Creative Studio with Flexible
For Sale
$239,000
931 Shoofly, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size676 SF
Lot Size0.02 Acres
Price / SF$353.55
Days on Market11
Property Features for 931 Shoofly
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
BCD
Parking
2
Directions
From downtown head south on Cerrillos Road. Turn Right onto Baca Street. Take the first Right onto Flagman Way and continue approximately 500 feet to Shoofly Street. Turn Left on Shoofly - 931 Shoofly Street will be on the Left. There are 2 dedicated off-street parking spaces in front of the studio,
Standard status
Active
APN
99307531
Size
676 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
T17N R9E S26, Twisted Cow Compound Condominium, Unit K
Tax Annual Amount
1273
Legal Description
T17N R9E S26, Twisted Cow Compound Condominium, Unit K
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
high ceilings
abundant natural light
quality finishes
flexible layout
kitchenette
built-in artwork storage
double doors
shared half bath
monthly cleaning service
Building Details
Year built
2013
Flooring type
Concrete
Building materials
Frame
Listing Agency:
The Agency Santa Fe
(505) 295-0905
Listed By:
Elayne Patton · License #12947
(505) 690-8300
Added: Sep 16
Last Checked: Sep 26 at 7:06PM
MLS# 202604013
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 676-square-foot creative studio is configured for professional and artistic work, with a flexible interior, high ceilings, concrete flooring, and substantial natural light. Built in 2013 with frame construction, the unit includes a compact kitchenette with a sink, counter, and under-counter refrigerator, plus built-in artwork storage. Double doors at the front support convenient movement of artwork, equipment, and materials, while two dedicated parking spaces serve the unit.
The property is located in Santa Fe’s Baca Street Arts District near the Railyard, with access to galleries, restaurants, shopping, recreation, and the city trail network. The unit has access to a half bath shared with two neighboring units, and monthly cleaning service is provided through the HOA. Public water and public sewer serve the property, which is zoned BCD.
The property is located in Santa Fe’s Baca Street Arts District near the Railyard, with access to galleries, restaurants, shopping, recreation, and the city trail network. The unit has access to a half bath shared with two neighboring units, and monthly cleaning service is provided through the HOA. Public water and public sewer serve the property, which is zoned BCD.
Key Highlights
- 676‑square‑foot creative studio
- Two dedicated parking spaces in front of the unit
- High ceilings, natural light, and concrete flooring
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
$9,309
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
3.89%
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%
$186,180
$186.2K
Cap Rate 7%
$132,986
$133.0K
Cap Rate 9%
$103,433
$103.4K
Market Conditions
NOI Build-Up for 676 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
$14.6K $21.60/SF
− Vacancy
−$2.2K −$3.24/SF
EGI
$12.4K $18.36/SF
− OpEx
−$3.1K −$4.59/SF
NOI
$9.3K $13.77/SF
Area
Santa Fe County, NM
Vacancy
15.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$186,180
Cap Rate 7%
$132,986
Cap Rate 9%
$103,433
Alternative Uses
Best Use
Office B
$133.0K
$116.4K – $155.2K
NOI $9,309 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$183.6K
$160.6K – $214.2K
NOI $12,849 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 87505, NM
32,078
Population
18,733
Households
1.7
Avg Household Size
52
Median Age
54%
College-Educated
94%
High-School Grad
65.1 sq mi
ZIP Area
493
Density / Sq Mi
$75,912
Median Household Income
$41,169
Median Earnings
$1,348
Median Rent
$484,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - Contemporary commercial workspace with natural light, high ceilings, a kitchenette, artwork storage, and dedicated parking.
Where is this creative space located?
The property is located at 931 Shoofly Santa Fe, NM.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 676‑square‑foot creative studio; Two dedicated parking spaces in front of the unit; High ceilings, natural light, and concrete flooring
