Downtown Santa Fe Office
For Sale
$180,000
227 E Palace Ave Unit F, Santa Fe, NM 87501
Office condo in downtown Santa Fe with two parking spaces.
Property Size487 SF
Price / SF$369.61
Days on Market330
Property Features for 227 E Palace Ave Unit F
General Information
Standard status
Active
Size
487 SF
Class
C
Property subtype
Office
Building Details
Building Size
487 SF
Year Built
1948
Listing Agency:
SVN | Rich Investment Real Estate Partners Los Angeles
Listed By:
Shiva Monify · License #CalDRE #01728143
(310) 892-6892
Source:
Svn
Added: Nov 21, 2025
Changed: Oct 11
Last Checked: Oct 16 at 7:48AM
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 SVN | Rich Investment Real Estate Partners Los Angeles
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Investment Insights
Based on property information with market context.
This office/commercial condominium, situated on 0.89 acres, features a 487 square foot building. It is part of the Kruger Commercial Condominium project, which totals 12,621 square feet and includes 22 units and 46 parking spaces. The property is located near downtown Santa Fe. The current layout includes two private offices at the back, an open reception area at the front, a small kitchenette, and a private restroom. The suite benefits from natural light and offers storage space. The HOA fee is $539.20. The property includes two dedicated parking spaces in the on-site lot, as well as customer parking. It is located within walking distance of all amenities.
Key Highlights
- Excellent Downtown Santa Fe Location: Walking distance to amenities.
- Two Dedicated Parking Spaces: Plus ample customer parking.
- Abundant Natural Light and Storage: Enhances office functionality.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$6,706
Cap Rate
3.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$134,120
$134.1K
Cap Rate 7%
$95,800
$95.8K
Cap Rate 9%
$74,511
$74.5K
Market Conditions
NOI Build-Up for 487 SF
Gross rent
$10.5K $21.60/SF
− Vacancy
−$1.6K −$3.24/SF
EGI
$8.9K $18.36/SF
− OpEx
−$2.2K −$4.59/SF
NOI
$6.7K $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 Rate 5%
$134,120
Cap Rate 7%
$95,800
Cap Rate 9%
$74,511
Alternative Uses
Best Use
Office B
$95.8K
$83.8K – $111.8K
NOI $6,706 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$132.2K
$115.7K – $154.3K
NOI $9,257 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,050
Businesses Nearby
Explore this area
Business Placement
Demographics for 87501, NM
15,116
Population
10,480
Households
1.4
Avg Household Size
58
Median Age
61%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
299
Density / Sq Mi
$81,229
Median Household Income
$52,851
Median Earnings
$1,516
Median Rent
$649,100
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
Frequently Asked Questions
What type of property is this?
Office units - Office condo in downtown Santa Fe with two parking spaces.
Where is this office units located?
The property is located at 227 E Palace Ave Unit F Santa Fe, NM.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Excellent Downtown Santa Fe Location: Walking distance to amenities.; Two Dedicated Parking Spaces: Plus ample customer parking.; Abundant Natural Light and Storage: Enhances office functionality.
