Listed by Real Estate Advisors LLC
Unpriced
St. Michael's Medical Park
Details
APN 12857999
Property Type Office
Sub Type Medical Office
Square Footage 27,839
NOI $576,000
Occupancy 100%
Tenancy Multi
Lease Type NNN
Class B
Year Built 1985
Buildings 3
Stories 2
Acreage 2.010
Zoning CI-N (institutional, medical, office, and related commercial uses)
Parking Spaces 3.15 per 1,000 sq ft
Investment Type Stabilized
Irreplaceable Medical Office in Northern New Mexico’s #1 Healthcare Corridor
Marketing description
- Three-building medical office park totaling 27,839 SF across 2.01 acres, strategically designed for healthcare tenancy
- 100% occupied by nine established medical tenants across diverse specialties, creating a stable and synergistic tenancy mix
- Unique on-grade, dual-floor access to all buildings eliminates traditional second-floor limitations and enhances patient accessibility
- Located directly adjacent to Christus St. Vincent Regional Medical Center, the dominant healthcare provider in northern New Mexico
- Positioned along St. Michaels Drive (±25,000 VPD) with immediate visibility and connectivity to Santa Fe’s primary medical corridor
- Functional medical layouts supported by 3.15 parking spaces per 1,000 SF, meeting strong tenant and patient demand
- Purpose-built outpatient ecosystem including nephrology, orthopedics, ENT, dental, imaging, and therapy services
- Pueblo-style architecture with durable construction and modernized systems supporting long-term operational stability
- Immediate proximity to hospital and newly delivered 80,000 SF cancer center, driving daily patient traffic
- Irreplaceable infill location within a fully built-out medical corridor with no available competing sites
Investment highlights
- Irreplaceable hospital-adjacent asset at the front door of northern New Mexico’s premier healthcare campus
- $576,000 in-place NOI with 100% occupancy, delivering immediate cash flow from day one
- Below-market rents (~8% discount) provide built-in mark-to-market upside across the rent roll
- 51% of leases expire by 2028, creating a clear runway to capture rising medical office rents
- Direct beneficiary of a $100M cancer center expansion, expected to significantly increase patient volume and referrals
- Tenant mix is deeply integrated with oncology care, creating a self-reinforcing referral ecosystem that drives long-term demand
- Offered at a significant discount to replacement cost ($450–$550/SF), insulating downside risk
- No new competing supply due to zoning restrictions, historic preservation barriers, and infeasible construction economics
- Strong projected performance with increasing cash flow and long-term IRR upside driven by rent growth
- Institutional-quality fundamentals in a supply-constrained, healthcare-driven market with durable demand drivers
Listing Contacts
Listed by Real Estate Advisors LLC
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Annual Cash Flow
$576,000.00
$48,000.00/mo
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Zoning
HZ SpecialHospital Zone District
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