Mixed-Use Arts Hospitality
For Sale
$1,599,000
4 N Chamisa Dr, Santa Fe, NM 87508
Extensively renovated building with a front gallery/event space, apartments, and private art studios.
Property Size4,815 SF
Lot Size2.32 Acres
Price / SF$332.09
Days on Market75
Property Features for 4 N Chamisa Dr
General Information
Standard status
Active
Size
4,815 SF
Lot size
2.32 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Multifamily Units
5
Listing Agency:
Berkshire Hathaway HomeService
(505) 690-2175
Listed By:
Mark Rochester · License #20707
(505) 690-2175
Source:
Exprealty
Added: Jun 16
Changed: Aug 20
Last Checked: Aug 28 at 4:24PM
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 Berkshire Hathaway HomeService
Investment Insights
Based on property information with market context.
This extensively renovated mixed-use building combines an arts-centered hospitality setup with residential and studio space. The property includes a front-of-house gallery/event space, five contemporary residential apartments, and five private art studios. It is currently operated as a gallery-centered artist residency campus with lodging and dedicated studio space for visiting artists.
The building is located in the Eldorado area of Santa Fe with direct access and visibility along U.S. Highway 285. The property sits on 2.32± acres and is offered as both real property and an operating business concept. The sale includes the underlying real property and the operating model/infrastructure, with the note that the Jenn Tough Gallery name, branding, and associated online assets are not included; the buyer will operate under a new business name and branding.
The mixed-use configuration supports ongoing gallery-and-lodging operations along with the included studio facilities, providing a diversified layout for events and curated experiences within the current residency model.
The building is located in the Eldorado area of Santa Fe with direct access and visibility along U.S. Highway 285. The property sits on 2.32± acres and is offered as both real property and an operating business concept. The sale includes the underlying real property and the operating model/infrastructure, with the note that the Jenn Tough Gallery name, branding, and associated online assets are not included; the buyer will operate under a new business name and branding.
The mixed-use configuration supports ongoing gallery-and-lodging operations along with the included studio facilities, providing a diversified layout for events and curated experiences within the current residency model.
Key Highlights
- 4,815± SF building on 2.32± acres with direct access and visibility along U.S. Highway 285 in the Eldorado area of Santa Fe
- Mixed‑use setup includes front‑of‑house gallery/event space, five residential apartments, and five private art studios
- Property operates as a gallery‑centered artist residency campus with 1–2 week stays for visiting artists
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
$66,064
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
4.13%
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%
$1,321,280
$1.3M
Cap Rate 7%
$943,771
$943.8K
Cap Rate 9%
$734,044
$734.0K
Market Conditions
NOI Build-Up for 4,815 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
$125.4K $26.04/SF
− Vacancy
−$5.3K −$1.09/SF
EGI
$120.1K $24.95/SF
− OpEx
−$54.1K −$11.23/SF
NOI
$66.1K $13.72/SF
Area
Santa Fe County, NM
Vacancy
4.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,321,280
Cap Rate 7%
$943,771
Cap Rate 9%
$734,044
Alternative Uses
Best Use
Apartment 5plus
$943.8K
$825.8K – $1.10M
NOI $66,064 @ 7.0% cap · market cap 4.13%
Second Best
Hotel Hospitality
$431.3K
$377.4K – $503.2K
NOI $30,190 @ 7.0% cap · market cap 1.89%
Theoretical Best
Office A
$1.31M
$1.14M – $1.53M
NOI $91,524 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87508, NM
19,156
Population
7,782
Households
2.5
Avg Household Size
54
Median Age
50%
College-Educated
90%
High-School Grad
169.2 sq mi
ZIP Area
113
Density / Sq Mi
$96,767
Median Household Income
$43,595
Median Earnings
$1,502
Median Rent
$529,000
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Bed & breakfast - Extensively renovated building with a front gallery/event space, apartments, and private art studios.
Where is this bed & breakfast located?
The property is located at 4 N Chamisa Dr Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 4,815± SF building on 2.32± acres with direct access and visibility along U.S. Highway 285 in the Eldorado area of Santa Fe; Mixed‑use setup includes front‑of‑house gallery/event space, five residential apartments, and five private art studios; Property operates as a gallery‑centered artist residency campus with 1–2 week stays for visiting artists
