Mixed-Use Property with
2864 NM 14, Cerrillos, NM 87010
For Sale
$540,000
Pending
CommercialSale, Cerrillos, NM
Property Size3,723 SF
Lot Size0.18 Acres
Days on Market97
Property Features for 2864 NM 14
General Information
Property type
Property subtype
Zoning description
Interior features
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Additional Details
Mixed-Use Components
Taxes and HOA fees
Tax Description
HOA Fee
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Amenities
courtyards
Building Details
Year built
Flooring type
Building materials
Roof type
Architectural style
Buildings
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Michael S. Sanford · License NM #52569
(505) 916-6644
Added: Aug 6
Changed: Oct 24
Last Checked: Nov 10 at 6:06PM
MLS# 202603406
Copyright © 2026 Santa Fe Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 3,723-square-foot mixed-use property combines an approximately 1,400-square-foot storefront with three separate residential spaces. The residential component includes a 320-square-foot upstairs studio, a 612-square-foot downstairs one-bedroom apartment, and a 477-square-foot rear one-bedroom casita. Courtyards create separation between the casita and the primary building.
Recent improvements include a new roof along with electrical and plumbing updates. The 0.18-acre property is located in downtown Madrid at 2864 NM 14, with frame construction, flagstone, wood, and tile flooring, propane heat, window-unit cooling, and septic service. The building dates to 1920 and includes both shingle and metal roofing.
Recent improvements include a new roof along with electrical and plumbing updates. The 0.18-acre property is located in downtown Madrid at 2864 NM 14, with frame construction, flagstone, wood, and tile flooring, propane heat, window-unit cooling, and septic service. The building dates to 1920 and includes both shingle and metal roofing.
Key Highlights
- Approximately 1,400‑square‑foot storefront
- Three residential spaces: 320‑square‑foot studio, 612‑square‑foot one‑bedroom apartment, and 477‑square‑foot casita
- 3,723 square feet on 0.18 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,215
Cap Rate
8.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$944,300
$944.3K
Cap Rate 7%
$674,500
$674.5K
Cap Rate 9%
$524,611
$524.6K
Market Conditions
NOI Build-Up for 3,723 SF
Gross rent
$73.7K $19.80/SF
− Vacancy
−$6.3K −$1.68/SF
EGI
$67.4K $18.12/SF
− OpEx
−$20.2K −$5.44/SF
NOI
$47.2K $12.68/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$944,300
Cap Rate 7%
$674,500
Cap Rate 9%
$524,611
Alternative Uses
Best Use
Office B
$732.4K
$640.8K – $854.4K
NOI $51,266 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$729.7K
$638.5K – $851.4K
NOI $51,081 @ 7.0% cap · market cap 9.46%
Theoretical Best
Office A
$1.01M
$884.6K – $1.18M
NOI $70,767 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
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Business Placement
Demographics for 87010, NM
1,165
Population
898
Households
1.3
Avg Household Size
58
Median Age
63%
College-Educated
100%
High-School Grad
166.7 sq mi
ZIP Area
7
Density / Sq Mi
$45,490
Median Household Income
$21,840
Median Earnings
$1,375
Median Rent
$450,000
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Santa Fe County, NM
Properties on Market for Mixed-use properties in Santa Fe County
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown Madrid property combining commercial frontage, residential units, courtyards, and recent building-system improvements.
Where is this mixed-use property located?
The property is located at 2864 NM 14 Cerrillos, NM.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Approximately 1,400‑square‑foot storefront; Three residential spaces: 320‑square‑foot studio, 612‑square‑foot one‑bedroom apartment, and 477‑square‑foot casita; 3,723 square feet on 0.18 acres
