Live-Work Property with Commercial
For Sale
$799,000
60 Avenida Aldea, Santa Fe, NM 87507
CommercialSale, Santa Fe, NM
Property Size2,688 SF
Lot Size0.06 Acres
Price / SF$297.25
Days on Market100
Property Features for 60 Avenida Aldea
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Garage
Interior features
InteriorSteps
Accessibility
Accessible Approach with Ramp
Appliances
TanklessWaterHeater
Elementary school
Gonzales
Middle school
Gonzales
High school
Santa Fe
Directions
Take 599 to Camino La Tierra, then head south on NM-599 Frontage Road for approx. 1.25 miles. Turn right onto Avenida Aldea and continue for approx. 0.45 miles. The first office building will be on your right, across from Aldea Plaza. The unit is the fourth on the right.
Standard status
Active
APN
910011083
Size
2,688 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
T17N R9E S20, ALDEA DE SANTA FE PHASE 1-A, LOT 484, 0.0620 AC
HOA Fee
$500 Quarterly
Legal Description
T17N R9E S20, ALDEA DE SANTA FE PHASE 1-A, LOT 484, 0.0620 AC
Utilities
Heating system
Electric (Heating), Baseboard, Radiant
Cooling system
Central Air
Water source
Public
Amenities
private patio
private balcony
Building Details
Year built
2006
Flooring type
Carpet, Concrete
Building materials
Frame
Roof type
Flat
Listing Agency:
Barker Realty, LLC
(505) 982-9836
Listed By:
Cozette E. Hansen · License #49928
(505) 399-0538
Added: May 19
Changed: Aug 19
Last Checked: Aug 26 at 7:06AM
MLS# 202602169
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 2,688-square-foot live-work property, built in 2006, combines an upper-level residence with a fully built-out lower level measuring approximately 1,344 square feet. The workspace includes a commercial kitchen arrangement with vent hood, three-compartment sink, grease trap, floor drain, handwashing sink, customer and employee restrooms, and a private patio with mature landscaping and brickwork.
The residence offers a living room, kitchenette with stackable washer and dryer, full bathroom, guest bedroom, and primary suite with en suite bath and walk-in closet. Both bedrooms open to a private balcony with mountain views. Additional property features include a two-car garage, rear parking, central air, electric baseboard and radiant heating, a tankless water heater, public water, and ramp access.
Located in the Aldea community in Santa Fe, the property occupies 0.06 acres and provides a combined setting for living, working, creative activity, and entertaining.
The residence offers a living room, kitchenette with stackable washer and dryer, full bathroom, guest bedroom, and primary suite with en suite bath and walk-in closet. Both bedrooms open to a private balcony with mountain views. Additional property features include a two-car garage, rear parking, central air, electric baseboard and radiant heating, a tankless water heater, public water, and ramp access.
Located in the Aldea community in Santa Fe, the property occupies 0.06 acres and provides a combined setting for living, working, creative activity, and entertaining.
Key Highlights
- 2,688‑square‑foot live‑work property on 0.06 acres
- Approximately 1,344 square feet of fully built‑out lower‑level workspace
- Commercial kitchen with vent hood, three‑compartment sink, grease trap, floor drain, and handwashing sink
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
$40,846
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
5.11%
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%
$816,920
$816.9K
Cap Rate 7%
$583,514
$583.5K
Cap Rate 9%
$453,844
$453.8K
Market Conditions
NOI Build-Up for 2,688 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
$58.1K $21.60/SF
− Vacancy
−$3.6K −$1.34/SF
EGI
$54.5K $20.26/SF
− OpEx
−$13.6K −$5.07/SF
NOI
$40.8K $15.20/SF
Area
Santa Fe County, NM
Vacancy
6.20%
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%
$816,920
Cap Rate 7%
$583,514
Cap Rate 9%
$453,844
Alternative Uses
Best Use
Specialty Retail
$583.5K
$510.6K – $680.8K
NOI $40,846 @ 7.0% cap · market cap 5.11%
Second Best
Office B
$528.8K
$462.7K – $616.9K
NOI $37,014 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$729.9K
$638.7K – $851.6K
NOI $51,094 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Explore this area
Business Placement
Demographics for 87507, NM
51,338
Population
21,272
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
96.1 sq mi
ZIP Area
534
Density / Sq Mi
$62,955
Median Household Income
$34,102
Median Earnings
$1,276
Median Rent
$333,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-level configuration combines residential quarters with a fully built-out lower-level workspace and customer-ready kitchen infrastructure.
Where is this live-work space located?
The property is located at 60 Avenida Aldea Santa Fe, NM.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,688‑square‑foot live‑work property on 0.06 acres; Approximately 1,344 square feet of fully built‑out lower‑level workspace; Commercial kitchen with vent hood, three‑compartment sink, grease trap, floor drain, and handwashing sink
