Functional Office
For Sale
$750,000
21 Main St, Edgewood, NM 87015
Functional office floor plan with new paint and carpet, solar panels, and ample paved and gated yard parking.
Property Size5,000 SF
Price / SF$150
Days on Market438
Property Features for 21 Main St
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Office
Zoning
C-2
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Business Included
No
Amenities
solar panels
Water
Sewer
Listing Agency:
RESOLUT RE
Listed By:
Jeremy Salazar
(505) 337-0777
Source:
Carnm.resimplifi
Added: Jul 4, 2025
Changed: Sep 10
Last Checked: Sep 12 at 3:36AM
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 RESOLUT RE
Investment Insights
Based on property information with market context.
This office building features a functional office floor plan with new paint and carpet throughout. Additional exterior improvements include a paved parking lot that was resurfaced in 2016, as well as a secured, gated yard with remote entry. Solar panels are included on the property.
The site offers quick access to I-40 and Route 66. Parking is available on-site, including both paved parking and the gated yard for additional secured storage or parking needs.
The property is listed for sale and includes approximately 0.36 acres of paved parking lot and 0.5 acres of secured, gated yard.
The site offers quick access to I-40 and Route 66. Parking is available on-site, including both paved parking and the gated yard for additional secured storage or parking needs.
The property is listed for sale and includes approximately 0.36 acres of paved parking lot and 0.5 acres of secured, gated yard.
Key Highlights
- 0.36‑acre paved parking lot plus 0.5‑acre secured, gated yard with remote entry
- Functional office floor plan
- Solar panels
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
$68,850
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
9.18%
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%
$1,377,000
$1.4M
Cap Rate 7%
$983,571
$983.6K
Cap Rate 9%
$765,000
$765.0K
Market Conditions
NOI Build-Up for 5,000 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
$108.0K $21.60/SF
− Vacancy
−$16.2K −$3.24/SF
EGI
$91.8K $18.36/SF
− OpEx
−$23.0K −$4.59/SF
NOI
$68.9K $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%
$1,377,000
Cap Rate 7%
$983,571
Cap Rate 9%
$765,000
Alternative Uses
Best Use
Office B
$983.6K
$860.6K – $1.15M
NOI $68,850 @ 7.0% cap · market cap 9.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.58M
NOI $95,040 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
247
Businesses Nearby
Explore this area
Business Placement
Demographics for 87015, NM
12,833
Population
6,593
Households
1.9
Avg Household Size
47
Median Age
34%
College-Educated
93%
High-School Grad
131.6 sq mi
ZIP Area
98
Density / Sq Mi
$72,681
Median Household Income
$48,270
Median Earnings
$891
Median Rent
$263,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Functional office floor plan with new paint and carpet, solar panels, and ample paved and gated yard parking.
Where is this office building located?
The property is located at 21 Main St Edgewood, NM.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 0.36‑acre paved parking lot plus 0.5‑acre secured, gated yard with remote entry; Functional office floor plan; Solar panels
