Office Unit in Courtyard
For Sale
$274,995
460 Saint Michaels Drive, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size873 SF
Lot Size0.07 Acres
Price / SF$315
Days on Market9
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
873 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
UNIT 1004 OFFICE COURT DEV II, LTD LEGAL DESCRIPTION TO BE VERIFIED BY TITLE
Legal Description
UNIT 1004 OFFICE COURT DEV II, LTD LEGAL DESCRIPTION TO BE VERIFIED BY TITLE
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
courtyard with fountain
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 29
Changed: Sep 30
Last Checked: Oct 7 at 7:06AM
MLS# 202604239
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 873-square-foot office unit was built in 1995 and is arranged with two private offices, an open office area, a galley, and a large reception space. Operable windows provide direct control over ventilation, while tile and laminate flooring finish the interior. The building is frame construction with a membrane roof, and the property has C-1 zoning.
The unit is set within a courtyard featuring a fountain. A parking lot serves the property, and Christus/St. Vincent's is located diagonally across from it. Public water and sewer are available.
The unit is set within a courtyard featuring a fountain. A parking lot serves the property, and Christus/St. Vincent's is located diagonally across from it. Public water and sewer are available.
Key Highlights
- 873 square feet with two private offices and an open office area
- Large reception space and galley
- Courtyard setting with fountain
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,021
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$240,420
$240.4K
Cap Rate 7%
$171,729
$171.7K
Cap Rate 9%
$133,567
$133.6K
Market Conditions
NOI Build-Up for 873 SF
Gross rent
$18.9K $21.60/SF
− Vacancy
−$2.8K −$3.24/SF
EGI
$16.0K $18.36/SF
− OpEx
−$4.0K −$4.59/SF
NOI
$12.0K $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 Rate 5%
$240,420
Cap Rate 7%
$171,729
Cap Rate 9%
$133,567
Alternative Uses
Best Use
Office B
$171.7K
$150.3K – $200.4K
NOI $12,021 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$237.1K
$207.4K – $276.6K
NOI $16,594 @ 7.0% cap · market cap 6.03%
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 - A flexible layout combines private offices, open workspace, a galley, and 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 $274,995.
What are key features of this property?
This property features: 873 square feet with two private offices and an open office area; Large reception space and galley; Courtyard setting with fountain
