Flexible Industrial Condominium For
For Sale
$339,000
Pending
36 Bisbee #E, Santa Fe, NM 87508
2,000 SF industrial condo with loading dock and bay door.
Property Size2,000 SF
Days on Market257
Property Features for 36 Bisbee #E
General Information
Standard status
Pending
Size
2,000 SF
Property subtype
Commercial
Amenities
Metal Roof
Concrete Flooring
Parking Lot
Paved
Building Details
Year Built
2004
Listing Agency:
BARKER REALTY, LLC
(505) 982-9836
Listed By:
COZETTE E. HANSEN · License #49928
(505) 399-0538
Source:
Corcoran
Added: Dec 24, 2025
Changed: Aug 14
Last Checked: Aug 13 at 6:05AM
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 BARKER REALTY, LLC
Investment Insights
Based on property information with market context.
This flexible industrial condominium features approximately 25ft clear-span space. It includes one 12ft grade-level bay door and one loading dock with a 12ft rollup door. The unit also contains a private office, an in-suite restroom, and skylights throughout. This space is well suited for small-scale distribution, light manufacturing, storage, or warehouse/showrooms. The property has ample on-site parking, a convenient location, and easy access to Highway 599, I-25, and Highway 14. It is part of a well-maintained condominium association with monthly dues of approximately $200. The 2,000 SF unit is currently owner-occupied and may be available for a sale-leaseback opportunity.
Key Highlights
- Convenient location with easy access to Highway 599, I‑25, and Highway 14.
- Flexible 25ft clear‑span space suitable for distribution, manufacturing, storage, or warehouse/showrooms.
- Includes both a 12ft grade‑level bay door and a loading dock with a 12ft rollup door.
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
$21,060
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
6.21%
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%
$421,200
$421.2K
Cap Rate 7%
$300,857
$300.9K
Cap Rate 9%
$234,000
$234.0K
Market Conditions
NOI Build-Up for 2,000 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
$36.0K $18.00/SF
− Vacancy
−$3.6K −$1.80/SF
EGI
$32.4K $16.20/SF
− OpEx
−$11.3K −$5.67/SF
NOI
$21.1K $10.53/SF
Area
Santa Fe County, NM
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$421,200
Cap Rate 7%
$300,857
Cap Rate 9%
$234,000
Alternative Uses
Best Use
Flex RnD
$300.9K
$263.3K – $351.0K
NOI $21,060 @ 7.0% cap · market cap 6.21%
Second Best
Industrial
$142.1K
$124.3K – $165.8K
NOI $9,946 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$543.1K
$475.2K – $633.6K
NOI $38,016 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87508, NM
19,156
Population
7,782
Households
2.5
Avg Household Size
54
Median Age
50%
College-Educated
90%
High-School Grad
169.2 sq mi
ZIP Area
113
Density / Sq Mi
$96,767
Median Household Income
$43,595
Median Earnings
$1,502
Median Rent
$529,000
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - 2,000 SF industrial condo with loading dock and bay door.
Where is this flex space located?
The property is located at 36 Bisbee #E Santa Fe, NM.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: Convenient location with easy access to Highway 599, I‑25, and Highway 14.; Flexible 25ft clear‑span space suitable for distribution, manufacturing, storage, or warehouse/showrooms.; Includes both a 12ft grade‑level bay door and a loading dock with a 12ft rollup door.
