Courtyard Office with
For Sale
$521,300
Pending
460 Saint Michaels Drive, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size1,604 SF
Lot Size0.07 Acres
Days on Market269
Property Features for 460 Saint Michaels Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Parking
7
Parking features
Parking Lot
Directions
St. Michael's Drive to Botulph Road. Turn right on Brunn School, and first right into the project. Unit is in the middle of the soutwestern most cluster .
Standard status
Pending
APN
980000990
Size
1,604 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
UNIT 700 OFFICE COURT DEV II, LTD
Legal Description
UNIT 700 OFFICE COURT DEV II, LTD
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1995
Flooring type
Tile, Laminate
Building materials
Frame
Roof type
Membrane
Listing Agency:
Office Court Companies
(505) 424-4600
Listed By:
Kenneth Joseph · License #15913
(505) 660-5146
Added: Dec 1, 2025
Changed: Aug 19
Last Checked: Aug 27 at 9:06PM
MLS# 202505242
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.
This for-sale office property is configured as courtyard-style office space, built around mature landscaping. The grounds include flowers, benches, and fountains, creating a landscaped setting for clients and staff. The offering is identified as Office Units / Office Spaces under C-1 zoning.
The property is located at 460 Saint Michaels Drive in Santa Fe, and is described as caddy corner from the hospital. Parking is noted as a key convenience for visitors and employees.
For office users who value an outdoor courtyard and a landscaped environment, this configuration can support professional reception, client-facing waiting areas, and day-to-day operations typical of office tenants. The C-1 zoning may be relevant for prospective buyers reviewing compatibility with their intended office use. Please note the listed remarks state that the listing and any contract are subject to the landlord paying off its mortgage; details are available by asking the listing agent.
The property is located at 460 Saint Michaels Drive in Santa Fe, and is described as caddy corner from the hospital. Parking is noted as a key convenience for visitors and employees.
For office users who value an outdoor courtyard and a landscaped environment, this configuration can support professional reception, client-facing waiting areas, and day-to-day operations typical of office tenants. The C-1 zoning may be relevant for prospective buyers reviewing compatibility with their intended office use. Please note the listed remarks state that the listing and any contract are subject to the landlord paying off its mortgage; details are available by asking the listing agent.
Key Highlights
- Premier courtyard office location in Santa Fe.
- Caddy corner proximity to the hospital.
- Ample parking with a parking lot.
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
$22,087
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
4.24%
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%
$441,740
$441.7K
Cap Rate 7%
$315,529
$315.5K
Cap Rate 9%
$245,411
$245.4K
Market Conditions
NOI Build-Up for 1,604 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
$34.6K $21.60/SF
− Vacancy
−$5.2K −$3.24/SF
EGI
$29.4K $18.36/SF
− OpEx
−$7.4K −$4.59/SF
NOI
$22.1K $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%
$441,740
Cap Rate 7%
$315,529
Cap Rate 9%
$245,411
Alternative Uses
Best Use
Office B
$315.5K
$276.1K – $368.1K
NOI $22,087 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$435.6K
$381.1K – $508.2K
NOI $30,489 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Courtyard-style office space with landscaped grounds and convenient parking near a hospital.
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 $521,300.
What are key features of this property?
This property features: Premier courtyard office location in Santa Fe.; Caddy corner proximity to the hospital.; Ample parking with a parking lot.
