Renovated Restaurant
For Sale
Contact for pricing
4246 Cerrillos Road, Santa Fe, NM 87507
Second-generation sit-down restaurant with extensive parking and direct access from Cerrillos Road and the adjacent mall.
Property Size6,488 SF
Lot Size1.52 Acres
Price / SF$299.94
Days on Market15
Property Features for 4246 Cerrillos Road
General Information
Standard status
Active
Size
6,488 SF
Total Parking Spaces
69
Lot size
1.52 Acres
Property subtype
Retail
Zoning
SC3 - Planned Shopping District (Regional)
Lease Type
Absolute Net
Additional Details
Road Access
Yes
Building Details
Year Built
1997
Year Renovated
2022
Buildings
1
Tenancy
Single
Listing Agency:
Resolut RE Albuquerque
(505) 337-0777
Listed By:
Austin Tidwell · License #NM #49789 AB
Source:
Crexi
Added: Jul 28
Changed: Aug 4
Last Checked: Aug 11 at 7:10PM
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 Resolut RE Albuquerque
Investment Insights
Based on property information with market context.
This 6,488-square-foot conventional restaurant occupies a 1.52-acre outparcel within the Santa Fe Place Mall trade area. Built in 1997 and fully renovated in 2022, the second-generation sit-down restaurant offers an established building format for continued restaurant use. The property is zoned SC3 - Planned Shopping District (Regional).
Access is available from Cerrillos Road, with an additional route through the mall to Rodeo Drive. An oversized parking area provides a ratio exceeding 10:1, supporting the restaurant layout and customer access. The property is located south of Plaza Santa Fe and San Isidro Plaza, along a retail corridor identified in the source information as experiencing new construction. The restaurant is scheduled to become available for purchase or lease on May 1, 2027.
Access is available from Cerrillos Road, with an additional route through the mall to Rodeo Drive. An oversized parking area provides a ratio exceeding 10:1, supporting the restaurant layout and customer access. The property is located south of Plaza Santa Fe and San Isidro Plaza, along a retail corridor identified in the source information as experiencing new construction. The restaurant is scheduled to become available for purchase or lease on May 1, 2027.
Key Highlights
- 6,488 SF restaurant building on 1.52 acres
- Fully renovated in 2022; originally constructed in 1997
- Oversized parking area with over 10:1 parking
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
$98,589
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
5.07%
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%
$1,971,780
$2.0M
Cap Rate 7%
$1,408,414
$1.4M
Cap Rate 9%
$1,095,433
$1.1M
Market Conditions
NOI Build-Up for 6,488 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
$140.1K $21.60/SF
− Vacancy
−$8.7K −$1.34/SF
EGI
$131.5K $20.26/SF
− OpEx
−$32.9K −$5.07/SF
NOI
$98.6K $15.20/SF
Area
Santa Fe County, NM
Vacancy
6.20%
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%
$1,971,780
Cap Rate 7%
$1,408,414
Cap Rate 9%
$1,095,433
Alternative Uses
Best Use
Specialty Retail
$1.41M
$1.23M – $1.64M
NOI $98,589 @ 7.0% cap · market cap 5.07%
Second Best
Retail
$1.18M
$1.03M – $1.37M
NOI $82,280 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,324 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
161k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Dining 38%
Apparel 21%
Kohl's
Apparel
34,075 visits/mo
0.4 miles
Murphy USA
Shops & Services
30,339 visits/mo
0.3 miles
Starbucks
Dining
23,628 visits/mo
0.4 miles
Dollar Tree
Shops & Services
18,543 visits/mo
0.3 miles
Rudy's Country Store & Bar-B-Q
Dining
15,061 visits/mo
0.2 miles
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 Retail 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?
Conventional restaurant - Second-generation sit-down restaurant with extensive parking and direct access from Cerrillos Road and the adjacent mall.
Where is this conventional restaurant located?
The property is located at 4246 Cerrillos Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,946,000.
What are key features of this property?
This property features: 6,488 SF restaurant building on 1.52 acres; Fully renovated in 2022; originally constructed in 1997; Oversized parking area with over 10:1 parking
