Single-Level Live-Work
For Sale
$229,900
3600 Cerrillos #401B, Santa Fe, NM 87507
Southwest-facing condo with three entrances, a full bath, kitchen, laundry, and parking for two vehicles.
Property Size624 SF
Price / SF$368.43
Days on Market45
Property Features for 3600 Cerrillos #401B
General Information
Standard status
Active
Size
624 SF
Total Parking Spaces
2
Property subtype
Commercial
Amenities
three separate entrances
in-unit laundry
custom closet shelving
Murphy bed
Hunter Douglas blinds
mini-split system
community dog park
Building Details
Year Built
2001
Listing Agency:
Logic Real Estate
(505) 310-4929
Listed By:
Rachael Baca · License #6080
Source:
Lisaharris-realestate
Added: Jul 19
Changed: Aug 31
Last Checked: Aug 31 at 1:12PM
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 Logic Real Estate
Investment Insights
Based on property information with market context.
Located at 3600 Cerrillos #401B in Santa Fe, this 624 SF live-work condo offers a single-level layout with southwest exposure. The interior combines a functional kitchen with Thomasville cabinetry, a full bathroom, in-unit laundry, custom closet shelving, and a Murphy bed. Hunter Douglas blinds and a mini-split system add practical comfort features, while three separate entrances support flexible access for living, office, studio, or business use.
Built in 2001, the property includes parking for two vehicles and access to a community dog park. The Lofts setting also provides a low-maintenance ownership arrangement, with HOA dues covering common-area maintenance, exterior building maintenance, insurance, and roof maintenance.
Built in 2001, the property includes parking for two vehicles and access to a community dog park. The Lofts setting also provides a low-maintenance ownership arrangement, with HOA dues covering common-area maintenance, exterior building maintenance, insurance, and roof maintenance.
Key Highlights
- 624 SF southwest‑facing live‑work condo
- Three separate entrances support flexible access
- 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
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 - Southwest-facing condo with three entrances, a full bath, kitchen, laundry, and parking for two vehicles.
Where is this live-work space located?
The property is located at 3600 Cerrillos #401B 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 SF southwest‑facing live‑work condo; Three separate entrances support flexible access; Thomasville cabinetry, full bath, and in‑unit laundry
