Triple Net Retail Paint
For Sale
Contact for pricing
2929 Cerrillos Road, Santa Fe, NM 87507
Single-tenant retail building is leased on a 20-year triple net term to Coronado Paint & Decorating.
Property Size20,232 SF
Lot Size1.27 Acres
Price / SF$199.90
Days on Market131
Property Features for 2929 Cerrillos Road
General Information
Standard status
Active
Size
20,232 SF
Lot size
1.27 Acres
Property subtype
Retail
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$272,991
Building Details
Year Built
1995
Tenancy
Single
Listing Agency:
SURMOUNT
Listed By:
Glen Kunofsky · License #NY 49KU1129178
(332) 345-4222
Source:
Crexi
Added: May 1
Changed: Sep 6
Last Checked: Sep 8 at 6:42AM
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 SURMOUNT
Investment Insights
Based on property information with market context.
This single-tenant retail property is presented as an exclusive Teamshares listing under the DBA Coronado Paint & Decorating. The site includes approximately 20,232 rentable square feet of building space on an estimated 1.27-acre parcel. The property is subject to a 20-year triple net (NNN) lease that commenced on 8/25/2025, with annual rent of $272,991 and scheduled 2.00% annual increases.
The property is located at 2929 Cerrillos Road in Santa Fe, New Mexico.
As a leased specialty retail asset, the building is structured around the existing tenant’s occupancy under the terms of the NNN lease.
The property is located at 2929 Cerrillos Road in Santa Fe, New Mexico.
As a leased specialty retail asset, the building is structured around the existing tenant’s occupancy under the terms of the NNN lease.
Key Highlights
- Single‑tenant retail building at 2929 Cerrillos Road, Santa Fe, NM 87507
- Built in 1995, offering about 20,232 rentable SF on an estimated 1.27‑acre parcel
- Subject to a 20‑year Triple Net (NNN) lease (commenced 8/25/2025)
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
$256,580
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
6.34%
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%
$5,131,600
$5.1M
Cap Rate 7%
$3,665,429
$3.7M
Cap Rate 9%
$2,850,889
$2.9M
Market Conditions
NOI Build-Up for 20,232 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
$400.6K $19.80/SF
− Vacancy
−$34.1K −$1.68/SF
EGI
$366.5K $18.12/SF
− OpEx
−$110.0K −$5.44/SF
NOI
$256.6K $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 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%
$5,131,600
Cap Rate 7%
$3,665,429
Cap Rate 9%
$2,850,889
Alternative Uses
Best Use
Retail
$3.67M
$3.21M – $4.28M
NOI $256,580 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.49M
$4.81M – $6.41M
NOI $384,570 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,249
Businesses Nearby
279k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 43%
Dining 24%
Shops & Services 24%
Apparel 5%
Walmart
Superstores
99,083 visits/mo
0.5 miles
Big Lots
Superstores
21,756 visits/mo
0.3 miles
Murphy USA
Shops & Services
19,246 visits/mo
0.4 miles
Dutch Bros. Coffee
Dining
17,609 visits/mo
0.3 miles
Taco Bell
Dining
15,663 visits/mo
0.2 miles
Demographics for 87507, NM
51,338
Population
21,272
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
96.1 sq mi
ZIP Area
534
Density / Sq Mi
$62,955
Median Household Income
$34,102
Median Earnings
$1,276
Median Rent
$333,300
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Single-tenant retail building is leased on a 20-year triple net term to Coronado Paint & Decorating.
Where is this nnn property located?
The property is located at 2929 Cerrillos Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $4,044,308.
What are key features of this property?
This property features: Single‑tenant retail building at 2929 Cerrillos Road, Santa Fe, NM 87507; Built in 1995, offering about 20,232 rentable SF on an estimated 1.27‑acre parcel; Subject to a 20‑year Triple Net (NNN) lease (commenced 8/25/2025)
