Ground-Floor Live-Work
For Sale
$395,000
3600 Cerrillos Rd, Santa Fe, NM 87507
Corner-positioned space includes private outdoor access and landscaped garden surroundings.
Property Size1,195 SF
Price / SF$330.54
Days on Market54
Property Features for 3600 Cerrillos Rd
General Information
Standard status
Active
Size
1,195 SF
Property subtype
Commercial
Additional Details
Multifamily Units
4
Building Details
Year Built
1995
Listing Agency:
Corcoran Plaza Properties/Wash
(505) 594-9586
Listed By:
Brian Tercero
(505) 594-9586
Source:
Mrsantaferealestate
Added: Jul 10
Changed: Aug 31
Last Checked: Aug 31 at 3:21PM
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 Corcoran Plaza Properties/Wash
Investment Insights
Based on property information with market context.
This 1,195-square-foot condominium occupies a ground-floor corner position within a live-work community. The property was built in 1995 and offers a flexible configuration suited to combined commercial and residential use. Existing space includes multiple units, with three currently rented and two joined units vacant.
A private entrance from the rear portion leads to an outdoor patio bordered by maintained garden areas. The property is located at 3600 Cerrillos Rd in Santa Fe, providing an established setting for a live-work condominium with adaptable interior arrangements.
A private entrance from the rear portion leads to an outdoor patio bordered by maintained garden areas. The property is located at 3600 Cerrillos Rd in Santa Fe, providing an established setting for a live-work condominium with adaptable interior arrangements.
Key Highlights
- 1,195 SF ground‑floor condominium
- Corner‑unit position within a live‑work community
- Three units currently rented
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
$16,455
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
4.17%
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%
$329,100
$329.1K
Cap Rate 7%
$235,071
$235.1K
Cap Rate 9%
$182,833
$182.8K
Market Conditions
NOI Build-Up for 1,195 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
$25.8K $21.60/SF
− Vacancy
−$3.9K −$3.24/SF
EGI
$21.9K $18.36/SF
− OpEx
−$5.5K −$4.59/SF
NOI
$16.5K $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%
$329,100
Cap Rate 7%
$235,071
Cap Rate 9%
$182,833
Alternative Uses
Best Use
Office B
$235.1K
$205.7K – $274.3K
NOI $16,455 @ 7.0% cap · market cap 4.17%
Second Best
Mixed Use
$158.8K
$139.0K – $185.3K
NOI $11,119 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$324.5K
$283.9K – $378.6K
NOI $22,715 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
Explore this area
Business Placement
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 Office 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?
Live-work space - Corner-positioned space includes private outdoor access and landscaped garden surroundings.
Where is this live-work space located?
The property is located at 3600 Cerrillos Rd Santa Fe, NM.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 1,195 SF ground‑floor condominium; Corner‑unit position within a live‑work community; Three units currently rented
