Professional Office
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3600 RODEO LN, Santa Fe, NM 87507
C-1 office condominium with private offices, meeting space, and an open work area.
Property Size1,584 SF
Price / SF$220.96
Days on Market14
Property Features for 3600 RODEO LN
General Information
Standard status
Active
Size
1,584 SF
Property subtype
Office
Zoning
C-1
Building Details
Units
19
Listing Agency:
Barker Realty, LLC
(505) 399-0538
Listed By:
Neda Talebreza · License #50893
Source:
Crexi
Added: Jul 29
Changed: Aug 10
Last Checked: Aug 11 at 6:41AM
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.
This 1,584-square-foot office condominium is configured for professional operations, with two private offices, a conference room, and an open collaborative workspace. The layout supports a combination of individual work areas, meetings, and shared office functions within a well-maintained office complex.
The property is located at 3600 Rodeo Lane in Santa Fe, just off Rodeo Road. It is positioned near retail, medical, office, and financial services, with access to abundant parking and a high-traffic corridor. C-1 zoning provides the stated land-use designation for the property.
The property is located at 3600 Rodeo Lane in Santa Fe, just off Rodeo Road. It is positioned near retail, medical, office, and financial services, with access to abundant parking and a high-traffic corridor. C-1 zoning provides the stated land-use designation for the property.
Key Highlights
- 1,584‑square‑foot office condominium
- Two private offices plus a conference room
- Open collaborative workspace
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
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 - C-1 office condominium with private offices, meeting space, and an open work area.
Where is this office units located?
The property is located at 3600 RODEO LN 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‑foot office condominium; Two private offices plus a conference room; Open collaborative workspace
