Office Condominium with Handicapped
For Sale
$350,000
3600 Rodeo Lane, Santa Fe, NM 87507
Office condominium unit C3 with paved parking, two private offices, and a conference room plus open collaborative workspace.
Property Size1,584 SF
Price / SF$220.96
Days on Market25
Property Features for 3600 Rodeo Lane
General Information
Standard status
Active
Size
1,584 SF
Property subtype
Office
Amenities
Parking.
Paved Driveway, Lot.
Handicapped Access.
Building Details
Year Built
2004
Listing Agency:
Barker Realty, LLC
(505) 681-3870
Listed By:
Neda Talebreza · License #50893
(505) 681-3870
Source:
Xome
Added: Jul 18
Changed: Aug 8
Last Checked: Aug 11 at 5:47AM
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 Barker Realty, LLC
Investment Insights
Based on property information with market context.
Professional office condominium unit C3 offers a versatile interior designed for client-facing work and everyday collaboration. The layout includes two private offices, a conference room, and an open collaborative workspace, supported by a clean, well-maintained office environment.
Located just off Rodeo Road in a high-traffic corridor, the unit provides convenient access to major retail, medical, office, and financial services. The exterior includes paved driveway/parking on the lot and handicapped access.
Built in 2004, the unit totals 1,584 SF and is part of an established office complex with on-site parking, supporting a range of professional office users.
Located just off Rodeo Road in a high-traffic corridor, the unit provides convenient access to major retail, medical, office, and financial services. The exterior includes paved driveway/parking on the lot and handicapped access.
Built in 2004, the unit totals 1,584 SF and is part of an established office complex with on-site parking, supporting a range of professional office users.
Key Highlights
- Office condominium unit C3
- 1,584 SF office unit
- Built in 2004
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
$21,914
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
6.26%
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%
$438,280
$438.3K
Cap Rate 7%
$313,057
$313.1K
Cap Rate 9%
$243,489
$243.5K
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
$39.9K $25.20/SF
− Vacancy
−$3.4K −$2.14/SF
EGI
$36.5K $23.06/SF
− OpEx
−$14.6K −$9.22/SF
NOI
$21.9K $13.83/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$438,280
Cap Rate 7%
$313,057
Cap Rate 9%
$243,489
Alternative Uses
Best Use
Healthcare Medical
$313.1K
$273.9K – $365.2K
NOI $21,914 @ 7.0% cap · market cap 6.26%
Second Best
Office B
$311.6K
$272.7K – $363.5K
NOI $21,812 @ 7.0% cap · market cap 6.23%
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
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Frequently Asked Questions
What type of property is this?
Office units - Office condominium unit C3 with paved parking, two private offices, and a conference room plus open collaborative workspace.
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: Office condominium unit C3; 1,584 SF office unit; Built in 2004
