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 Market91
Property Features for 2929 Cerrillos Road
General Information
Standard status
Active
Size
20,232 SF
Lot size
1.27 Acres
Property subtype
Retail
Building Details
Year Built
1995
Listing Agency:
SURMOUNT
(332) 345-4222
Listed By:
Edward Otocka · License #NY 10401298466
Source:
Crexi
Added: May 1
Changed: Jul 23
Last Checked: Jul 30 at 12:36PM
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $400.6k | $19.80 |
| − Vacancy | −$34.1k | −$1.68 |
| EGI | $366.5k | $18.12 |
| − OpEx | −$110.0k | −$5.44 |
| NOI | $256.6k | $12.68 |
20,232 SF · lease $19.80/SF/yr · vacancy 8.50% · expense 30.00%
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
Current Use
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
161k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Dining 38%
Apparel 21%
Kohl's
Apparel
34,075 visits/mo
0.4 miles
Murphy USA
Shops & Services
30,339 visits/mo
0.3 miles
Starbucks
Dining
23,628 visits/mo
0.4 miles
Dollar Tree
Shops & Services
18,543 visits/mo
0.3 miles
Rudy's Country Store & Bar-B-Q
Dining
15,061 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
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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)
