Courtyard Office
For Sale
$500,220
460 Saint Michaels Drive, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size1,588 SF
Lot Size0.07 Acres
Price / SF$315
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
Active
APN
980000993
Size
1,588 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
UNIT 1001, 1002 OFFICE COURT DEV II, LTD LEGAL DESCRIPTION TO BE VERIFIED BY TITLE
Legal Description
UNIT 1001, 1002 OFFICE COURT DEV II, LTD LEGAL DESCRIPTION TO BE VERIFIED BY TITLE
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
carved woodwork
dramatic reception
4 large offices/conference rooms
circular outdoor fountain with benches
operable windows
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: Oct 4
Last Checked: Oct 14 at 1:06AM
MLS# 202505252
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 1,588-square-foot office unit is part of a courtyard office park at 460 Saint Michaels Drive in Santa Fe. The interior has a reception area, four large rooms configured for office or conference use, carved wood details, and operable windows. Tile and laminate flooring are installed, and the building dates to 1995.
A landscaped courtyard includes a circular fountain and benches. The property has a parking lot, public water, and public sewer. Its C-1 zoning and location diagonally across from a hospital add context for evaluating the office space.
A landscaped courtyard includes a circular fountain and benches. The property has a parking lot, public water, and public sewer. Its C-1 zoning and location diagonally across from a hospital add context for evaluating the office space.
Key Highlights
- 1,588‑square‑foot office unit on a 0.07‑acre parcel
- Four large rooms for office or conference use, plus a reception area
- Courtyard features a circular fountain and benches
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,867
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$437,340
$437.3K
Cap Rate 7%
$312,386
$312.4K
Cap Rate 9%
$242,967
$243.0K
Market Conditions
NOI Build-Up for 1,588 SF
Gross rent
$34.3K $21.60/SF
− Vacancy
−$5.1K −$3.24/SF
EGI
$29.2K $18.36/SF
− OpEx
−$7.3K −$4.59/SF
NOI
$21.9K $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%
$437,340
Cap Rate 7%
$312,386
Cap Rate 9%
$242,967
Alternative Uses
Best Use
Office B
$312.4K
$273.3K – $364.5K
NOI $21,867 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$431.2K
$377.3K – $503.1K
NOI $30,185 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
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
Check the figures for this property
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 - The C-1-zoned space includes four office or conference rooms and a dedicated reception area.
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 $500,220.
What are key features of this property?
This property features: 1,588‑square‑foot office unit on a 0.07‑acre parcel; Four large rooms for office or conference use, plus a reception area; Courtyard features a circular fountain and benches
