Remodeled Medical Office
450 St Michaels Dr Santa Fe, NM 87505
450 St Michaels Dr, Santa Fe, NM, 87505
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For Sale
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Newly renovated medical office with daycare center on St. Michaels.
Property Size7,820 SF
Lot Size1.17 Acres
Price / SF$268.54
Days on Market741
Property Features for 450 St Michaels Dr
General Information
- Standard status
- Active
- Size
- 7,820 SF
- Lot size
- 1.17 Acres
- Property subtype
- Office
Building Details
- Year Built
- 1992
Listing Agency
Barker Realty, LLC
(505) 399-0538
Listed by
Cozette Hansen · License #49928
Source
Crexi
Added: Jul 11, 2024 Updated: Jul 6 at 8:16 am Checked: Jul 19 at 8:38 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 Barker Realty, LLC
Investment Insights
Based on property information with market context.
This newly remodeled medical office building is located across from the Christus Cancer Center on 1.17 acres of C-1 zoned land. The main level, approximately 4,000 square feet, features a reception area, a waiting area with vaulted ceilings, wood beams, and diamond plaster wall finishes. The suite includes nine windowed treatment/exam rooms with additional soundproofing, built-in cabinetry, and sinks in many rooms. A central nurse's station or workroom includes built-in wood cabinetry. There is also a break room with a kitchenette. The building provides ample storage with a back storage room and a receiving door. The lower level, approximately 3,820 square feet, currently houses a daycare center. This level features an open floor plan with lighting, restrooms, a break room, private offices, and an outdoor courtyard. The property has high visibility on St. Michaels Drive and ample parking.
Key Highlights
- Prime location directly across from the Christus Cancer Center.
- Completely renovated 4,000/sf main level medical office space.
- C‑1 zoning on 1.17 acres.
Local Financial Insights For Healthcare Medical
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 | $197.1k | $25.20 |
| − Vacancy | −$16.8k | −$2.14 |
| EGI | $180.3k | $23.06 |
| − OpEx | −$72.1k | −$9.22 |
| NOI | $108.2k | $13.83 |
7,820 SF · lease $25.20/SF/yr · vacancy 8.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$1.55M
$1.35M – $1.80M
NOI $108,188 @ 7.0% cap · market cap 5.15%
Second Best
Office B
$1.54M
$1.35M – $1.79M
NOI $107,681 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,643 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Medical Office Space
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FAQs
What type of property is this?
Medical Office Space - Newly renovated medical office with daycare center on St. Michaels.
Where is this medical office space located?
The property is located at 450 St Michaels Dr Santa Fe, NM.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Prime location directly across from the Christus Cancer Center.; Completely renovated 4,000/sf main level medical office space.; C‑1 zoning on 1.17 acres.
