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220 & 224 W Manhattan Ave, Santa Fe, NM 87501 220 W Manhattan Ave

9,766 SF 100% Leased Retail Building Santa Fe, NM 87501 $4,499,000 ($461/SF) 9% Cap Rate

Executive Summary

The Parador, a boutique hotel with a rich history located in beloved Santa Fe, NM, an internationally prized destination in the Mountain Southwest. The Parador is housed in the remaining parts of what was a 200+ year old farm with a vibrant past, tucked away on West Manhattan and walking distance to the Plaza, Canyon Road and the Railyard District. The hotel offering has 15 rooms, with an additional Gift Shop Building which could be transformed into 2 Luxury Suites or reimagined as a spa or restaurant. The property was lovingly renovated and restored by renowned designers who acquired it in 2018. Care has been taken to respect the building’s authenticity, revealing its history while incorporating heirloom quality and contemporary style. The owners have spent the last years renovating, reconstructing and rebranding the assets. The Farmhouse was built at the turn of the 19th-century when New Mexico was still under Spanish rule. The double adobe structure served as a family home for over a century and a half, undergoing its first remodel in the early 1900’s with Victorian details added throughout the home. In the 1960’s, at the peak of the Rainbow Coalition’s gatherings in the surrounding areas, the space became a religious commune at which point the barn and stables were adopted and transformed into living quarters. As a commune, all that were hungry or in need of a bed were welcome. It wasn’t until the late 1970’s that the second story was added in Northern New Mexico Territorial style; entering into its new life as an inn. The Parador is a wonderful property with a rich history that offers a wonderful opportunity to add more value and operate as a cash flowing hotel.

Property Facts

Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
9,766 SF
Building Class
B
Year Built/Renovated
1823/2018
Price
$4,499,000
Price Per SF
$461
Cap Rate
9%
NOI
$404,910
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.14
Land Acres
0.20 AC
Zoning
BCD
Parking
5 Spaces (0.51 Spaces per 1,000 SF Leased)
Frontage
70 FT on West Manhattan Avenue
Walk Score ®
Very Walkable (89)
Bike Score ®
Very Bikeable (77)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

Nearby Major Retailers

Bank of Albuquerque
Blake's Lotaburger
Sprouts Farmers Market
Wells Fargo Home Mortgage
Stretchlab
Starbucks
Whole Foods Market
K-Bob's Steakhouse
WaFd Bank
Fifth Third Bank

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
099307240
Land Assessment
$243,930
Improvements Assessment
$352,684
Total Assessment
$596,614
  • Listing ID: 32669806

  • Date on Market: 8/2/2024

  • Last Updated:

  • Address: 220 W Manhattan Ave, Santa Fe, NM 87501

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