Flex Space with Loading
For Sale
$500,000
Pending
41 Bisbee Court, Santa Fe, NM 87507
CommercialSale, Santa Fe, NM
Property Size2,771 SF
Lot Size0.07 Acres
Days on Market278
Property Features for 41 Bisbee Court
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2
Parking features
Parking Lot, On Street
Directions
From Santa Fe, take Cerrillos Road to State Road 14, left at light, (Rancho Viejo Blvd) and then right on to Bisbee Court follow until you get to the Cul de Sac, 41 is the last building on the right. Unit B4 is the third unit from the right.
Standard status
Pending
APN
910011672
Size
2,771 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
per title binder
Legal Description
per title binder
Utilities
Water source
Public
Building Details
Year built
2006
Flooring type
Vinyl, Laminate, Concrete, Wood, Carpet
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
Shepler Commercial, LLC
(505) 982-7600
Listed By:
Damon Apodaca · License #48437
(505) 690-7943
Added: Nov 22, 2025
Changed: Aug 19
Last Checked: Aug 27 at 9:06AM
MLS# 202505174
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 2,771-square-foot flex property, completed in 2006, combines four offices with a reception area and a substantial rear work area. Two offices are positioned upstairs and two downstairs, with an upstairs bathroom featuring a shower and a downstairs kitchenette. The lower level also includes an ADA-compliant bathroom. Office areas have HVAC, while the work area is equipped with an evaporative cooler and gas space heater.
The rear workspace provides 23-foot ceilings, an overhead garage door, and a drive-up loading dock. Parking is available in front and behind the building, with additional on-street parking. The property is zoned C-2 and has public water service. Its Santa Fe location provides access to I-25, State Road 14, and 599.
The rear workspace provides 23-foot ceilings, an overhead garage door, and a drive-up loading dock. Parking is available in front and behind the building, with additional on-street parking. The property is zoned C-2 and has public water service. Its Santa Fe location provides access to I-25, State Road 14, and 599.
Key Highlights
- 2,771 SF flex property on 0.07 acres
- Four office spaces plus reception area, kitchenette, and two bathrooms
- Rear work area with 23‑foot ceilings and overhead garage door
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
$38,157
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
7.63%
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%
$763,140
$763.1K
Cap Rate 7%
$545,100
$545.1K
Cap Rate 9%
$423,967
$424.0K
Market Conditions
NOI Build-Up for 2,771 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
$59.9K $21.60/SF
− Vacancy
−$9.0K −$3.24/SF
EGI
$50.9K $18.36/SF
− OpEx
−$12.7K −$4.59/SF
NOI
$38.2K $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%
$763,140
Cap Rate 7%
$545,100
Cap Rate 9%
$423,967
Alternative Uses
Best Use
Office B
$545.1K
$477.0K – $636.0K
NOI $38,157 @ 7.0% cap · market cap 7.63%
Second Best
Flex RnD
$416.8K
$364.7K – $486.3K
NOI $29,179 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$752.4K
$658.4K – $877.9K
NOI $52,671 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23 ft
Clear height
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
187
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial space combines offices, a work area, parking, and live-work functionality within C-2 zoning.
Where is this flex space located?
The property is located at 41 Bisbee Court Santa Fe, NM.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 2,771 SF flex property on 0.07 acres; Four office spaces plus reception area, kitchenette, and two bathrooms; Rear work area with 23‑foot ceilings and overhead garage door
