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Santa Fe Flex Industrial Building

7510 Mallard, Santa Fe, NM 87505

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For Sale

$2,275,000

Single-tenant, fully occupied flex industrial building for sale.

Type:Commercial

Property size:

10,969 SF

Lot size:

0.78 Acres

Price / SF:

$207/SF

Listing Contact

TAI BIXBY

Real Estate License ID: 40315

HighLights

8.51% Cap Rate with $193,440 First‑Year NOI
Triple Net (NNN) Lease: Tenant pays all expenses, providing passive income.
Annual Rent Escalations: Guaranteed inflation hedge (greater of 3% or CPI‑U).
High‑Specification Flex Industrial Building: Remodeled circa 2019 with heavy infrastructure.
Single Tenant Occupancy: Four interconnected suites (Units A–D) with private offices, restrooms, warehouse space, and roll‑up doors.
Personally Guaranteed Lease: Security for the full initial term.

Learn more

For Sale

$2,275,000

Single-tenant, fully occupied flex industrial building for sale.

Type:Commercial

Property size:

10,969 SF

Lot size:

0.78 Acres

Price / SF:

$207/SF

Added:: Apr 22, 2026
Days on Market:: 51
Last Refresh:: Apr 22 at 8:14 pm

Property Features for 7510 Mallard

General Information

Standard status: Active
Size: 10,969 SF
Lot size: 0.78 Acres
Property subtype: Commercial

Building Details

Year Built: 2008

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Listing Contact

TAI BIXBY

Listing agent TAI BIXBY License #40315

Listing office REAL ESTATE ADVISORS, LLC

Listing date Apr 22, 2026

Source Corcoran

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

HighLights

8.51% Cap Rate with $193,440 First‑Year NOI
Triple Net (NNN) Lease: Tenant pays all expenses, providing passive income.
Annual Rent Escalations: Guaranteed inflation hedge (greater of 3% or CPI‑U).
High‑Specification Flex Industrial Building: Remodeled circa 2019 with heavy infrastructure.
Single Tenant Occupancy: Four interconnected suites (Units A–D) with private offices, restrooms, warehouse space, and roll‑up doors.
Personally Guaranteed Lease: Security for the full initial term.

Overview

This fully occupied, income-producing flex industrial building is available as a Triple Net (NNN) investment. The tenant is responsible for all real property taxes, insurance, maintenance, utilities, and operating expenses. The landlord receives $16,000 per month in base rent, with annual escalations of the greater of 3% or CPI-U. The property, remodeled circa 2019, is a high-specification flex industrial building situated on a 0.781-acre fully fenced lot. It features four suites (Units A–D), each with a private office, private restroom, warehouse space with high ceilings, 8'×8' roll-up door, and security shutters. All suites are currently interconnected and occupied by a single tenant. The property includes heavy infrastructure such as 3-phase electrical service at 1,600 amps, city water and sewer, natural gas, HVAC with climate and humidity control, floor drains, and uni-strut ceilings. There are 23 paved parking spaces. The lease is personally guaranteed for the full initial term, and the tenant has a Right of First Refusal on sale. The building has I-1 Zoning. The property generates a first-year net operating income (NOI) of $193,440, reflecting an 8.51% cap rate. The property size is 10,969 square feet.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$236.9k	$21.60
− Vacancy	−$35.5k	−$3.24
EGI	$201.4k	$18.36
− OpEx	−$50.3k	−$4.59
NOI	$151.0k	$13.77

10,969 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%

Alternative Uses

Best Use

Office B

$2.16M

$1.89M – $2.52M (±1% cap)

NOI $151,043 @ 7.0% cap · market cap 6.64%

Second Best

Flex RnD

$1.65M

$1.44M – $1.93M (±1% cap)

NOI $115,504 @ 7.0% cap · market cap 5.08%

Theoretical Best

Office A

$2.98M

$2.61M – $3.47M (±1% cap)

NOI $208,499 @ 7.0% cap · market cap 9.16%

Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Current Use by Public Records

Cart Wright's Plumbing ... Plumbing Service

Suggested Use

Location Insight

Map
Local Demand

City: Santa Fe
County: Santa Fe
State: New Mexico
Longitude: -106.0668322
Latitude: 35.6353698

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For sale
Flex space
NM
Santa Fe
87505
7510 Mallard

What type of property is this?

Flex space - Single-tenant, fully occupied flex industrial building for sale.

Where is this flex space located?

The property is located at 7510 Mallard Santa Fe, NM.

What is the asking price?

The asking price for this property is $2,275,000.

What are key features of this property?

This property features: **8.51% Cap Rate with $193,440 First‑Year NOI**; Triple Net (NNN) Lease: Tenant pays all expenses, providing passive income.; Annual Rent Escalations: Guaranteed inflation hedge (greater of 3% or CPI‑U).