Remodeled Office
New
For Sale
$400,000
460 St Michaels Drive, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size1,614 SF
Price / SF$247.83
Days on Market2
Property Features for 460 St Michaels Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Directions
St Michaels to Botulph Road. Turn right on Brunn School Road, then right into the Office Court condo, then right to go the far east end (toward the mountains) of the project. Unit 100A has the number 103 on the door.
Standard status
Active
APN
980000990
Size
1,614 SF
Taxes and HOA fees
Tax Description
Unit 100A of the Office Court Condominium as described in the title commitment.
Legal Description
Unit 100A of the Office Court Condominium as described in the title commitment.
Utilities
Water source
Public
Amenities
private offices
reception area
kitchenette
two bathrooms
built-in cabinetry
Building Details
Year built
1990
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Added: Sep 2
Last Checked: Sep 3 at 7:06PM
MLS# 202603314
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.
Unit 100A is a 1,614-square-foot office condominium at 460 St Michaels Drive in Santa Fe. Built in 1990 and professionally remodeled, the single-level suite includes multiple private offices, a reception area, kitchenette, two bathrooms, built-in cabinetry, new flooring, and fresh interior paint. Recent exterior waterproofing adds to the property improvements.
The office is positioned directly across St. Michael's Drive from CHRISTUS St. Vincent Regional Medical Center, within a medical and professional office corridor. Shared parking serves clients and staff, while C-1 zoning supports professional and commercial office uses. Public water service is available.
The office is positioned directly across St. Michael's Drive from CHRISTUS St. Vincent Regional Medical Center, within a medical and professional office corridor. Shared parking serves clients and staff, while C-1 zoning supports professional and commercial office uses. Public water service is available.
Key Highlights
- 1,614‑square‑foot office condominium in Unit 100A
- Professionally remodeled single‑level suite with new flooring and fresh interior paint
- Multiple private offices, reception area, kitchenette, and two bathrooms
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
$22,329
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
5.58%
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%
$446,580
$446.6K
Cap Rate 7%
$318,986
$319.0K
Cap Rate 9%
$248,100
$248.1K
Market Conditions
NOI Build-Up for 1,614 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
$40.7K $25.20/SF
− Vacancy
−$3.5K −$2.14/SF
EGI
$37.2K $23.06/SF
− OpEx
−$14.9K −$9.22/SF
NOI
$22.3K $13.83/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$446,580
Cap Rate 7%
$318,986
Cap Rate 9%
$248,100
Alternative Uses
Best Use
Healthcare Medical
$319.0K
$279.1K – $372.2K
NOI $22,329 @ 7.0% cap · market cap 5.58%
Second Best
Office B
$317.5K
$277.8K – $370.4K
NOI $22,225 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$438.3K
$383.5K – $511.3K
NOI $30,679 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
930
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - C-1-zoned professional suite with private offices, shared parking, and direct proximity to CHRISTUS St. Vincent Regional Medical Center.
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 $400,000.
What are key features of this property?
This property features: 1,614‑square‑foot office condominium in Unit 100A; Professionally remodeled single‑level suite with new flooring and fresh interior paint; Multiple private offices, reception area, kitchenette, and two bathrooms
