Medical Office Park at Hospital
For Sale
$9,000,000
435 Saint Michaels Drive, Santa Fe, NM 87505
COMMERCIAL - Santa Fe, NM
Property Size27,839 SF
Lot Size2.02 Acres
Price / SF$323.29
Days on Market50
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: Jun 16
Last Checked: Aug 3 at 8:06AM
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.
Investment Insights
Based on property information with market context.
St. Michael's Medical Park is a physically unified medical office complex comprising nine tenant spaces and is currently 100% occupied. The offering totals 27,839 square feet and sits on a 2.02-acre site. The property is identified for medical office use within zoning H-Z.
The complex is positioned at the entrance to the Christus St. Vincent healthcare campus, which includes a northern New Mexico regional hospital and a newly built 80,000 SF cancer diagnostic and treatment center. The campus is described as the largest concentration of healthcare infrastructure in the region, serving a catchment area of 200,000+ residents across four counties.
This property is well suited for medical office operators seeking proximity to an established healthcare destination, supported by an on-site tenant roster across multiple suites. For investors, the current occupancy is complemented by an NOI of $576,000 and rents described as 8% below market, providing a basis for underwriting that incorporates independent mark-to-market assumptions. The remarks also note that redevelopment or new competing supply is constrained by zoning constraints, historic preservation requirements, and construction economics that are described as making new development infeasible.
The complex is positioned at the entrance to the Christus St. Vincent healthcare campus, which includes a northern New Mexico regional hospital and a newly built 80,000 SF cancer diagnostic and treatment center. The campus is described as the largest concentration of healthcare infrastructure in the region, serving a catchment area of 200,000+ residents across four counties.
This property is well suited for medical office operators seeking proximity to an established healthcare destination, supported by an on-site tenant roster across multiple suites. For investors, the current occupancy is complemented by an NOI of $576,000 and rents described as 8% below market, providing a basis for underwriting that incorporates independent mark-to-market assumptions. The remarks also note that redevelopment or new competing supply is constrained by zoning constraints, historic preservation requirements, and construction economics that are described as making new development infeasible.
Key Highlights
- St. Michael's Medical Park at the entrance to the Christus St. Vincent healthcare campus in northern New Mexico
- Built in 1985 with public water service and parking lot parking
- 100% occupied by nine tenants with an NOI of $576,000
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $701.5k | $25.20 |
| − Vacancy | −$59.6k | −$2.14 |
| EGI | $641.9k | $23.06 |
| − OpEx | −$256.8k | −$9.22 |
| NOI | $385.1k | $13.83 |
27,839 SF · lease $25.20/SF/yr · vacancy 8.50% · expense 40.00%
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
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,566
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Animal Wellness Center - Santa Fe — 1313 S St Francis Dr, Santa Fe, NM 87505
- Equine Chiropractic — 1482 S St Francis Dr A, Santa Fe, NM 87505
- Chamisa vet — 1541 s st francis dr, santa fe, nm 87505
- Veterinarian In Santa Fe — 1622 Galisteo St a, Santa Fe, NM 87505
Frequently Asked Questions
What type of property is this?
Medical Office Space - Unified medical office park positioned at the entrance of a major regional healthcare campus with nine fully occupied tenants.
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: St. Michael's Medical Park at the entrance to the Christus St. Vincent healthcare campus in northern New Mexico; Built in 1985 with public water service and parking lot parking; 100% occupied by nine tenants with an NOI of $576,000
