Santa Fe Professional Office
For Sale
$3,250,000
2006 Botulph, Santa Fe, NM 87505
Two-story office building in Santa Fe's medical and business corridor.
Property Size20,467 SF
Lot Size0.90 Acres
Price / SF$158.79
Days on Market262
Property Features for 2006 Botulph
General Information
Standard status
Active
Size
20,467 SF
Lot size
0.90 Acres
Property subtype
Commercial
Amenities
Flat Roof
Parking Lot
Paved
Building Details
Year Built
1983
Listing Agency:
REAL ESTATE ADVISORS, LLC
(505) 539-3200
Listed By:
TAI BIXBY · License #40315
Source:
Corcoran
Added: Dec 10, 2025
Changed: Aug 27
Last Checked: Aug 28 at 10:27AM
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 REAL ESTATE ADVISORS, LLC
Investment Insights
Based on property information with market context.
The Catron Building is a two-story professional office property located in Santa Fe's medical and business corridor. The building offers approximately 20,467 square feet of space on approximately 0.90 acres. It features flexible suite configurations, ample natural light, ADA-accessible restrooms, and elevator service. The property is suitable for medical, dental, behavioral health, administrative office, or professional services. Currently, the building has a mix of leased suites and approximately 11,323 square feet of vacancy, offering opportunities for owner-users, investors, or businesses seeking a full-building headquarters. The property includes a restriped 54-space parking lot, a fresh asphalt overlay, and mature landscaping. The zoning is C-1, which allows for various commercial and office applications. The property is located off St. Michael’s Drive, providing access to Santa Fe’s medical hub, downtown, Hwy 285, and I-25. The surrounding area includes medical clinics, law firms, financial services, and professional offices. The location serves local residents and the region’s healthcare community.
Key Highlights
- Prime location in Santa Fe's medical and business corridor
- Substantial size: ±20,467 square feet on ±0.90 acres, suitable for a full‑building headquarters or investment property
- Flexible suite configurations and 11,323± RSF of vacancy, offering versatile options
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
$283,157
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
8.71%
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%
$5,663,140
$5.7M
Cap Rate 7%
$4,045,100
$4.0M
Cap Rate 9%
$3,146,189
$3.1M
Market Conditions
NOI Build-Up for 20,467 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
$515.8K $25.20/SF
− Vacancy
−$43.8K −$2.14/SF
EGI
$471.9K $23.06/SF
− OpEx
−$188.8K −$9.22/SF
NOI
$283.2K $13.83/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$5,663,140
Cap Rate 7%
$4,045,100
Cap Rate 9%
$3,146,189
Alternative Uses
Best Use
Healthcare Medical
$4.05M
$3.54M – $4.72M
NOI $283,157 @ 7.0% cap · market cap 8.71%
Second Best
Office B
$4.03M
$3.52M – $4.70M
NOI $281,831 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$5.56M
$4.86M – $6.48M
NOI $389,037 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,452
Businesses Nearby
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
What type of property is this?
Office building - Two-story office building in Santa Fe's medical and business corridor.
Where is this office building located?
The property is located at 2006 Botulph Santa Fe, NM.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Prime location in Santa Fe's medical and business corridor; Substantial size: ±20,467 square feet on ±0.90 acres, suitable for a full‑building headquarters or investment property; Flexible suite configurations and 11,323± RSF of vacancy, offering versatile options
