Courtyard Office
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 Market317
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
Amenities
courtyard
landscaped grounds
benches
fountains
Building Details
Year built
1995
Flooring type
Laminate, Tile
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: Sep 13
Last Checked: Oct 14 at 5:06PM
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 1,604-square-foot office unit is situated on a 0.07-acre property constructed in 1995. Interior finishes include tile and laminate flooring, while the building features frame construction and a membrane roof. Public water and public sewer serve the property, and a parking lot provides on-site vehicle access.
The office is positioned near the hospital in Santa Fe and forms part of a landscaped courtyard setting. Mature plantings, flowers, benches, and fountains contribute defined outdoor areas around the office environment. The property is located at 460 Saint Michaels Drive in the 87505 postal area.
The office is positioned near the hospital in Santa Fe and forms part of a landscaped courtyard setting. Mature plantings, flowers, benches, and fountains contribute defined outdoor areas around the office environment. The property is located at 460 Saint Michaels Drive in the 87505 postal area.
Key Highlights
- 1,604 square feet of office space
- C‑1 zoning
- 0.07‑acre property at 460 Saint Michaels Drive
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,087
Cap Rate
4.24%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
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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?
Office units - C-1-zoned office space with on-site parking and established landscaping.
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: 1,604 square feet of office space; C‑1 zoning; 0.07‑acre property at 460 Saint Michaels Drive
