Historic Office Condo with Private
For Sale
$900,000
200 W De Vargas #2, Santa Fe, NM 87501
Adobe construction, natural light, and multiple entrances shape a distinctive professional office setting.
Property Size1,942 SF
Price / SF$463.44
Days on Market12
Property Features for 200 W De Vargas #2
General Information
Standard status
Active
Size
1,942 SF
Property subtype
Commercial
Additional Details
Office Units
1
Amenities
Brick Flooring
Flat Roof
Parking Lot
Paved
Building Details
Year Built
1800
Construction
adobe
Listing Agency:
BARKER REALTY, LLC
(505) 982-9836
Listed By:
NEDA TALEBREZA · License #50893
Source:
Corcoran
Added: Aug 21
Changed: Aug 30
Last Checked: Aug 31 at 5:08PM
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.
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.
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 = 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 - 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
