Freestanding Storefront
For Sale
$930,000
647 Cerrillos Road, Santa Fe, NM 87501
CommercialSale, Santa Fe, NM
Property Size2,746 SF
Lot Size0.15 Acres
Price / SF$338.67
Days on Market147
Property Features for 647 Cerrillos Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
BCD
Directions
Cerrillos Road near Guadalupe and Paseo de Peralta.
Standard status
Active
APN
12812672
Size
2,746 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
per binder
Legal Description
per binder
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1967
Listing Agency:
Real Estate Advisors, LLC
(505) 539-3200
Listed By:
Tai Bixby · License #40315
(505) 577-3524
Added: Apr 8
Changed: Aug 19
Last Checked: Sep 1 at 12:06PM
MLS# 202601461
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 freestanding storefront property contains 2,746 square feet on a commercial site along Cerrillos Road. Constructed in 1967, the building has nine paved on-site parking spaces and was previously occupied by La Unica Dry Cleaners. Public water and public sewer serve the property.
The site is positioned on a corridor reporting +/-25,000 vehicles per day, with Whole Foods, dining and retail destinations, and the Sage Hotel identified among its immediate neighbors. The Santa Fe Railyard is located just blocks away. BCD zoning is described as allowing restaurant, cafe, retail, office, personal services, medical, educational, and residential uses. Prior dry-cleaning chemical impacts have been addressed through a Voluntary Remediation Agreement with the New Mexico Environment Department, with a Certificate of Compliance anticipated in Summer 2026.
The site is positioned on a corridor reporting +/-25,000 vehicles per day, with Whole Foods, dining and retail destinations, and the Sage Hotel identified among its immediate neighbors. The Santa Fe Railyard is located just blocks away. BCD zoning is described as allowing restaurant, cafe, retail, office, personal services, medical, educational, and residential uses. Prior dry-cleaning chemical impacts have been addressed through a Voluntary Remediation Agreement with the New Mexico Environment Department, with a Certificate of Compliance anticipated in Summer 2026.
Key Highlights
- 2,746 SF freestanding commercial building on Cerrillos Road
- Reported corridor traffic of +/-25,000 vehicles per day
- 9 paved on‑site parking spaces
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
$34,824
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
3.74%
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%
$696,480
$696.5K
Cap Rate 7%
$497,486
$497.5K
Cap Rate 9%
$386,933
$386.9K
Market Conditions
NOI Build-Up for 2,746 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
$54.4K $19.80/SF
− Vacancy
−$4.6K −$1.68/SF
EGI
$49.7K $18.12/SF
− OpEx
−$14.9K −$5.44/SF
NOI
$34.8K $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%
$696,480
Cap Rate 7%
$497,486
Cap Rate 9%
$386,933
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
3,681
Businesses Nearby
203k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 28%
Groceries 18%
Apparel 9%
Whole Foods Market
Groceries
37,075 visits/mo
0.2 miles
McDonald's
Dining
31,451 visits/mo
0.4 miles
Dunkin' Donuts
Dining
21,098 visits/mo
0.5 miles
Starbucks
Dining
18,085 visits/mo
0.4 miles
Speedway
Shops & Services
17,723 visits/mo
0.5 miles
Demographics for 87501, NM
15,116
Population
10,480
Households
1.4
Avg Household Size
58
Median Age
61%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
299
Density / Sq Mi
$81,229
Median Household Income
$52,851
Median Earnings
$1,516
Median Rent
$649,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Oldies Flower Co. — 1424 Paseo De Peralta, Santa Fe, NM 87501
Frequently Asked Questions
What type of property is this?
Storefront property - BCD-zoned commercial building with flexible stated uses, paved parking, and a visible corridor setting.
Where is this storefront property located?
The property is located at 647 Cerrillos Road 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: 2,746 SF freestanding commercial building on Cerrillos Road; Reported corridor traffic of +/-25,000 vehicles per day; 9 paved on‑site parking spaces
