Office Condo with Reception
For Sale
$440,000
2074 Galisteo #A2 & A3, Santa Fe, NM 87505
Office condo features a reception and waiting area, six windowed private offices, kitchenette, and in-suite washer/dryer.
Property Size2,000 SF
Price / SF$220
Days on Market40
Property Features for 2074 Galisteo #A2 & A3
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Amenities
Central air
Metal Roof
Carpet Flooring
Parking Lot
Paved
Refrigerated Cooling
Vinyl Flooring
Building Details
Year Built
2000
Listing Agency:
BARKER REALTY, LLC
(505) 982-9836
Listed By:
COZETTE E. HANSEN · License #49928
Source:
Corcoran
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 28 at 12:48PM
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 office condo is built around a versatile layout and currently operates as one expansive suite. The interior includes six private offices with windows, one interior office, a reception area with an oversized waiting room, two private restrooms, abundant storage, a kitchenette, and an in-suite washer and dryer. Large windows throughout the suite help provide natural light, supporting a comfortable work environment.
The property offers ample on-site parking for employees and clients. It is part of a condominium association with dues of approximately $225 per month, per unit, and the dues include exterior roof maintenance, landscaping, and trash service.
The suite can also be converted back into two separate units, offering flexibility for an owner-occupant or investor who prefers a split configuration.
The property offers ample on-site parking for employees and clients. It is part of a condominium association with dues of approximately $225 per month, per unit, and the dues include exterior roof maintenance, landscaping, and trash service.
The suite can also be converted back into two separate units, offering flexibility for an owner-occupant or investor who prefers a split configuration.
Key Highlights
- Office condo built in 2000 with reception and oversized waiting room plus six windowed private offices
- Includes kitchenette, in‑suite washer and dryer, abundant storage, and two private restrooms
- Layout is currently one expansive suite but can be converted back into two separate 1,000‑SF units
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
$27,670
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
6.29%
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%
$553,400
$553.4K
Cap Rate 7%
$395,286
$395.3K
Cap Rate 9%
$307,444
$307.4K
Market Conditions
NOI Build-Up for 2,000 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
$50.4K $25.20/SF
− Vacancy
−$4.3K −$2.14/SF
EGI
$46.1K $23.06/SF
− OpEx
−$18.4K −$9.22/SF
NOI
$27.7K $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%
$553,400
Cap Rate 7%
$395,286
Cap Rate 9%
$307,444
Alternative Uses
Best Use
Healthcare Medical
$395.3K
$345.9K – $461.2K
NOI $27,670 @ 7.0% cap · market cap 6.29%
Second Best
Office B
$393.4K
$344.3K – $459.0K
NOI $27,540 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$543.1K
$475.2K – $633.6K
NOI $38,016 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7
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
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Frequently Asked Questions
What type of property is this?
Office units - Office condo features a reception and waiting area, six windowed private offices, kitchenette, and in-suite washer/dryer.
Where is this office units located?
The property is located at 2074 Galisteo #A2 & A3 Santa Fe, NM.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Office condo built in 2000 with reception and oversized waiting room plus six windowed private offices; Includes kitchenette, in‑suite washer and dryer, abundant storage, and two private restrooms; Layout is currently one expansive suite but can be converted back into two separate 1,000‑SF units
