Office Units with Flexible
For Sale
$440,000
Pending
2074 Galisteo Street A2 & A3, Santa Fe, NM 87505
Configured for professional or medical occupancy with private offices, reception, restrooms, storage, and a kitchenette.
Property Size2,000 SF
Days on Market39
Property Features for 2074 Galisteo Street A2 & A3
General Information
Standard status
Pending
Size
2,000 SF
Additional Details
HOA Fee
$225
Office Units
1
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Cozette E. Hansen · License #49928
(505) 399-0538
Source:
Wesellsantafe
Added: Aug 20
Changed: Sep 4
Last Checked: Sep 26 at 6:04AM
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 condominium at 2074 Galisteo Street, A2 & A3, is currently arranged as one broad suite with a practical mix of private and shared areas. The layout includes six windowed offices, an additional interior office, a reception area, an oversized waiting room, two private restrooms, storage, a kitchenette, and an in-suite washer and dryer. Large windows bring natural light into the work areas, while on-site parking supports employee and client access.
The approximately 2,000-square-foot configuration can be returned to two separate 1,000-square-foot units, providing flexibility for an owner-user, an investor, or a business requiring distinct suites. Both HVAC systems were replaced within the past five years. The space is suited to professional or medical office use based on its existing layout and amenities.
The approximately 2,000-square-foot configuration can be returned to two separate 1,000-square-foot units, providing flexibility for an owner-user, an investor, or a business requiring distinct suites. Both HVAC systems were replaced within the past five years. The space is suited to professional or medical office use based on its existing layout and amenities.
Key Highlights
- Six private offices with windows, plus one interior office
- Currently arranged as one expansive suite
- Can be converted back into two separate 1,000‑square‑foot 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
$27,540
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
6.26%
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%
$550,800
$550.8K
Cap Rate 7%
$393,429
$393.4K
Cap Rate 9%
$306,000
$306.0K
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
$43.2K $21.60/SF
− Vacancy
−$6.5K −$3.24/SF
EGI
$36.7K $18.36/SF
− OpEx
−$9.2K −$4.59/SF
NOI
$27.5K $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%
$550,800
Cap Rate 7%
$393,429
Cap Rate 9%
$306,000
Alternative Uses
Best Use
Office B
$393.4K
$344.3K – $459.0K
NOI $27,540 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
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
Lease Details
1
Office units
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 - Configured for professional or medical occupancy with private offices, reception, restrooms, storage, and a kitchenette.
Where is this office units located?
The property is located at 2074 Galisteo Street 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: Six private offices with windows, plus one interior office; Currently arranged as one expansive suite; Can be converted back into two separate 1,000‑square‑foot units
