Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    431 Saint Michaels Dr Santa Fe, NM 87505

    • Medical offices
    • 4,315 SF
    • 0.49 lot acres
    For Lease
    View listing
    $1,900 /Mo
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0912905
    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

    • Medical offices

    Property Details for 431 Saint Michaels Dr

    Lot size
    0.49 lot acres
    Property size
    4,315 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    99306639
    APU
    99306639

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -105.942
    Latitude
    35.6565
    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
    $7,462
    $62,247
    $169,798
    $232,045
    -
    $186,744
    $509,397
    $696,141

    Comparable in this City

    • Value Estimation by Request
      2,943 SF

      831 Saint Francis Dr

      MEDICAL BUILDING • 2,943 SF
      831 Saint Francis Dr, Santa Fe, NM 87505-3027
      View Details
    • Value Estimation
      $1,345,000
      28,750 SF

      435 Saint Michaels Dr

      MEDICAL BUILDING • 28,750 SF
      435 Saint Michaels Dr, Santa Fe, NM 87505-7672
      View Details
    • Value Estimation by Request
      4,464 SF

      405 Kiva Ct

      MEDICAL BUILDING • 4,464 SF
      405 Kiva Ct, Santa Fe, NM 87505-5879
      View Details
    • Value Estimation by Request
      8,149 SF

      1405 Luisa St

      MEDICAL BUILDING • 8,149 SF
      1405 Luisa St, Santa Fe, NM 87505-4074
      View Details
    • Value Estimation
      $525,000
      3,512 SF

      404 Brunn School Rd Ste C

      MEDICAL BUILDING • 3,512 SF
      404 Brunn School Rd Ste C, Santa Fe, NM 87505-1102
      View Details
    • Value Estimation by Request
      2,452 SF

      539 Harkle Rd Ste C

      MEDICAL BUILDING • 2,452 SF
      539 Harkle Rd Ste C, Santa Fe, NM 87505-4783
      View Details

    Similar Nearby for Sale

    • $645,000
      3,080 SF

      Santa Fe Mixed-Use Investment

      Prime Santa Fe location, versatile space, strong ROI.
      1892 Plaza Del Sur Dr, Santa Fe, NM 87505
      View Details
    • $2,200,000
      7,820 SF

      Santa Fe Medical Office Building

      Prime Medical/Office Space, High Visibility
      450 St Michaels Dr, Santa Fe, NM 87505
      View Details
    • $3,250,000
      20,467 SF

      Professional Office Building in Santa Fe

      Two-story office building near medical hub with flexible configurations.
      2006 Botulph Rd, Santa Fe, NM 87505
      View Details
    • $2,100,000
      7,820 SF

      Remodeled Medical Office Building

      Newly remodeled medical office building with daycare center.
      450 St Michaels Dr, Santa Fe, NM 87505
      View Details
    • $450,000
      1,600 SF

      Versatile Office Space in Santa Fe

      Spacious office suites suitable for medical, administrative, or professional use.
      460 103, Santa Fe, NM 87505
      View Details
    • $695,000
      2,107 SF

      Renovated Commercial Property with Courtyard

      Sustainable commercial property ideal for office or medical use.
      1315 S St Francis Dr, Santa Fe, NM 87505
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      1,600 SF

      Santa Fe Office Space for Lease

      1600 sq ft, prime downtown location
      607 Cerrillos Rd, Santa Fe, NM 87505
      View Details
    • $21 SF/Yr
      13,861 SF

      Santa Fe Office Space for Lease

      Prime Santa Fe location, versatile office suites.
      1660 Old Pecos Trl, Santa Fe, NM 87505
      View Details
    • $3,500 /Mo
      2,153 SF

      Santa Fe Commercial Building For Lease

      Well-maintained commercial building suitable for medical or office use.
      1313 S St. Francis Dr, Santa Fe, NM 87505
      View Details
    • $15 SF/Yr
      9,504 SF

      Santa Fe Office Space Available

      Premium ground floor office with basement storage in Santa Fe.
      2006 Botulph Rd, Santa Fe, NM 87505
      View Details
    • $20 SF/Yr
      3,500 SF

      Remodeled Medical Office Space Available

      Premier medical/professional office space for lease in Santa Fe.
      1650 Hospital Dr, Santa Fe, NM 87505
      View Details
    • $15 SF/Yr
      3,087 SF

      Professional Office Suites For Lease

      Premium office suites in Santa Fe's medical and business corridor.
      2006 2Nd St, Santa Fe, NM 87505
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    431 Saint Michaels Dr
    Santa Fe, NM 87505
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.