Single-Level Live-Work
For Sale
$229,900
3600 Cerrillos, Santa Fe, NM 87507
CommercialSale, Santa Fe, NM
Property Size624 SF
Lot Size0.03 Acres
Price / SF$368.43
Days on Market42
Property Features for 3600 Cerrillos
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Interior features
NoInteriorSteps
Subdivision
Lofts at Cerrillos
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 401 is the far end of the complex, closest to The Alameda towards the back. Please review the pin placement on the map.
Standard status
Active
APN
910001258
Size
624 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
CONDOMINIUMS T16N R 9E S5 UNIT 401 B THE LOFTS
HOA Fee
$245 Monthly
Legal Description
CONDOMINIUMS T16N R 9E S5 UNIT 401 B THE LOFTS
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Public
Amenities
in-unit laundry
community dog park
Building Details
Year built
2001
Flooring type
Carpet, Concrete
Building materials
Frame, Stucco
Architectural style
Contemporary
Listing Agency:
Logic Real Estate
(505) 820-7000
Listed By:
Rachael L. Baca · License #44829
(505) 310-4929
Added: Jul 16
Changed: Aug 19
Last Checked: Aug 26 at 1:06AM
MLS# 202603162
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 624-square-foot live-work condominium is arranged on one level with three separate entry points and no interior steps. The unit includes a kitchen with Thomasville cabinetry, a full bathroom, in-unit laundry, custom closet storage, and a Murphy bed. Concrete and carpet flooring, ductless heating and cooling, and Hunter Douglas window coverings are among the interior improvements. Built in 2001 with frame and stucco construction, the property also includes parking for two vehicles.
The unit is served by public water and public sewer. C-1 zoning supports its commercial classification, while the combination of residential and workspace features accommodates professional office, studio, or live-work use as described for the property. Community amenities include a dog park, and HOA coverage includes common-area, exterior-building, insurance, and roof maintenance.
The unit is served by public water and public sewer. C-1 zoning supports its commercial classification, while the combination of residential and workspace features accommodates professional office, studio, or live-work use as described for the property. Community amenities include a dog park, and HOA coverage includes common-area, exterior-building, insurance, and roof maintenance.
Key Highlights
- 624 square feet with a single‑level layout and no interior steps
- C‑1 zoning with three separate entrances
- Kitchen with Thomasville cabinetry, full bath, and in‑unit laundry
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
$8,592
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
3.74%
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%
$171,840
$171.8K
Cap Rate 7%
$122,743
$122.7K
Cap Rate 9%
$95,467
$95.5K
Market Conditions
NOI Build-Up for 624 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
$13.5K $21.60/SF
− Vacancy
−$2.0K −$3.24/SF
EGI
$11.5K $18.36/SF
− OpEx
−$2.9K −$4.59/SF
NOI
$8.6K $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%
$171,840
Cap Rate 7%
$122,743
Cap Rate 9%
$95,467
Alternative Uses
Best Use
Office B
$122.7K
$107.4K – $143.2K
NOI $8,592 @ 7.0% cap · market cap 3.74%
Second Best
Mixed Use
$82.9K
$72.6K – $96.8K
NOI $5,806 @ 7.0% cap · market cap 2.53%
Theoretical Best
Office A
$169.4K
$148.3K – $197.7K
NOI $11,861 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - C-1-zoned unit combines a kitchen, full bath, laundry, and flexible work or studio functionality.
Where is this live-work space located?
The property is located at 3600 Cerrillos Santa Fe, NM.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 624 square feet with a single‑level layout and no interior steps; C‑1 zoning with three separate entrances; Kitchen with Thomasville cabinetry, full bath, and in‑unit laundry
