Modern Single-Level Office
For Sale
$995,000
2904 Rodeo Park Drive, Santa Fe, NM 87505
ADA-accessible ground-floor layout includes reception, private offices, meeting areas, and a kitchen.
Property Size4,418 SF
Price / SF$225.22
Days on Market155
Property Features for 2904 Rodeo Park Drive
General Information
Standard status
Active
Size
4,418 SF
Property subtype
Office
Additional Details
Floor
Ground Floor
HOA Fee
$682.73
Taxes and HOA fees
Annual Taxes
$2,839
Amenities
3
Parking.
17 Parking Spaces. Paved Driveway, Lot.
Building Details
Year Built
2002
Listing Agency:
SF Brown Real Estate
(505) 930-0520
Listed By:
Alicia Bertram · License #48316
(505) 930-0520
Source:
Xome
Added: Mar 8
Changed: Aug 8
Last Checked: Aug 9 at 4:29AM
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 office building contains 4418 square feet in a single-level, ground-floor configuration. The interior combines a defined reception area with private offices, open work areas, collaborative meeting space, a conference room, and a kitchen. Polished concrete flooring, exposed structural ceilings, contemporary lighting, colorful design elements, and natural light give the workplace a distinctive modern character. An ADA-accessible entry supports convenient client and staff access.
The property is located within Rodeo Park Commercial Condominium Business Park and provides 17 parking spaces. The paved parking lot was resurfaced in 2025. The condominium association maintains the exterior common areas, master insurance, refuse service, and parking lot; the owner is responsible for the roof, stucco, and HVAC maintenance. The building was constructed in 2002 and is offered for sale.
The property is located within Rodeo Park Commercial Condominium Business Park and provides 17 parking spaces. The paved parking lot was resurfaced in 2025. The condominium association maintains the exterior common areas, master insurance, refuse service, and parking lot; the owner is responsible for the roof, stucco, and HVAC maintenance. The building was constructed in 2002 and is offered for sale.
Key Highlights
- 4418 SF standalone office building in a single‑level configuration
- 17 parking spaces with paved parking lot resurfaced in 2025
- ADA‑accessible entry with 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
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 - ADA-accessible ground-floor layout includes reception, private offices, meeting areas, and a kitchen.
Where is this office building located?
The property is located at 2904 Rodeo Park Drive 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: 4418 SF standalone office building in a single‑level configuration; 17 parking spaces with paved parking lot resurfaced in 2025; ADA‑accessible entry with convenient ground‑floor access
