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For sale
Conventional restaurants
NM
Santa Fe
87501
304 Johnson

Restaurant with Residential Income Property

304 Johnson, Santa Fe, NM 87501

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For Sale

$1,060,000

Established restaurant with residential units and value-add potential.

Type:Commercial

Property size:

3,726 SF

Lot size:

0.24 Acres

Price / SF:

$284/SF

HighLights

Stable, long‑term commercial tenancy with award‑winning Terracotta Wine Bistro providing consistent income.
Value‑add opportunity to convert long‑term residential rentals into higher‑earning short‑term hospitality accommodations.
Potential to increase heated square footage and add a third studio unit by converting underutilized garage space.
Established restaurant's success and reputation adds credibility and vibrancy to the property.
Operational continuity due to the restaurant's continued presence, appealing to investors seeking dependable returns.
Property built in 1900.

We can help!

Listing Contact

JACOB ROCKER

For Sale

$1,060,000

Established restaurant with residential units and value-add potential.

Type:Commercial

Property size:

3,726 SF

Lot size:

0.24 Acres

Price / SF:

$284/SF

Added:: Sep 30, 2025
Days on Market:: 259
Last Refresh:: Apr 5 at 9:03 pm

Property Features for 304 Johnson

General Information

Standard status: Active
Size: 3,726 SF
Lot size: 0.24 Acres
Property subtype: Commercial

Building Details

Year Built: 1900

We can help!

Listing Contact

JACOB ROCKER

Listing agent JACOB ROCKER License #52736

Listing office REAL ESTATE ADVISORS, LLC

Listing date Sep 30, 2025

Source Corcoran

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 REAL ESTATE ADVISORS, LLC

HighLights

Stable, long‑term commercial tenancy with award‑winning Terracotta Wine Bistro providing consistent income.
Value‑add opportunity to convert long‑term residential rentals into higher‑earning short‑term hospitality accommodations.
Potential to increase heated square footage and add a third studio unit by converting underutilized garage space.
Established restaurant's success and reputation adds credibility and vibrancy to the property.
Operational continuity due to the restaurant's continued presence, appealing to investors seeking dependable returns.
Property built in 1900.

Overview

The property has housed Terracotta Wine Bistro since 2013, a restaurant recognized for its cuisine and wine selection. The restaurant provides a stable, long-term commercial tenancy that generates consistent income. The property offers a value-add opportunity through the conversion of its long-term residential rental units into short-term hospitality accommodations. Given Santa Fe’s tourism market, short-term rentals may command higher rates, potentially increasing cash flow. An underutilized garage space could be converted into heated square footage, potentially allowing for the addition of a third studio unit. The property size is 3726 square feet.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$80.5k	$21.60
− Vacancy	−$5.0k	−$1.34
EGI	$75.5k	$20.26
− OpEx	−$18.9k	−$5.07
NOI	$56.6k	$15.20

3,726 SF · lease $21.60/SF/yr · vacancy 6.20% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$808.8K

$707.7K – $943.7K (±1% cap)

NOI $56,619 @ 7.0% cap · market cap 5.34%

Second Best

Apartment 5plus

$730.3K

$639.0K – $852.0K (±1% cap)

NOI $51,122 @ 7.0% cap · market cap 4.82%

Theoretical Best

Office A

$1.01M

$885.3K – $1.18M (±1% cap)

NOI $70,824 @ 7.0% cap · market cap 6.68%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

TerraCotta Wine Bistro Restaurant

Suggested Use

Location Insight

Map
Local Demand

City: Santa Fe
County: Santa Fe
State: New Mexico
Longitude: -105.943
Latitude: 35.6891

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For sale
Conventional restaurants
NM
Santa Fe
87501
304 Johnson

What type of property is this?

Conventional restaurant - Established restaurant with residential units and value-add potential.

Where is this conventional restaurant located?

The property is located at 304 Johnson Santa Fe, NM.

What is the asking price?

The asking price for this property is $1,060,000.

What are key features of this property?

This property features: Stable, long‑term commercial tenancy with award‑winning Terracotta Wine Bistro providing consistent income.; Value‑add opportunity to convert long‑term residential rentals into higher‑earning short‑term hospitality accommodations.; Potential to increase heated square footage and add a third studio unit by converting underutilized garage space.