Mixed-Use Arts Residency
For Sale
$1,599,000
4 N Chamisa, Santa Fe, NM 87508
CommercialSale, Santa Fe, NM
Property Size4,815 SF
Lot Size2.09 Acres
Price / SF$332.09
Days on Market72
Property Features for 4 N Chamisa
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial Neighborhood(CN)
Parking
13
Parking features
Parking Lot
Directions
I-25 and HWY 285. 285 South to Alma. East on Alma. North on North Chamisa.
Standard status
Active
APN
129209977
Size
4,815 SF
Lot size
2.09 Acres
Taxes and HOA fees
Tax Description
T15N R10E S16, BISHOP JOHN LAMY GRANT, CIMARRON S/D, LOT 17-A, 2.09 AC
Legal Description
T15N R10E S16, BISHOP JOHN LAMY GRANT, CIMARRON S/D, LOT 17-A, 2.09 AC
Utilities
Sewer type
Septic Tank
Building Details
Year built
1997
Roof type
Flat, Membrane
Listing Agency:
Berkshire Hathaway HomeService
(505) 982-0330
Listed By:
Mark Rochester · License #20707
(505) 690-2175
Added: Jun 16
Changed: Aug 19
Last Checked: Aug 26 at 1:06AM
MLS# 202602536
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 mixed-use property contains 4,815 square feet configured for an arts and hospitality operation. The improvements include a front gallery and event area, five residential apartments, and five private art studios. The building was constructed in 1997 and features a flat membrane roof, septic tank service, and a dedicated parking lot.
Positioned along U.S. Highway 285 in Santa Fe, the property offers direct highway access and visibility. The real estate includes the physical infrastructure for the existing gallery-centered artist residency concept; the current business name, entity, branding, websites, and other online assets are excluded from the sale.
Positioned along U.S. Highway 285 in Santa Fe, the property offers direct highway access and visibility. The real estate includes the physical infrastructure for the existing gallery-centered artist residency concept; the current business name, entity, branding, websites, and other online assets are excluded from the sale.
Key Highlights
- 4,815 SF mixed‑use building on 2.09 acres
- Five residential apartments and five private art studios
- Gallery and event space included in the layout
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
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
29
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated campus combines gallery, event, residential, and private studio spaces along U.S. Highway 285.
Where is this mixed-use property 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 mixed‑use building on 2.09 acres; Five residential apartments and five private art studios; Gallery and event space included in the layout
