School Property with Detached
For Sale
$995,000
400 Brunn School Road, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size4,560 SF
Lot Size2.16 Acres
Price / SF$218.20
Days on Market174
Property Features for 400 Brunn School Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-1, 2, 3, 4, 5, 6
Parking
5
Directions
South on Brunn School Road to the sign on the left that says The Tutorial School
Standard status
Active
APN
11320448
Size
4,560 SF
Lot size
2.16 Acres
Taxes and HOA fees
Tax Description
T17N R9E S35, TRACT B, 2.160 AC~
Legal Description
T17N R9E S35, TRACT B, 2.160 AC~
Utilities
Sewer type
Public Sewer
Water source
Well
Building Details
Year built
1980
Building materials
Adobe, Frame
Roof type
Metal
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Tara P. Woodruff · License #51489
(505) 382-1110
Added: Mar 2
Changed: Aug 19
Last Checked: Aug 23 at 1:06PM
MLS# 202600757
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.
Located at 400 Brunn School Road in Santa Fe, this school property contains approximately 4,560 square feet across a 3,060-square-foot main building and a detached 1,500-square-foot casita and studio. The improvements date to 1980 and include adobe and frame construction, a metal roof, well water, and public sewer service.
The 2.16-acre site carries R-1, 2, 3, 4, 5, and 6 zoning and is described as allowing up to 8 residential units, including 2 designated as affordable housing. Existing buildings and the detached structure provide a basis for adaptive reuse, residential conversion, or phased site planning, subject to applicable approvals.
The 2.16-acre site carries R-1, 2, 3, 4, 5, and 6 zoning and is described as allowing up to 8 residential units, including 2 designated as affordable housing. Existing buildings and the detached structure provide a basis for adaptive reuse, residential conversion, or phased site planning, subject to applicable approvals.
Key Highlights
- 2.16‑acre property at 400 Brunn School Road, Santa Fe, NM 87505
- Approximately 4,560 square feet across two structures
- Main building measures approximately 3,060 square feet
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
$62,565
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
6.29%
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%
$1,251,300
$1.3M
Cap Rate 7%
$893,786
$893.8K
Cap Rate 9%
$695,167
$695.2K
Market Conditions
NOI Build-Up for 4,560 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
$118.7K $26.04/SF
− Vacancy
−$5.0K −$1.09/SF
EGI
$113.8K $24.95/SF
− OpEx
−$51.2K −$11.23/SF
NOI
$62.6K $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%
$1,251,300
Cap Rate 7%
$893,786
Cap Rate 9%
$695,167
Alternative Uses
Best Use
Apartment 5plus
$893.8K
$782.1K – $1.04M
NOI $62,565 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,676 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,149
Businesses Nearby
Explore this area
Business Placement
Demographics for 87505, NM
32,078
Population
18,733
Households
1.7
Avg Household Size
52
Median Age
54%
College-Educated
94%
High-School Grad
65.1 sq mi
ZIP Area
493
Density / Sq Mi
$75,912
Median Household Income
$41,169
Median Earnings
$1,348
Median Rent
$484,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
School - Former school campus with separate living and studio space, residential zoning, and public sewer service.
Where is this school located?
The property is located at 400 Brunn School Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2.16‑acre property at 400 Brunn School Road, Santa Fe, NM 87505; Approximately 4,560 square feet across two structures; Main building measures approximately 3,060 square feet
