Premier Santa Fe Courtyard
For Sale
$535,330
460 Saint Michaels Drive 1001-1002, Santa Fe, NM 87505
Courtyard office park with distinctive architectural features and ample parking.
Property Size1,598 SF
Price / SF$335
Days on Market210
Property Features for 460 Saint Michaels Drive 1001-1002
General Information
Standard status
Active
Size
1,598 SF
Listing Agency:
Office Court Companies
(505) 424-4600
Listed By:
Kenneth Joseph · License #1188
(505) 660-5146
Source:
Wesellsantafe
Added: Mar 5
Changed: Sep 22
Last Checked: Oct 1 at 11:01AM
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 Office Court Companies
Investment Insights
Based on property information with market context.
This office unit is located in Santa Fe's premier courtyard office park, situated across from the hospital and fronting St. Michael's. Originally serving as the headquarters of a venture capital firm, the 1598 square foot unit features carved woodwork and a dramatic reception area. The layout includes 4 large offices or conference rooms, complemented by a circular outdoor fountain with benches. The property benefits from numerous operable windows and ample parking. Intended use is for office space. DISCLAIMER: PLEASE NOTE THAT THIS LISTING AND ANY CONTRACT IS SUBJECT TO LANDLORD PAYING OFF ITS MORTGAGE. ASK LISTING AGENT FOR DETAILS.
Key Highlights
- Premier courtyard office park location.
- High visibility St. Michael's frontage.
- Close proximity to the hospital.
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
$22,004
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
4.11%
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%
$440,080
$440.1K
Cap Rate 7%
$314,343
$314.3K
Cap Rate 9%
$244,489
$244.5K
Market Conditions
NOI Build-Up for 1,598 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
$34.5K $21.60/SF
− Vacancy
−$5.2K −$3.24/SF
EGI
$29.3K $18.36/SF
− OpEx
−$7.3K −$4.59/SF
NOI
$22.0K $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%
$440,080
Cap Rate 7%
$314,343
Cap Rate 9%
$244,489
Alternative Uses
Best Use
Office B
$314.3K
$275.1K – $366.7K
NOI $22,004 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$433.9K
$379.7K – $506.3K
NOI $30,375 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Courtyard office park with distinctive architectural features and ample parking.
Where is this office units located?
The property is located at 460 Saint Michaels Drive 1001-1002 Santa Fe, NM.
What is the asking price?
The asking price for this property is $535,330.
What are key features of this property?
This property features: Premier courtyard office park location.; High visibility St. Michael's frontage.; Close proximity to the hospital.
