Santa Fe Lofts Live/Work
For Sale
$261,000
3600 Cerrillos #1001, Santa Fe, NM 87507
Ground floor live/work unit with investment potential in Santa Fe.
Property Size1,332 SF
Price / SF$195.95
Days on Market344
Property Features for 3600 Cerrillos #1001
General Information
Standard status
Active
Size
1,332 SF
Property subtype
Commercial
Building Details
Year Built
1995
Listing Agency:
SHEPLER COMMERCIAL, LLC
(505) 982-7600
Listed By:
JOHN SHEPLER · License #8936
(505) 660-5650
Source:
Corcoran
Added: Sep 30, 2025
Changed: Sep 7
Last Checked: Sep 8 at 7:32AM
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 SHEPLER COMMERCIAL, LLC
Investment Insights
Based on property information with market context.
Located in Santa Fe, the Cerrillos Lofts offer a mix of live/work, residential, and commercial investment spaces. This ground floor, end-cap unit, with a size of 1332 square feet, has been used as investment real estate by the current owner. The property is currently occupied by four tenants, each with their own office. The current net operating income is approximately $12,263.00 plus utilities. The leases are currently month to month, providing flexibility for a new owner to either continue renting to the current tenants or use the space themselves. The Cerrillos Lofts has ample parking available. The Lofts in Santa Fe has always been a desirable spot for the Live/Work model, in fact it was conceived for that purpose.
Key Highlights
- Investment property with existing tenants and current NOI of approximately $12,263 plus utilities.
- Potential for increased rental income; market suggests each office could lease for $600/month.
- Flexibility to occupy the unit for live/work or other purposes due to month‑to‑month leases.
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
$18,342
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
7.03%
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%
$366,840
$366.8K
Cap Rate 7%
$262,029
$262.0K
Cap Rate 9%
$203,800
$203.8K
Market Conditions
NOI Build-Up for 1,332 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
$28.8K $21.60/SF
− Vacancy
−$4.3K −$3.24/SF
EGI
$24.5K $18.36/SF
− OpEx
−$6.1K −$4.59/SF
NOI
$18.3K $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%
$366,840
Cap Rate 7%
$262,029
Cap Rate 9%
$203,800
Alternative Uses
Best Use
Office B
$262.0K
$229.3K – $305.7K
NOI $18,342 @ 7.0% cap · market cap 7.03%
Second Best
Mixed Use
$177.1K
$154.9K – $206.6K
NOI $12,394 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$361.7K
$316.5K – $422.0K
NOI $25,319 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Ground floor live/work unit with investment potential in Santa Fe.
Where is this live-work space located?
The property is located at 3600 Cerrillos #1001 Santa Fe, NM.
What is the asking price?
The asking price for this property is $261,000.
What are key features of this property?
This property features: Investment property with existing tenants and current NOI of approximately $12,263 plus utilities.; Potential for increased rental income; market suggests each office could lease for $600/month.; Flexibility to occupy the unit for live/work or other purposes due to month‑to‑month leases.
