Creative Workspace with Loading
For Sale
$239,000
931 Shoofly #K, Santa Fe, NM 87505
Flexible commercial space with high ceilings, natural light, dedicated parking, and an on-site kitchenette.
Property Size676 SF
Price / SF$353.55
Days on Market9
Property Features for 931 Shoofly #K
General Information
Standard status
Active
Size
676 SF
Total Parking Spaces
2
Property subtype
Commercial
Amenities
high ceilings
natural light
quality finishes
kitchenette
built-in artwork storage
double doors
shared half bath
monthly cleaning service
Building Details
Year Built
2013
Tenancy
Multi
Listing Agency:
The Agency Santa Fe
Listed By:
Elayne Patton · License #744
(505) 690-8300
Source:
Lisaharris-realestate
Added: Sep 18
Last Checked: Sep 26 at 4:23AM
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
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 = 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
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,472
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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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
