Ground-Floor Corner Live-Work
For Sale
$395,000
3600 Cerrillos Road, Santa Fe, NM 87507
COMMERCIAL - Contemporary - Santa Fe, NM
Property Size1,395 SF
Price / SF$283.15
Days on Market52
Property Features for 3600 Cerrillos Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2
Interior features
NoInteriorSteps
Accessibility
Accessible Approach with Ramp
Elementary school
Kearney
Middle school
Milagro
High school
Santa Fe
Directions
From Cerrillos Rd Look for the Best Western Hotel. The Cerrillos Road Lofts are located behind the hotel. Unit 501 is the far end of the complex in the middle building.
Standard status
Active
APN
990001404
Size
1,395 SF
Taxes and HOA fees
Tax Description
UNIT 501, .028 AC, THE LOFTS CONDOMINIUM, S5 T16N R 9E Acres: 0.0000
HOA Fee
$469 Monthly
Legal Description
UNIT 501, .028 AC, THE LOFTS CONDOMINIUM, S5 T16N R 9E Acres: 0.0000
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
outdoor patio
garden
Building Details
Year built
1995
Roof type
Flat, Tar/Gravel
Architectural style
Contemporary
Listing Agency:
Realty One of Santa Fe
(505) 257-9123
Listed By:
Theresa Shrader · License #49724
(505) 930-7070
Added: Jul 6
Changed: Aug 4
Last Checked: Aug 26 at 1:06PM
MLS# 202602992
Copyright © 2026 Santa Fe Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This contemporary live-work space is set up as a condominium work-live community. The property is currently configured with 3 units rented, while 2 units have been combined and are empty. Additional flexibility may be available with 4 units, with the possibility for 5. The layout is described as a ground-floor corner unit with no interior steps, and an accessible approach with ramp.
Heating is forced air with natural gas, and cooling is provided by central air. The back unit includes private access to an outdoor patio surrounded by well-kept garden space. Utilities are supported by public water and public sewer. The property was built in 1995 and features a flat tar/gravel roof.
Zoned C-2, the offering is located at 3600 Cerrillos Road in Santa Fe, New Mexico (87507).
Heating is forced air with natural gas, and cooling is provided by central air. The back unit includes private access to an outdoor patio surrounded by well-kept garden space. Utilities are supported by public water and public sewer. The property was built in 1995 and features a flat tar/gravel roof.
Zoned C-2, the offering is located at 3600 Cerrillos Road in Santa Fe, New Mexico (87507).
Key Highlights
- C‑2 zoned live‑work community configured as 3 units rented; 2 combined units are empty
- Ground‑floor corner unit with no interior steps and an accessible approach with ramp
- Back unit has private access to an outdoor patio with well‑kept garden space
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
$19,209
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
4.86%
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%
$384,180
$384.2K
Cap Rate 7%
$274,414
$274.4K
Cap Rate 9%
$213,433
$213.4K
Market Conditions
NOI Build-Up for 1,395 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
$30.1K $21.60/SF
− Vacancy
−$4.5K −$3.24/SF
EGI
$25.6K $18.36/SF
− OpEx
−$6.4K −$4.59/SF
NOI
$19.2K $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%
$384,180
Cap Rate 7%
$274,414
Cap Rate 9%
$213,433
Alternative Uses
Best Use
Office B
$274.4K
$240.1K – $320.2K
NOI $19,209 @ 7.0% cap · market cap 4.86%
Second Best
Mixed Use
$185.4K
$162.3K – $216.3K
NOI $12,980 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$378.8K
$331.5K – $441.9K
NOI $26,516 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
942
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
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Frequently Asked Questions
What type of property is this?
Live-work space - Ground-floor corner unit in a C-2 live-work community with central air, forced-air natural gas heat, and ramp accessibility.
Where is this live-work space located?
The property is located at 3600 Cerrillos Road 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: C‑2 zoned live‑work community configured as 3 units rented; 2 combined units are empty; Ground‑floor corner unit with no interior steps and an accessible approach with ramp; Back unit has private access to an outdoor patio with well‑kept garden space
