Professional Office
For Sale
$350,000
Pending
3600 Rodeo Lane, Santa Fe, NM 87507
CommercialSale, Santa Fe, NM
Property Size1,584 SF
Lot Size0.04 Acres
Days on Market37
Property Features for 3600 Rodeo Lane
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Parking features
Parking Lot
Directions
From Cerrillos Road, head east on Rodeo Road approximately 0.8 miles. Turn right onto Rodeo Lane, turn right into 3600 Rodeo Ln.
Standard status
Pending
APN
910008924
Size
1,584 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Description
Per Title Company
Legal Description
Per Title Company
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2004
Building materials
Frame
Roof type
Flat
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Neda Talebreza · License #50893
(505) 681-3870
Added: Jul 24
Changed: Aug 19
Last Checked: Aug 29 at 10:06AM
MLS# 202603063
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 office condominium at 3600 Rodeo Lane provides 1,584 square feet for professional operations. The layout includes two private offices, a conference room, and an open collaborative area, offering a combination of enclosed and shared workspace. The building was constructed in 2004 with frame construction and a flat roof.
The property is positioned just off Rodeo Road in Santa Fe, with access to a parking lot and proximity to retail, medical, office, and financial services. Public water and public sewer serve the property. C-1 zoning and the existing office configuration support a range of professional office applications, including legal, accounting, insurance, advisory, consulting, and wellness-related practices.
The property is positioned just off Rodeo Road in Santa Fe, with access to a parking lot and proximity to retail, medical, office, and financial services. Public water and public sewer serve the property. C-1 zoning and the existing office configuration support a range of professional office applications, including legal, accounting, insurance, advisory, consulting, and wellness-related practices.
Key Highlights
- 1,584 square feet of office condominium space
- Two private offices, conference room, and open collaborative workspace
- C‑1 zoning
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
$21,812
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
6.23%
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%
$436,240
$436.2K
Cap Rate 7%
$311,600
$311.6K
Cap Rate 9%
$242,356
$242.4K
Market Conditions
NOI Build-Up for 1,584 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
$34.2K $21.60/SF
− Vacancy
−$5.1K −$3.24/SF
EGI
$29.1K $18.36/SF
− OpEx
−$7.3K −$4.59/SF
NOI
$21.8K $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%
$436,240
Cap Rate 7%
$311,600
Cap Rate 9%
$242,356
Alternative Uses
Best Use
Office B
$311.6K
$272.7K – $363.5K
NOI $21,812 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$430.1K
$376.4K – $501.8K
NOI $30,109 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
869
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?
Office units - C-1-zoned workspace with private offices, meeting space, and an adaptable open work area.
Where is this office units located?
The property is located at 3600 Rodeo Lane 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: 1,584 square feet of office condominium space; Two private offices, conference room, and open collaborative workspace; C‑1 zoning
