Live-Work Warehouse
For Sale
Contact for pricing
21 Bisbee Ct, Santa Fe, NM 87508
Second-floor live-work configuration with showroom-style reception, kitchenette and bath, plus a 12’ roll-up door.
Property Size2,557 SF
Price / SF$170.12
Days on Market142
Property Features for 21 Bisbee Ct
General Information
Standard status
Active
Size
2,557 SF
Property subtype
INDUSTRIAL
Additional Details
Clear Height
23 ft
Amenities
Signage
Reception/waiting room or showroom area
Living area has kitchenette and bath with shower
Building Details
Year Built
2003
Listing Agency:
Colliers | Albuquerque
(505) 250-8830
Listed By:
Joe Romero CCIM · License #13670
(505) 250-8830
Source:
Moodyscre
Added: Mar 24
Changed: Jul 26
Last Checked: Jul 26 at 8:08AM
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 Colliers | Albuquerque
Investment Insights
Based on property information with market context.
This versatile live-work space is set up on the second floor and includes a reception/waiting room or showroom area, along with an office featuring a half restroom. The living area includes a kitchenette and a bath with a shower. A warehouse area with 23’ ceilings supports flexible storage or work use, complemented by a 12’ roll-up door and on-site signage. Built in 2003, the property is designed to combine functional workspace with on-site living accommodations.
The property is offered for sale and located at 21 Bisbee Ct in Santa Fe, New Mexico.
The property is offered for sale and located at 21 Bisbee Ct in Santa Fe, New Mexico.
Key Highlights
- Versatile 2nd‑floor live/work setup with showroom‑style reception or waiting area
- Warehouse area features 23’ ceilings
- Includes a 12’ roll‑up door
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
$35,210
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
8.09%
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%
$704,200
$704.2K
Cap Rate 7%
$503,000
$503.0K
Cap Rate 9%
$391,222
$391.2K
Market Conditions
NOI Build-Up for 2,557 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
$55.2K $21.60/SF
− Vacancy
−$8.3K −$3.24/SF
EGI
$46.9K $18.36/SF
− OpEx
−$11.7K −$4.59/SF
NOI
$35.2K $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%
$704,200
Cap Rate 7%
$503,000
Cap Rate 9%
$391,222
Alternative Uses
Best Use
Office B
$503.0K
$440.1K – $586.8K
NOI $35,210 @ 7.0% cap · market cap 8.09%
Second Best
Flex RnD
$384.6K
$336.6K – $448.8K
NOI $26,925 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$694.3K
$607.5K – $810.1K
NOI $48,603 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
23 ft
Clear height
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Explore this area
Business Placement
Demographics for 87508, NM
19,156
Population
7,782
Households
2.5
Avg Household Size
54
Median Age
50%
College-Educated
90%
High-School Grad
169.2 sq mi
ZIP Area
113
Density / Sq Mi
$96,767
Median Household Income
$43,595
Median Earnings
$1,502
Median Rent
$529,000
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?
Live-work space - Second-floor live-work configuration with showroom-style reception, kitchenette and bath, plus a 12’ roll-up door.
Where is this live-work space located?
The property is located at 21 Bisbee Ct Santa Fe, NM.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Versatile 2nd‑floor live/work setup with showroom‑style reception or waiting area; Warehouse area features 23’ ceilings; Includes a 12’ roll‑up door
