Office Unit with Private
New
For Sale
$278,145
460 Saint Michaels Drive, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size883 SF
Lot Size0.07 Acres
Price / SF$315
Days on Market7
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
883 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
Operable Windows
Huge Landscaping Improvements
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: Sep 21
Last Checked: Sep 27 at 2:06PM
MLS# 202604100
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.
Suite 904 is an 883-square-foot office unit with two private offices, a third office or conference room, a galley, and a sizeable reception area. The layout supports a mix of individual workspaces and shared meeting functions. Tile and laminate flooring, operable windows, frame construction, and a membrane roof are among the property’s existing features. The building was completed in 1995 and is served by public water and public sewer.
The property is located at 460 Saint Michaels Drive in Santa Fe, near Christus/St. Vincent’s. On-site parking is provided through a dedicated parking lot. The parcel measures 0.07 acres and carries C-1 zoning.
The property is located at 460 Saint Michaels Drive in Santa Fe, near Christus/St. Vincent’s. On-site parking is provided through a dedicated parking lot. The parcel measures 0.07 acres and carries C-1 zoning.
Key Highlights
- 883‑square‑foot office unit in Suite 904
- Two private offices plus a third office or conference room
- Large reception area with galley
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
$12,159
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
4.37%
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%
$243,180
$243.2K
Cap Rate 7%
$173,700
$173.7K
Cap Rate 9%
$135,100
$135.1K
Market Conditions
NOI Build-Up for 883 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
$19.1K $21.60/SF
− Vacancy
−$2.9K −$3.24/SF
EGI
$16.2K $18.36/SF
− OpEx
−$4.1K −$4.59/SF
NOI
$12.2K $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%
$243,180
Cap Rate 7%
$173,700
Cap Rate 9%
$135,100
Alternative Uses
Best Use
Office B
$173.7K
$152.0K – $202.7K
NOI $12,159 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$239.8K
$209.8K – $279.7K
NOI $16,784 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
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
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Cap Rate, Value Estimation, Potential NOI and more
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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-zoned office suite with flexible work areas, reception space, and on-site parking.
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 $278,145.
What are key features of this property?
This property features: 883‑square‑foot office unit in Suite 904; Two private offices plus a third office or conference room; Large reception area with galley
