Mixed-Use Arts Residency
For Sale
$1,599,000
4 N Chamisa, Santa Fe, NM 87508
Extensively renovated campus combines gallery, private art studios, and residential apartments with direct Highway 285 access.
Property Size4,815 SF
Lot Size2.32 Acres
Price / SF$332.09
Days on Market66
Property Features for 4 N Chamisa
General Information
Standard status
Active
Size
4,815 SF
Lot size
2.32 Acres
Property subtype
Mixed Use
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Multifamily Units
5
Building Details
Year Built
1997
Listing Agency:
Berkshire Hathaway HomeService
(505) 690-2175
Listed By:
Mark Rochester · License #20707
(505) 690-2175
Source:
Xome
Added: Jun 3
Changed: Jul 10
Last Checked: Aug 6 at 5:36AM
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.
Extensively renovated and thoughtfully configured, this 4,815± SF building is offered together with the operating business behind a mixed-use arts-hospitality concept. The property is set up as a gallery-centered artist residency campus, with a front-of-house gallery/event space, five contemporary residential apartments, and five private art studios designed for visiting artists. The current model supports 1–2 week stays, combining lodging with dedicated studio space. The sale includes the underlying real property and the operating model/infrastructure; the Jenn Tough Gallery name, branding, and associated online assets are not included, and the buyer will operate under a new business name and branding.
Located in the Eldorado area of Santa Fe, the property provides direct access and visibility along U.S. Highway 285. The site totals 2.32± acres, supporting a self-contained live/work and presentation layout that can accommodate ongoing programming.
For an operator or investor seeking an arts-focused lodging and studio concept, the existing mix of event-ready gallery space, on-site apartments, and private studios provides a turnkey foundation for residency stays. The mixed-use layout may also support other curated programming or use paths, depending on zoning, permitting, and/or variances, including a boutique BnB, a hospitality retreat, or alternative longer-term apartment configurations.
Located in the Eldorado area of Santa Fe, the property provides direct access and visibility along U.S. Highway 285. The site totals 2.32± acres, supporting a self-contained live/work and presentation layout that can accommodate ongoing programming.
For an operator or investor seeking an arts-focused lodging and studio concept, the existing mix of event-ready gallery space, on-site apartments, and private studios provides a turnkey foundation for residency stays. The mixed-use layout may also support other curated programming or use paths, depending on zoning, permitting, and/or variances, including a boutique BnB, a hospitality retreat, or alternative longer-term apartment configurations.
Key Highlights
- 4,815± SF building on 2.32± acres, built in 1997, operated as a gallery‑centered artist residency campus
- Mixed‑use setup includes front‑of‑house gallery/event space, five contemporary residential apartments, and five private art studios
- Direct access and visibility along U.S. Highway 285 in the Eldorado area of Santa Fe
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
$66,303
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
4.15%
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%
$1,326,060
$1.3M
Cap Rate 7%
$947,186
$947.2K
Cap Rate 9%
$736,700
$736.7K
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
$104.0K $21.60/SF
− Vacancy
−$15.6K −$3.24/SF
EGI
$88.4K $18.36/SF
− OpEx
−$22.1K −$4.59/SF
NOI
$66.3K $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%
$1,326,060
Cap Rate 7%
$947,186
Cap Rate 9%
$736,700
Alternative Uses
Best Use
Office B
$947.2K
$828.8K – $1.11M
NOI $66,303 @ 7.0% cap · market cap 4.15%
Second Best
Apartment 5plus
$943.8K
$825.8K – $1.10M
NOI $66,064 @ 7.0% cap · market cap 4.13%
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
826
Businesses Nearby
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Extensively renovated campus combines gallery, private art studios, and residential apartments with direct Highway 285 access.
Where is this apartment building located?
The property is located at 4 N Chamisa 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, built in 1997, operated as a gallery‑centered artist residency campus; Mixed‑use setup includes front‑of‑house gallery/event space, five contemporary residential apartments, and five private art studios; Direct access and visibility along U.S. Highway 285 in the Eldorado area of Santa Fe
