title Title Company Fineberg Leah MD Alternative Medicine Practice

Suggested Use

Top Pick Storage Facility Auto Parts Store HVAC Service Locksmith (Bike/Boat/Book/etc) Store Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Office units - Adobe construction, natural light, and multiple entrances shape a distinctive professional office setting.

Where is this office units located?

The property is located at 200 W De Vargas #2 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‑square‑foot historic office condo; Three spacious private offices with reception and conference areas; High viga ceilings, brick floors, and adobe construction