Creative Workspace with Loading
931 Shoofly #K, Santa Fe, NM 87505
For Sale
$239,000
Flexible commercial space with high ceilings, natural light, dedicated parking, and an on-site kitchenette.
Property Size676 SF
Price / SF$353.55
Days on Market54
Property Features for 931 Shoofly #K
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Amenities
high ceilings
natural light
quality finishes
kitchenette
built-in artwork storage
double doors
shared half bath
monthly cleaning service
Building Details
Year Built
Tenancy
Listing Agency:
The Agency Santa Fe
Listed By:
Elayne Patton
(505) 690-8300
Source:
Lisaharris-realestate
Added: Sep 18
Changed: Oct 26
Last Checked: Nov 10 at 5:47AM
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 The Agency Santa Fe
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Investment Insights
Based on property information with market context.
Built in 2013, this creative commercial unit is currently used as an artist studio and architect’s office. The interior combines high ceilings, substantial natural light, quality finishes, built-in artwork storage, and an adaptable floor plan. A compact kitchenette includes a sink, counter, and under-counter refrigerator. Double doors at the front support convenient movement of artwork, equipment, and materials, while two dedicated parking spaces are positioned directly outside the unit.
The property is located at 931 Shoofly #K in Santa Fe’s Baca Street Arts District, near the Railyard, galleries, restaurants, shopping, recreation, and the city trail network. The unit shares a half bath with two neighboring units, with monthly cleaning service provided through the HOA.
The property is located at 931 Shoofly #K in Santa Fe’s Baca Street Arts District, near the Railyard, galleries, restaurants, shopping, recreation, and the city trail network. The unit shares a half bath with two neighboring units, with monthly cleaning service provided through the HOA.
Key Highlights
- Creative space currently serving as an artist studio and architect’s office
- High ceilings, abundant natural light, quality finishes, and a flexible layout
- Compact kitchenette with sink, counter, and under‑counter refrigerator
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,309
Cap Rate
3.89%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,472
Businesses Nearby
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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
$484,100
Median Home Value
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Market
Average Price Trend$/SF for Creative space in Santa Fe, NM
Properties on Market for Creative space in Santa Fe
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Creative space - Flexible commercial space with high ceilings, natural light, dedicated parking, and an on-site kitchenette.
Where is this creative space located?
The property is located at 931 Shoofly #K 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: Creative space currently serving as an artist studio and architect’s office; High ceilings, abundant natural light, quality finishes, and a flexible layout; Compact kitchenette with sink, counter, and under‑counter refrigerator
