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1005 South Saint Francis Drive

Santa Fe, NM 87505
  • $3,300,000
  • STATUS: Active
  • ON SITE: 11 Days
  • MLS #: 202402271
UPDATED: 145 min ago
$3,300,000
  • 0
    BEDS
  • 0.61
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 5,051
    SQFT
  • $653
    $/SQFT
Neighborhood:
Type:
Commercial
County:

School Ratings & Info

Description

This restaurant building with excess land is one of the last developable sites near the center of Santa Fe for retail. The existing structure can be updated and expanded, or the site can be cleared to develop an entirely new concept. The real estate is an offering of several components of a commercial condominium known as the Pen Road Center Condominium, branded "Crossroads Center" at 1005 South St Francis Drive in Santa Fe, New Mexico. The existing building houses Tiny's Restaurant and Lounge, a local favorite for decades. The building constitutes condominium unit A and which measures 5,051sf as well as the associated limited common elements which include a 1,100 sf interior patio. The building (Unit A) and associated parking are on the Parcel C Reserved Development Right ("RDR") measuring 22,267sf plus a triangular parcel measuring 4,160sf. The triangle can be added to the condominium and the excess land can be developed for more retail. Under the New Mexico Condominium Act, and per the terms of the Condominium Declaration, the RDR can be converted to up to 6 condominium units once construction of the new units have been substantially completed. The Parcel C RDR expires on June 25, 2025. In addition, the offering includes a 50% undivided interest in the Parcel B RDR. The other 50% undivided interest belongs to another owner who also owns reserved development rights in Parcel A. See condominium plat later in this offering memo for details. Development of Parcel B RDR would require consent and cooperation of both the owners of the Parcel B RDR but would not require consent of the condominium association. Parcel B currently used for parking and cross access. Construction on the Reserved Development Rights is subject to permitting and development requirements of the City of Santa Fe and depends on factors like the intended use, parking requirements, access, traffic and other factors. Cannabis not allowed at this location due to proximity to other licensees.

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Santa Fe Association of Realtors logo © 2024 Santa Fe Association of REALTORS®, Inc. MLS. All rights reserved. The data relating to real estate for sale in this web site comes in part from the Internet Data Exchange ("IDX") program of SFAR MLS, Inc. Real estate listings held by brokers other than The Very Best Santa Fe Team - Keller Williams are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2024-06-18T12:51:46.167.
www.theverybestofsantafe.com/homes/151415131
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1005 South Saint Francis Drive Santa Fe, NM 87505

  • Price: $3,300,000
  • Status: Active
  • On Site: 11 Days
  • Updated: 145 min ago
  • MLS #: 202402271
0
Beds
0
Baths
0
½ Baths
0.61
Acres
5,051
SQFT
$653
$/SQFT
Neighborhood:
3N-Sf City Se North
County:
Santa Fe
Area:
3N-Sf City Se North
Property Description
This restaurant building with excess land is one of the last developable sites near the center of Santa Fe for retail. The existing structure can be updated and expanded, or the site can be cleared to develop an entirely new concept. The real estate is an offering of several components of a commercial condominium known as the Pen Road Center Condominium, branded "Crossroads Center" at 1005 South St Francis Drive in Santa Fe, New Mexico. The existing building houses Tiny's Restaurant and Lounge, a local favorite for decades. The building constitutes condominium unit A and which measures 5,051sf as well as the associated limited common elements which include a 1,100 sf interior patio. The building (Unit A) and associated parking are on the Parcel C Reserved Development Right ("RDR") measuring 22,267sf plus a triangular parcel measuring 4,160sf. The triangle can be added to the condominium and the excess land can be developed for more retail. Under the New Mexico Condominium Act, and per the terms of the Condominium Declaration, the RDR can be converted to up to 6 condominium units once construction of the new units have been substantially completed. The Parcel C RDR expires on June 25, 2025. In addition, the offering includes a 50% undivided interest in the Parcel B RDR. The other 50% undivided interest belongs to another owner who also owns reserved development rights in Parcel A. See condominium plat later in this offering memo for details. Development of Parcel B RDR would require consent and cooperation of both the owners of the Parcel B RDR but would not require consent of the condominium association. Parcel B currently used for parking and cross access. Construction on the Reserved Development Rights is subject to permitting and development requirements of the City of Santa Fe and depends on factors like the intended use, parking requirements, access, traffic and other factors. Cannabis not allowed at this location due to proximity to other licensees.
Exterior Features

Garage YN No

Interior Features

Basement YN No Electric Other Fireplace YN No

Property Features

Business Type Restaurant Lease Considered YN No Listing Terms Conventional Property Sub Type Business Property Sub Type Additional Business Sale Or Lease Indicator For Sale Water Source Public Zoning BCD

Santa Fe Association of Realtors logo Listing provided courtesy of Tai Bixby of Real Estate Advisors, LLC: (505) 539-3200. © 2024 Santa Fe Association of REALTORS®, Inc. MLS. All Rights Reserved.


Santa Fe Association of Realtors logo © 2024 Santa Fe Association of REALTORS®, Inc. MLS. All rights reserved. The data relating to real estate for sale in this web site comes in part from the Internet Data Exchange ("IDX") program of SFAR MLS, Inc. Real estate listings held by brokers other than The Very Best Santa Fe Team - Keller Williams are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2024-06-18T12:51:46.167.
 
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Santa Fe NM, 87501