Standalone Modern Office Building For
For Sale
$995,000
Pending
2904 E Rodeo Park #200, Santa Fe, NM 87505
Single-level office suite with modern interior in Rodeo Park.
Property Size4,418 SF
Lot Size1.41 Acres
Days on Market167
Property Features for 2904 E Rodeo Park #200
General Information
Standard status
Pending
Size
4,418 SF
Lot size
1.41 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,839
Amenities
Central air
Parking Lot
Paved
Pitched Roof
Refrigerated Cooling
Building Details
Year Built
2002
Listing Agency:
SF BROWN REAL ESTATE
(505) 473-7740
Listed By:
ALICIA BERTRAM · License #48316
Source:
Corcoran
Added: Mar 13
Changed: Aug 8
Last Checked: Jul 23 at 9:40AM
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 SF BROWN REAL ESTATE
Investment Insights
Based on property information with market context.
This standalone, single-level office building is available for sale for the first time. The interior features a modern design intended to create a strong first impression. The space includes a reception area with polished concrete floors, exposed structural ceilings, and contemporary lighting. The layout incorporates a curved reception desk, collaborative meeting spaces, a kitchen, a conference room, and private offices. The suite offers a blend of reception, private offices, and open workspace areas, complemented by design accents and natural light. The property has ADA-accessible entry and ground-floor access. It is located in the Rodeo Park Commercial Condominium Business Park with parking available. It is suited for creative, tech, marketing, or professional office users. The property is currently owner-occupied. Condo dues are $2,048.18 per quarter and cover exterior maintenance, master insurance, refuse, and parking lot upkeep. The owner is responsible for their own roof, stucco, and HVAC maintenance. The parking lot was resurfaced in 2025. The property size is 4418 square feet.
Key Highlights
- Striking, modern interior design with polished concrete floors, exposed ceilings, and contemporary lighting.
- Functional layout with a blend of reception, private offices, collaborative meeting spaces, kitchen, and conference room.
- ADA‑accessible entry and convenient ground‑floor access.
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
$60,836
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
6.11%
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%
$1,216,720
$1.2M
Cap Rate 7%
$869,086
$869.1K
Cap Rate 9%
$675,956
$676.0K
Market Conditions
NOI Build-Up for 4,418 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
$95.4K $21.60/SF
− Vacancy
−$14.3K −$3.24/SF
EGI
$81.1K $18.36/SF
− OpEx
−$20.3K −$4.59/SF
NOI
$60.8K $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%
$1,216,720
Cap Rate 7%
$869,086
Cap Rate 9%
$675,956
Alternative Uses
Best Use
Office B
$869.1K
$760.5K – $1.01M
NOI $60,836 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,977 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
381
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 building - Single-level office suite with modern interior in Rodeo Park.
Where is this office building located?
The property is located at 2904 E Rodeo Park #200 Santa Fe, NM.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Striking, modern interior design with polished concrete floors, exposed ceilings, and contemporary lighting.; Functional layout with a blend of reception, private offices, collaborative meeting spaces, kitchen, and conference room.; ADA‑accessible entry and convenient ground‑floor access.
