Multi-Tenant Medical Office
For Sale
$9,000,000
435 Saint Michaels Drive, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size27,839 SF
Lot Size2.02 Acres
Price / SF$323.29
Days on Market144
Property Features for 435 Saint Michaels Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
H-Z
Parking features
Parking Lot
Standard status
Active
APN
12857999
Size
27,839 SF
Lot size
2.02 Acres
Utilities
Water source
Public
Building Details
Year built
1985
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Jacob Rocker · License #52736
(505) 226-3929
Added: Jun 15
Changed: Oct 21
Last Checked: Nov 5 at 12:06PM
MLS# 202602677
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.
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Investment Insights
Based on property information with market context.
St. Michael's Medical Park is a 27,839-square-foot medical office property on a 2.02-acre site. Built in 1985, the asset is fully occupied by nine tenants and includes a parking lot, public water service, and H-Z zoning.
The property is located at 435 Saint Michaels Drive in Santa Fe, at the entrance to the Christus St. Vincent healthcare campus. The surrounding campus includes a regional hospital and an 80,000-square-foot cancer diagnostic and treatment center, providing a healthcare-oriented setting for the property.
Its multi-tenant configuration, established occupancy, and proximity to the healthcare campus define the asset’s operating profile. The property is identified as medical office space and is offered for sale.
The property is located at 435 Saint Michaels Drive in Santa Fe, at the entrance to the Christus St. Vincent healthcare campus. The surrounding campus includes a regional hospital and an 80,000-square-foot cancer diagnostic and treatment center, providing a healthcare-oriented setting for the property.
Its multi-tenant configuration, established occupancy, and proximity to the healthcare campus define the asset’s operating profile. The property is identified as medical office space and is offered for sale.
Key Highlights
- 27,839‑square‑foot medical office property on 2.02 acres
- 100% occupied by nine tenants
- Located at the entrance to the Christus St. Vincent healthcare campus
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$385,147
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,816
Businesses Nearby
Well-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
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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 occupied medical office asset with multiple tenants and a dedicated parking lot.
Where is this medical office space located?
The property is located at 435 Saint Michaels Drive 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: 27,839‑square‑foot medical office property on 2.02 acres; 100% occupied by nine tenants; Located at the entrance to the Christus St. Vincent healthcare campus
