Two-Building Community Shopping
New
For Sale
$7,000,000
4056 Cerrillos Road, Santa Fe, NM 87507
CommercialSale, Santa Fe, NM
Property Size43,739 SF
Lot Size3.81 Acres
Price / SF$160.04
Days on Market4
Property Features for 4056 Cerrillos Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
C-2
Zoning description
C-2 Community Commercial. Legal non-conforming use as to parking.
Parking
205
Parking features
Parking Lot
Directions
From downtown, take Cerrillos Road SW approximately 4.5 miles. Century Plaza is on the right at the northeast corner of Cerrillos Road and Rodeo Road, directly across Cerrillos from Santa Fe Place Mall, behind Century Bank. The monument sign at the Cerrillos Road entrance reads CENTURY PLAZA. From I-25, take exit 278 onto Cerrillos Road northbound and travel approximately 1.5 miles; the center is on the left at Rodeo Road. Curb cuts on both Cerrillos Road and Rodeo Road.
Standard status
Active
APN
940002511
Size
43,739 SF
Lot size
3.81 Acres
Taxes and HOA fees
Tax Description
Tract A, within projected Sections 5 & 8, T.16N., R.9E., as shown on the Plat of Survey Prepared for Century Bank of Tract A, Santa Fe, Santa Fe County, New Mexico, filed in the office of the County Clerk of Santa Fe County, New Mexico on October 12, 1993 in Plat Book 256, Page 031, and as shown on the Plat of Survey Prepared for Century Bank of Tracts A and A-1, City of Santa Fe, filed in Plat Book 270, Page 29, and intended to be TRACT A within Proj. Sections 5 & 8, T.16N., R.9E., City and County of Santa Fe, New Mexico. All as shown on plat of survey entitled ALTA/NSPS Survey Prepared for 4056 Cerrillos Road, Tract A, The Peters Corporation, within Sections 5 and 8, Township 16 North, Range 9 East, NMPM, City of Santa Fe, recorded October 29, 2018 in Plat Book 841, Pages 11-12, Instrument No. 1871222, records of Santa Fe County, New Mexico.
Legal Description
Tract A, within projected Sections 5 & 8, T.16N., R.9E., as shown on the Plat of Survey Prepared for Century Bank of Tract A, Santa Fe, Santa Fe County, New Mexico, filed in the office of the County Clerk of Santa Fe County, New Mexico on October 12, 1993 in Plat Book 256, Page 031, and as shown on the Plat of Survey Prepared for Century Bank of Tracts A and A-1, City of Santa Fe, filed in Plat Book 270, Page 29, and intended to be TRACT A within Proj. Sections 5 & 8, T.16N., R.9E., City and County of Santa Fe, New Mexico. All as shown on plat of survey entitled ALTA/NSPS Survey Prepared for 4056 Cerrillos Road, Tract A, The Peters Corporation, within Sections 5 and 8, Township 16 North, Range 9 East, NMPM, City of Santa Fe, recorded October 29, 2018 in Plat Book 841, Pages 11-12, Instrument No. 1871222, records of Santa Fe County, New Mexico.
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1994
Building materials
Block, Frame
Roof type
Membrane, Flat
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Added: Aug 31
Changed: Sep 2
Last Checked: Sep 3 at 12:06AM
MLS# 202603812
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.
Century Plaza comprises two buildings totaling 43,739 square feet on Cerrillos Road at Rodeo Road in Santa Fe. The primary building places retail and service shops on the ground level, with office and flex suites upstairs. A passenger elevator and two exterior stairways serve the second floor. The site also includes a separate 8,454-square-foot restaurant and brewery building, a 205-space surface parking area, flat membrane roofing, and block-and-frame construction with stucco exterior finishes.
The center has one access point from each bordering road, with reported daily traffic of 32,818 vehicles on Cerrillos Road and 22,228 on Rodeo Road. Dollar Tree occupies anchor space under a lease extending through February 2052. Ten leases cover 35,531 square feet, while 8,911 square feet is available across one ground-floor inline suite and three upper-level suites. C-2 Community Commercial zoning applies, and the property is identified as a legal non-conforming use for parking. The sale requires court and receiver approval.
The center has one access point from each bordering road, with reported daily traffic of 32,818 vehicles on Cerrillos Road and 22,228 on Rodeo Road. Dollar Tree occupies anchor space under a lease extending through February 2052. Ten leases cover 35,531 square feet, while 8,911 square feet is available across one ground-floor inline suite and three upper-level suites. C-2 Community Commercial zoning applies, and the property is identified as a legal non-conforming use for parking. The sale requires court and receiver approval.
Key Highlights
- 43,739‑square‑foot community retail center comprising two buildings
- Separate 8,454‑square‑foot restaurant and brewery building
- 205‑space surface parking lot with access from Cerrillos Road and Rodeo Road
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
$602,286
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
8.60%
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%
$12,045,720
$12.0M
Cap Rate 7%
$8,604,086
$8.6M
Cap Rate 9%
$6,692,067
$6.7M
Market Conditions
NOI Build-Up for 43,739 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
$944.8K $21.60/SF
− Vacancy
−$141.7K −$3.24/SF
EGI
$803.0K $18.36/SF
− OpEx
−$200.8K −$4.59/SF
NOI
$602.3K $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%
$12,045,720
Cap Rate 7%
$8,604,086
Cap Rate 9%
$6,692,067
Alternative Uses
Best Use
Office B
$8.60M
$7.53M – $10.04M
NOI $602,286 @ 7.0% cap · market cap 8.60%
Second Best
Retail
$7.92M
$6.93M – $9.24M
NOI $554,694 @ 7.0% cap · market cap 7.92%
Theoretical Best
Office A
$11.88M
$10.39M – $13.86M
NOI $831,391 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,153
Businesses Nearby
Well-served
Demand for This Use
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?
Shopping center - C-2-zoned center with retail, service, office, and flex suites near Santa Fe Place Mall.
Where is this shopping center located?
The property is located at 4056 Cerrillos Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: 43,739‑square‑foot community retail center comprising two buildings; Separate 8,454‑square‑foot restaurant and brewery building; 205‑space surface parking lot with access from Cerrillos Road and Rodeo Road
