Medical-Adjacent Office
460 St Michaels Drive Santa Fe, NM 87505
New
For Sale
$780,000
SINGLE_FAMILY - Santa Fe, NM
Property Size3,228 SF
Price / SF$241.64
Days on Market6
Property Features for 460 St Michaels Drive
General Information
- Property type
- Residential
- Property subtype
- Office
- Zoning
- C-1
- Standard status
- Active
- APN
- 96002839
- Size
- 3,228 SF
Taxes and HOA fees
- Tax Description
- Per title binder
Utilities
- Sewer type
- Public Sewer
- Water source
- Public
Building Details
- Year built
- 1996
- Flooring type
- Carpet, Tile
- Building materials
- Adobe
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Added: Jul 21
Changed: Jul 24
Last Checked: Jul 26 at 4:06PM
MLS# 202603232
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.
Professional office condominiums for sale in Santa Fe’s office court setting, featuring Units 100A and 100B totaling approximately 3,228+/- square feet (about 1,614+/- SF each). Unit 100A is vacant and recently remodeled with new flooring, fresh paint, and exterior waterproofing, and offers multiple private offices, a reception area, kitchenette, built-in cabinetry, and two restrooms. Unit 100B is leased to a law firm tenant and provides in-place income until the end of 2026.
The property is located directly across from Christus St. Vincent Regional Medical Center with ample shared parking and convenient access to St. Michael’s Drive and I-25. The property is zoned C-1 and offers flexibility for owner-users, investors, or expansion.
A condo association fee of $553 per month covers water, sewer, refuse, building insurance, and snow removal. Showings are by appointment only.
The property is located directly across from Christus St. Vincent Regional Medical Center with ample shared parking and convenient access to St. Michael’s Drive and I-25. The property is zoned C-1 and offers flexibility for owner-users, investors, or expansion.
A condo association fee of $553 per month covers water, sewer, refuse, building insurance, and snow removal. Showings are by appointment only.
Key Highlights
- Two professional office condo units (100A and 100B) totaling approx. 3,228+/- SF at Office Court on St. Michael's Drive.
- Unit 100A (approx. 1,614+/- SF) is vacant and recently remodeled with new flooring, fresh paint, and exterior waterproofing.
- Unit 100A features multiple private offices, reception area, kitchenette, built‑in cabinetry, and two restrooms.
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $81.3k | $25.20 |
| − Vacancy | −$6.9k | −$2.14 |
| EGI | $74.4k | $23.06 |
| − OpEx | −$29.8k | −$9.22 |
| NOI | $44.7k | $13.83 |
3,228 SF · lease $25.20/SF/yr · vacancy 8.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$638.0K
$558.2K – $744.3K
NOI $44,659 @ 7.0% cap · market cap 5.73%
Second Best
Office B
$635.0K
$555.6K – $740.8K
NOI $44,450 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$876.5K
$767.0K – $1.02M
NOI $61,358 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Isalis
(Bike/Boat/Book/etc) Store
Party City
Party Supply Store
Skunk Funk
Big Box & Wholesale Store
Carl's Trading Co
Hat Shop
Bushka's Kitchen LLC
(Bike/Boat/Book/etc) Store
FAQs
What type of property is this?
Office units - Two office condo units total about 3,228 square feet, including a vacant remodeled unit plus a law-firm tenant in-place.
Where is this office units located?
The property is located at 460 St Michaels Drive Santa Fe, NM.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Two professional office condo units (100A and 100B) totaling approx. 3,228+/- SF at Office Court on St. Michael's Drive.; Unit 100A (approx. 1,614+/- SF) is vacant and recently remodeled with new flooring, fresh paint, and exterior waterproofing.; Unit 100A features multiple private offices, reception area, kitchenette, built‑in cabinetry, and two restrooms.
