435 Saint Michaels Drive, Santa Fe, NM

About 435 Saint Michaels Drive

Jacob Rocker and Tom Jenkins with Real Estate Advisors are pleased to present the sale of St. Michael’s Medical Park. The asset is positioned at the entrance to the Christus St. Vincent healthcare campus — a physically unified complex comprising northern New Mexico’s premier regional hospital and newly built 80,000 SF cancer diagnostic and treatment center. Together they form the largest concentration of healthcare infrastructure in the region, serving a catchment area of 200,000+ residents across four counties. The property is 100% occupied by nine tenants with an NOI of $576,000. Rents are 8% below market creating a clear mark-to-market opportunity as demand continues to grow from the adjacent healthcare hub. At $450–$550/SF to build equivalent medical office in Santa Fe, this asset trades at a significant discount to replacement cost. No competing supply can be built; zoning constraints, historic preservation requirements, and construction economics that require $38–$40/RSF rents to pencil — well above the current $25.00 market — make new development infeasible. Investors are invited to submit offers based on their independent underwriting. This is an irreplaceable asset, at a below-replacement-cost basis, in front of a $100M demand catalyst, in a market with permanent supply constraints.

Listing Map