309 Johnson Street

Attractive 2 story office investment in downtown Santa Fe. Originally a house built in 1945, previously converted to office space with 8 offices, 2 bathrooms and a wetbar/kitchenette. Wood and tile floors and wooden architectural staircase create a professional, classy feel. Offered fully leased as an investment, below appraised value. BCD Zoning allows for residential, office, retail, restaurant, hospitality and more. Excellent location just a few doors down from the Georgia Okeeffe Museum, Eldorado Hotel, Terra Cotta Restaurant, Santa Fe Cooking School. Two blocks from the Historic Santa Fe Plaza, the Santa Fe River and 4 blocks from the Railyard which can be accessed on the newly rebuilt Guadalupe Street pedestrian corridor. Leased to a stable, long-term tenant, Civitas Resources, an oil exploration company, until November 2026 in New Mexico, the second largest oil producing state in the US after Texas. Tenant has 2 additional renewal terms of 3 years each with regular rent escalations. 4+ paved spaces in the back. Historic status is "noncontributing" and any changes are subject to review by Historic Design Review Board. Current annual financials are as follows: Gross Rents of $54,207 ($21.37/sf); Taxes $9,272; Insurance $1,902; Total Expenses $11,174/year ($4.40/sf); Estimated Net Operating Income "NOI" $43,033. ($16.97/sf). Measure of investment performance in year 1 are a CAP rate of 4.7%, a GRM of 16.6.

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