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    Property profile & analytics

    1 Plaza La Prensa Santa Fe, NM 87507

    • Office Properties & Spaces
    • 52,253 SF
    • 5.84 lot acres
    For Lease
    View listing
    $22 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0190178
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • NM Human Services Dept. Medical Assistance Div. / Government Office

    Property Details for 1 Plaza La Prensa

    Lot size
    5.84 lot acres
    Property size
    52,253 SF
    Property type
    Office Properties & Spaces
    APN
    910005441
    APU
    910005441

    Description

    This exceptional 46,975-square-foot office building, situated on a 5.84-acre lot in Santa Fe, New Mexico, presents a unique investment opportunity. Built in 2004 and extensively renovated in 2019, the property boasts a modern design and functional layout, previously occupied by the State of New Mexico Human Services. Currently configured entirely as office space, this Class B building offers significant flexibility. Its adaptable design allows for a seamless transition back to a mixed-use configuration, incorporating both office and warehouse space, thanks to existing features such as a dock and drive-in door. The building's versatility makes it attractive to a wide range of tenants. Ample parking is provided with 229 spaces. Strategically located just off Interstate 25, this property offers unparalleled access to Santa Fe and the entire state, further enhanced by proximity to the Santa Fe Bypass Road. The building will be vacant and available for lease in September 2024. The zoning is BIP. The property is located at 1 Plaza La Prensa, Santa Fe, NM 87507, in Santa Fe County. This property is also available for sale

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,105,000
      6.5%
      $7,480,000
      7%
      $6,945,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -106.044
    Latitude
    35.6034
    CBSA code
    42140
    CBSA name
    SANTA FE, NM METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $104,765
    $111,125
    $3,146,796
    $3,257,921
    -
    $333,378
    $9,440,389
    $9,773,767

    Comparable in this City

    • Value Estimation
      $615,000
      6.96 Acres

      4001 Ofc Ct Dr

      OFFICE (GENERAL) • 6.96 Acres
      4001 Ofc Ct Dr, Santa Fe, NM 87507-4929
      View Details
    • Value Estimation
      $695,000
      3.81 Acres

      4056 Cerrillos Rd

      OFFICE (GENERAL) • 3.81 Acres
      4056 Cerrillos Rd, Santa Fe, NM 87507-2604
      View Details
    • Value Estimation by Request
      778 SF

      4001 Ofc Ct Dr Ste, Unit 104

      OFFICE (GENERAL) • 778 SF
      4001 Ofc Ct Dr Ste, Santa Fe, NM 87507-4903
      View Details
    • Value Estimation by Request
      645 SF

      4001 Ofc Ct Dr Ste, Unit 401

      OFFICE (GENERAL) • 645 SF
      4001 Ofc Ct Dr Ste, Santa Fe, NM 87507-4916
      View Details
    • Value Estimation by Request
      778 SF

      4001 Ofc Ct Dr Ste, Unit 407

      OFFICE (GENERAL) • 778 SF
      4001 Ofc Ct Dr Ste, Santa Fe, NM 87507-4906
      View Details
    • Value Estimation by Request
      120 SF

      4001 Ofc Ct Dr, Unit 608

      OFFICE (GENERAL) • 120 SF
      4001 Ofc Ct Dr, Santa Fe, NM 87507-4929
      View Details

    Similar Nearby for Sale

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      46,975 SF

      Santa Fe Office Building - 46,975 SF

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    Similar Nearby for Lease

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    • $22 SF/Yr
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      Modern Office Flex Building Available

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    1 Plaza La Prensa
    Santa Fe, NM 87507
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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