Freestanding Building on High-Traffic
647 Cerrillos Santa Fe, NM 87501
647 Cerrillos, Santa Fe, NM, 87501
$930,000
For Sale
$930,000
Freestanding commercial building on Cerrillos Road available for sale.
Property Size2,746 SF
Lot Size0.16 Acres
Price / SF$338.67
Days on Market100
Property Features for 647 Cerrillos
General Information
- Standard status
- Active
- Size
- 2,746 SF
- Lot size
- 0.16 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1967
Listing Agency
REAL ESTATE ADVISORS, LLC
(505) 539-3200
Listed by
TAI BIXBY · License #40315
Source
Corcoran
Added: Apr 9 Checked: Jul 17 at 3:27 am
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 REAL ESTATE ADVISORS, LLC
Investment Insights
Based on property information with market context.
A freestanding commercial building is available for sale on Cerrillos Road, a high-traffic corridor in Santa Fe with approximately 25,000 vehicles per day. Constructed in 1967, the building has a size of approximately 2,746 square feet and is situated on an approximately 0.156-acre lot. The property includes 9 paved on-site parking spaces and offers street visibility. Formerly occupied by La Unica Dry Cleaners, the property is suitable for a variety of uses under BCD (Business Capital District) zoning, including restaurant, café, retail, office, personal services, medical, educational, and residential purposes. This makes it suitable for either an owner-user or an investor. The location is near Whole Foods, dining and retail destinations, and the Sage Hotel, and is located blocks from the Santa Fe Railyard. The owner has addressed prior dry cleaning chemical impacts through a Voluntary Remediation Agreement with the New Mexico Environment Department, with a Certificate of Compliance anticipated in Summer 2026.
Key Highlights
- High‑traffic location on Cerrillos Road (±25,000 vehicles per day)
- Flexible BCD zoning allows for a wide range of uses
- Proximity to the Santa Fe Railyard, a premier mixed‑use arts and entertainment district
Local Financial Insights For Retail
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 | $54.4k | $19.80 |
| − Vacancy | −$4.6k | −$1.68 |
| EGI | $49.7k | $18.12 |
| − OpEx | −$14.9k | −$5.44 |
| NOI | $34.8k | $12.68 |
2,746 SF · lease $19.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$497.5K
$435.3K – $580.4K
NOI $34,824 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$745.7K
$652.5K – $869.9K
NOI $52,196 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
La Unica Dry ...
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
Similar Off Market Nearby
- Oldies Flower Co. — 1424 Paseo De Peralta, Santa Fe, NM 87501
FAQs
What type of property is this?
Storefront property - Freestanding commercial building on Cerrillos Road available for sale.
Where is this storefront property located?
The property is located at 647 Cerrillos Santa Fe, NM.
What is the asking price?
The asking price for this property is $930,000.
What are key features of this property?
This property features: High‑traffic location on Cerrillos Road (±25,000 vehicles per day); Flexible BCD zoning allows for a wide range of uses; Proximity to the Santa Fe Railyard, a premier mixed‑use arts and entertainment district
