Office Condo with Multiple
For Sale
$440,000
2074 Galisteo Street, Santa Fe, NM 87505
Office condo suite includes a reception area, six windowed offices, two restrooms, kitchenette, and in-unit washer/dryer.
Property Size2,000 SF
Price / SF$220
Days on Market34
Property Features for 2074 Galisteo Street
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Office
Amenities
reception area
waiting room
private restrooms
in-suite washer/dryer
kitchenette
abundant storage
large windows
on-site parking
Parking.
Paved Driveway, Lot.
Building Details
Year Built
2000
Listing Agency:
Barker Realty, LLC
(505) 399-0538
Listed By:
Cozette Hansen · License #49928
(505) 399-0538
Source:
Xome
Added: Jul 9
Changed: Aug 8
Last Checked: Aug 11 at 5:14AM
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 offers a versatile interior layout designed for professional or medical use. The space includes six generously sized private offices with windows, one interior office, a reception area with an oversized waiting room, two private restrooms, abundant storage, an in-suite washer and dryer, and a kitchenette.
The property is currently configured as one expansive suite, with the option to convert back into two separate units, described as approximately 1,000 square feet each. Both HVAC systems have been replaced within the past five years. Large windows provide natural light throughout the suite.
The condominium association dues are approximately $225 per month, per unit, and include exterior roof maintenance, landscaping, and trash service. The property also offers ample on-site parking for employees and clients.
The property is currently configured as one expansive suite, with the option to convert back into two separate units, described as approximately 1,000 square feet each. Both HVAC systems have been replaced within the past five years. Large windows provide natural light throughout the suite.
The condominium association dues are approximately $225 per month, per unit, and include exterior roof maintenance, landscaping, and trash service. The property also offers ample on-site parking for employees and clients.
Key Highlights
- Office condo suite with reception area, oversized waiting room, six private offices with windows, plus one interior office
- Two restrooms, kitchenette, and in‑suite washer/dryer
- Currently configured as one suite; 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
1,923
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 suite includes a reception area, six windowed offices, two restrooms, kitchenette, and in-unit washer/dryer.
Where is this office units located?
The property is located at 2074 Galisteo Street 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 suite with reception area, oversized waiting room, six private offices with windows, plus one interior office; Two restrooms, kitchenette, and in‑suite washer/dryer; Currently configured as one suite; can be converted back into two separate 1,000 SF units
