Medical Office Park
For Sale
$9,000,000
435 Saint Michaels, Santa Fe, NM 87505
Fully leased medical park positioned at the entrance to the Christus St. Vincent healthcare campus.
Property Size27,839 SF
Price / SF$323.29
Days on Market96
Property Features for 435 Saint Michaels
General Information
Standard status
Active
Size
27,839 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Office Units
9
Amenities
Parking Lot
Building Details
Year Built
1985
Tenancy
Multi
Listing Agency:
REAL ESTATE ADVISORS, LLC
(505) 539-3200
Listed By:
JACOB ROCKER · License #52736
(505) 226-3929
Source:
Corcoran
Added: Jun 17
Changed: Sep 19
Last Checked: Sep 20 at 8:26AM
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 REAL ESTATE ADVISORS, LLC
Investment Insights
Based on property information with market context.
St. Michael’s Medical Park is a physically unified medical office property serving nine tenants and presented for sale as a fully occupied healthcare asset. The offering is positioned at the entrance to the Christus St. Vincent healthcare campus, which includes a regional hospital and a newly built 80,000 SF cancer diagnostic and treatment center.
The surrounding campus forms the largest concentration of healthcare infrastructure in northern New Mexico, serving a catchment area of 200,000+ residents across four counties. The property’s placement at the campus entrance provides a direct relationship to the healthcare hub.
For investors, the property is reported as generating $576,000 NOI with current rents 8% below market, creating a mark-to-market consideration based on the stated rent position. The property is offered with an underwriting perspective, as investors are invited to submit offers based on independent analysis. The seller also notes supply limitations tied to zoning constraints, historic preservation requirements, and construction economics that are described as making new development infeasible at replacement levels. The result is an asset characterized in the offering materials as difficult to replicate, with performance and pricing information provided for buyer evaluation.
The surrounding campus forms the largest concentration of healthcare infrastructure in northern New Mexico, serving a catchment area of 200,000+ residents across four counties. The property’s placement at the campus entrance provides a direct relationship to the healthcare hub.
For investors, the property is reported as generating $576,000 NOI with current rents 8% below market, creating a mark-to-market consideration based on the stated rent position. The property is offered with an underwriting perspective, as investors are invited to submit offers based on independent analysis. The seller also notes supply limitations tied to zoning constraints, historic preservation requirements, and construction economics that are described as making new development infeasible at replacement levels. The result is an asset characterized in the offering materials as difficult to replicate, with performance and pricing information provided for buyer evaluation.
Key Highlights
- St. Michael’s Medical Park is a 1985‑built medical park fully occupied by nine tenants.
- Property has a $576,000 NOI with 100% occupancy.
- Positioned at the entrance to the Christus St. Vincent healthcare campus.
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
$385,147
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
4.28%
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%
$7,702,940
$7.7M
Cap Rate 7%
$5,502,100
$5.5M
Cap Rate 9%
$4,279,411
$4.3M
Market Conditions
NOI Build-Up for 27,839 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
$701.5K $25.20/SF
− Vacancy
−$59.6K −$2.14/SF
EGI
$641.9K $23.06/SF
− OpEx
−$256.8K −$9.22/SF
NOI
$385.1K $13.83/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$7,702,940
Cap Rate 7%
$5,502,100
Cap Rate 9%
$4,279,411
Alternative Uses
Best Use
Healthcare Medical
$5.50M
$4.81M – $6.42M
NOI $385,147 @ 7.0% cap · market cap 4.28%
Second Best
Office B
$5.48M
$4.79M – $6.39M
NOI $383,343 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$7.56M
$6.61M – $8.82M
NOI $529,164 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
9
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,557
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully leased medical park positioned at the entrance to the Christus St. Vincent healthcare campus.
Where is this medical office space located?
The property is located at 435 Saint Michaels Santa Fe, NM.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: St. Michael’s Medical Park is a 1985‑built medical park fully occupied by nine tenants.; Property has a $576,000 NOI with 100% occupancy.; Positioned at the entrance to the Christus St. Vincent healthcare campus.
