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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3298 Cerrillos Rd Santa Fe, NM 87507-2925

    • Drug stores
    • 17,145 SF
    • 1.99 lot acres
    OFF-MARKET
    Value Estimations
    $1,910,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0132658
    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

    • Walgreens Pharmacy / Pharmacy
    • Walgreens / Beauty Supply Store / Convenience Store
    • Walgreens Photo / Photo Lab / Photo Shop
    • Redbox / Movie Rental Kiosk / Dvd Store
    • FedEx OnSite / Mailing Service

    Property Details for 3298 Cerrillos Rd

    Lot size
    1.99 lot acres
    Property size
    17,145 SF
    Property type
    Drug stores
    APN
    18000430
    APU
    18000430

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,680,000
      Market price range: $396k - $1.97M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,175,000
      Current use
      RESTAURANT
      $2,015,000
      Change: +71% Conversion: Easy
      MEDICAL BUILDING
      $1,755,000
      Change: +49% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,625,000
      Change: +38% Conversion: Difficult
      OFFICE BUILDING
      $1,545,000
      Change: +31% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,415,000
      Change: +20% Conversion: Difficult

    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
    Latitude
    35.6494
    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
    $35,348
    $304,484
    $794,752
    $1,099,236
    -
    $913,453
    $2,384,258
    $3,297,711

    Comparable in this City

    • Value Estimation
      $1,860,000
      16,577 SF

      5721 Airport Rd

      DRUG STORE, PHARMACY • 16,577 SF
      5721 Airport Rd, Santa Fe, NM 87507-1868
      View Details
    • Value Estimation
      $1,880,000
      16,649 SF

      2907 Cerrillos Rd

      DRUG STORE, PHARMACY • 16,649 SF
      2907 Cerrillos Rd, Santa Fe, NM 87507-2310
      View Details
    • Value Estimation by Request
      6.62 Acres

      3522 Zafarano Dr, Unit 3546

      RETAIL STORES (PERSONAL SERVICES) • 6.62 Acres
      3522 Zafarano Dr, Santa Fe, NM 87507-2615
      View Details
    • Value Estimation
      $500,000
      4,678 SF

      4434 Rodeo Rd

      FINANCIAL BUILDING • 4,678 SF
      4434 Rodeo Rd, Santa Fe, NM 87507
      View Details
    • Value Estimation by Request
      1,391 SF

      4995 Governor Miles Rd

      FINANCIAL BUILDING • 1,391 SF
      4995 Governor Miles Rd, Santa Fe, NM 87507-2513
      View Details
    • Value Estimation
      $610,000
      6,309 SF

      3721 Academy Rd

      FINANCIAL BUILDING • 6,309 SF
      3721 Academy Rd, Santa Fe, NM 87507-3159
      View Details

    Similar Nearby for Sale

    • $1,150,000
      3,829 SF

      Santa Fe Commercial Building Opportunity

      Versatile commercial building in Santa Fe's vibrant arts district.
      1343 Rufina Cir, Santa Fe, NM 87507
      View Details
    • $1,200,000

      Santa Fe Retail Pad - Hwy 599

      Prime Retail Outparcel, Hwy 599 & Jaguar
      0 Jaguar Dr, Santa Fe, NM 87507
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    • $4,200,000
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      Santa Fe Warehouse with Showroom

      26,860 SF warehouse on 2.5 acres with showroom space.
      1127 Siler Park Ln, Santa Fe, NM 87507
      View Details
    • $525,000
      1,587 SF

      New Santa Fe Flex Condominium

      New commercial, industrial, and flex-use condominium development in Santa Fe.
      1189 Parkway Dr, Santa Fe, NM 87507
      View Details
    • $525,000
      1,587 SF

      Santa Fe Flex-Use Condominium Development

      New commercial, industrial, and flex-use condominium development in Santa Fe.
      1189 Parkway Dr, Santa Fe, NM 87507
      View Details
    • $525,000
      Pending

      Flex-Use Condominium in Santa Fe

      New commercial condominium development in Santa Fe's Warehouse and Arts District.
      1189 Parkway Dr, Santa Fe, NM 87507
      View Details

    Similar Nearby for Lease

    • $5,000 /Mo
      1,300 SF

      Retail Space on Cerrillos Road

      High-visibility retail space with frontage on Cerrillos Road.
      2861 Cerrillos Rd, Santa Fe, NM 87507
      View Details
    • Contact for pricing
      28,000 SF

      Freestanding Retail Building in Santa Fe

      28,000 SF retail building with ample parking.
      3140 Cerrillos Rd, Santa Fe, NM 87507
      View Details
    • $3,300 /Mo
      2,000 SF

      Santa Fe Commercial Space Available

      Prime commercial space for lease in Santa Fe's Rodeo District.
      3600 Rodeo Rd, Santa Fe, NM 87507
      View Details
    • $30 SF/Yr
      553 SF

      Retail Space in Santa Fe

      Retail space available for lease in Santa Fe, NM.
      3490 Zafarano Dr, Santa Fe, NM 87507
      View Details
    • $1,500 /Mo
      1,000 SF

      Retail Space on Cerrillos Road

      Prime retail opportunity in a high-traffic Santa Fe location.
      2859 Cerrillos Rd, Santa Fe, NM 87507
      View Details
    • Contact for pricing
      90,466 SF

      Santa Fe Commercial Center Investment

      Retail, Medical & Office Spaces Available
      8380 Cerrillos Rd, Santa Fe, NM 87507
      View Details

    Property Visit Statistics

    • Visits by month
      2.3k
    • Visitors by month
      1.4k
    • Avg Time on site
      36 min
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    Santa Fe, NM 87507-2925
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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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