Fully Leased Retail
For Sale
Contact for pricing
6415 Airport Rd., Santa Fe, NM 87507
Retail center occupied by tenants across its commercial space.
Property Size8,250 SF
Price / SF$363.64
Days on Market885
Property Features for 6415 Airport Rd.
General Information
Standard status
Active
Size
8,250 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Net Operating Income
$168,820
Building Details
Units
6
Tenancy
Multi
Listing Agency:
Channel Venture
Listed By:
Dan Cornelius · License #9005610
Source:
Crexi
Added: Mar 28, 2024
Changed: Aug 29
Last Checked: Aug 29 at 6:17PM
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 Channel Venture
Investment Insights
Based on property information with market context.
This shopping center contains 8,250 square feet of retail space and is currently fully leased. The property is located at 6415 Airport Rd. in Santa Fe, New Mexico.
An adjoining 0.529-acre parcel is also offered separately and carries approvals for a 6,300-square-foot development. The additional parcel is distinct from the existing retail center.
An adjoining 0.529-acre parcel is also offered separately and carries approvals for a 6,300-square-foot development. The additional parcel is distinct from the existing retail center.
Key Highlights
- 8,250‑square‑foot shopping center
- 100% leased retail property
- Located at 6415 Airport Rd., Santa Fe, NM 87507
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
$104,626
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
3.49%
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%
$2,092,520
$2.1M
Cap Rate 7%
$1,494,657
$1.5M
Cap Rate 9%
$1,162,511
$1.2M
Market Conditions
NOI Build-Up for 8,250 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
$163.4K $19.80/SF
− Vacancy
−$13.9K −$1.68/SF
EGI
$149.5K $18.12/SF
− OpEx
−$44.8K −$5.44/SF
NOI
$104.6K $12.68/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$2,092,520
Cap Rate 7%
$1,494,657
Cap Rate 9%
$1,162,511
Alternative Uses
Best Use
Retail
$1.49M
$1.31M – $1.74M
NOI $104,626 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.24M
$1.96M – $2.61M
NOI $156,816 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
73k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Dining 36%
Electronics 4%
Speedway
Shops & Services
27,842 visits/mo
0.3 miles
McDonald's
Dining
25,926 visits/mo
0.2 miles
Dollar General
Shops & Services
8,181 visits/mo
0.2 miles
AutoZone
Shops & Services
8,077 visits/mo
0.2 miles
Metro by T-Mobile
Electronics
2,898 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail center occupied by tenants across its commercial space.
Where is this shopping center located?
The property is located at 6415 Airport Rd. Santa Fe, NM.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 8,250‑square‑foot shopping center; 100% leased retail property; Located at 6415 Airport Rd., Santa Fe, NM 87507
