1005 South Saint Francis Drive

$3,300,000

1 of 28

1005 South Saint Francis Drive

$3,300,000

Contact Presenting Broker

    Paul Duran

    505.310.5566

    Key Features

    • MLS: 202402271
    • Status: Active
    • Price: $3,300,000
    • Area: 3N-SF City SE North
    • Type: Business
    • Acres: 0.61

    About this Property

    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.

    Additional Features

    • Type Business
    • Days On Market 41
    • Water SourcePublic

    Neighborhoods

    Santa Fe City Southeast

    Santa Fe's Historic EastsideWith some homes dating back centuries, these neighborhoods boast some of Santa Fe's most photographed adobe homes and gardens. Hosting a mix of multi-generational families and newcomers, the homes, often hidden behind high walls and accessed by narrow, dirt lanes, recall the city's early history and lend…

    Schools

    Listing Brokerage

    IDX listing

    Tai Bixby

    Real Estate Advisors, LLC

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