Live-Work Condo with Office
3600 Cerrillos Road #501, Santa Fe, NM 87507
For Sale
$350,000
A ground-level condominium pairs a classroom with office space and has two distinct entry points.
Property Size1,195 SF
Price / SF$292.89
Days on Market127
Property Features for 3600 Cerrillos Road #501
General Information
Standard status
Size
Property subtype
Additional Details
Floor
Tenant in Place
Property Use
Building Details
Year Built
Listing Agency:
Coldwell Banker Mountain Prop
(505) 988-7285
Listed By:
Theresa Shrader · License NM #49724
(505) 930-7070
Source:
1stclassrealtyofsantafe
Added: Jul 6
Changed: Nov 8
Last Checked: Nov 9 at 4:50AM
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 Coldwell Banker Mountain Prop
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Investment Insights
Based on property information with market context.
This 1995 ground-floor condominium is arranged on one level, with three private offices, a classroom, and one bathroom. The classroom could be divided into two more offices. Two of the existing offices are rented, and the interior partitions are non-load-bearing. Windows bring natural light into the space, while two entrances offer separate points of entry.
The property sits among mature foliage, landscaped grounds, and walking paths. Shopping, dining, and other amenities are nearby. Its live-work classification and existing office layout support a range of potential configurations.
The property sits among mature foliage, landscaped grounds, and walking paths. Shopping, dining, and other amenities are nearby. Its live-work classification and existing office layout support a range of potential configurations.
Key Highlights
- Three private offices and a classroom that could be split into two additional offices
- Two offices are currently rented
- Two separate entrances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,455
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
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
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 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 4.70%
Second Best
Mixed Use
$158.8K
$139.0K – $185.3K
NOI $11,119 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$324.5K
$283.9K – $378.6K
NOI $22,715 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
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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
$333,300
Median Home Value
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Market
Average Price Trend$/SF for Live-work space in Santa Fe, NM
Properties on Market for Live-work space in Santa Fe
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Live-work space - A ground-level condominium pairs a classroom with office space and has two distinct entry points.
Where is this live-work space located?
The property is located at 3600 Cerrillos Road #501 Santa Fe, NM.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three private offices and a classroom that could be split into two additional offices; Two offices are currently rented; Two separate entrances
