Remodeled Office
For Sale
Contact for pricing
460 Saint Michaels Drive, Santa Fe, NM 87505
C-1 office condominium units across from CHRISTUS St. Vincent Regional Medical Center with onsite parking and professional-office positioning.
Property Size3,228 SF
Price / SF$241.64
Days on Market31
Property Features for 460 Saint Michaels Drive
General Information
Standard status
Active
Size
3,228 SF
Class
B
Property subtype
Office
Zoning
C-1
Occupancy
50%
Investment Type
Owner/User
Additional Details
Asking Price
$780,000
Office Units
2
Building Details
Year Built
1996
Year Renovated
2025
Units
2
Listing Agency:
Real Estate Advisors LLC
(505) 577-3524
Listed By:
Tai Bixby · License #NM 40315
Source:
Crexi
Added: Jul 28
Changed: Aug 26
Last Checked: Aug 26 at 8:33AM
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.
Units 100A and 100B comprise a two-unit office condominium offering with 3,228 square feet across the combined property. Unit 100A occupies approximately 1,614 square feet on one level and includes multiple private offices and two bathrooms. Recent improvements include new flooring, paint, and waterproofing. The property was built in 1996 and carries C-1 zoning.
Office Court is located across from CHRISTUS St. Vincent Regional Medical Center along St. Michaels Drive, identified in the property information as a principal medical and professional office corridor. The setting includes nearby medical practices, professional offices, retail, and restaurants, with onsite parking and access from I-25. Both units are included in the offering, providing separate spaces within the same office condominium community.
Office Court is located across from CHRISTUS St. Vincent Regional Medical Center along St. Michaels Drive, identified in the property information as a principal medical and professional office corridor. The setting includes nearby medical practices, professional offices, retail, and restaurants, with onsite parking and access from I-25. Both units are included in the offering, providing separate spaces within the same office condominium community.
Key Highlights
- Two office condominium units, 100A and 100B, totaling 3,228 square feet
- Unit 100A provides approximately 1,614 square feet on a single level
- Multiple private offices and two bathrooms in Unit 100A
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
$44,450
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
5.70%
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%
$889,000
$889.0K
Cap Rate 7%
$635,000
$635.0K
Cap Rate 9%
$493,889
$493.9K
Market Conditions
NOI Build-Up for 3,228 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
$69.7K $21.60/SF
− Vacancy
−$10.5K −$3.24/SF
EGI
$59.3K $18.36/SF
− OpEx
−$14.8K −$4.59/SF
NOI
$44.4K $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%
$889,000
Cap Rate 7%
$635,000
Cap Rate 9%
$493,889
Alternative Uses
Best Use
Office B
$635.0K
$555.6K – $740.8K
NOI $44,450 @ 7.0% cap · market cap 5.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$876.5K
$767.0K – $1.02M
NOI $61,358 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
2,452
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office units - C-1 office condominium units across from CHRISTUS St. Vincent Regional Medical Center with onsite parking and professional-office positioning.
Where is this office units located?
The property is located at 460 Saint Michaels Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Two office condominium units, 100A and 100B, totaling 3,228 square feet; Unit 100A provides approximately 1,614 square feet on a single level; Multiple private offices and two bathrooms in Unit 100A
