2863 State Highway 14, Cerrillos, NM, 87010
About This Home
Charming Bungalow in the heart of the commercial district in Madrid! Incredible opportunity to live/work, enjoy separate studio space, live behind or rent out the apartment on Airbnb. Mixed use zoning allows residential or commercial use. This 1931 architectural gem has been lovingly and thoughtfully remodeled. New windows, doors, tile, and plaster compliment the vaulted ceilings and hardwood floors. Mixing traditional and contemporary styles there are new lighting fixtures, black slate floors and old beams. The gallery space in the front has 14 foot ceilings and feels light, airy and welcoming. It has been a successful gallery for 25 years. The front yard has a mature garden and drip irrigation, new redwood/steel fencing and is set up for selling sculpture. The apartment behind feels spacious, has black slate kitchen floors and countertops, new lighting, windows and original hardwood floors. The apartment has a walk out deck with a roof for shaded outdoor living and especially to enjoy the spectacular New Mexico starry night skies. The deck overlooks a very ample fenced gravel backyard with steel garden beds. There are also two shaded side yards to enjoy. The studio is set up for making art and has wonderful light. Each space has a mini-split heat/Ac system. There is a private paved driveway that parks three cars and two additional parking spots on the roadway. There is a full basement for storage. Madrid is a popular destination for locals and tourists. On the scenic Turquoise Trail it has restaurants, galleries, shops, studios and hiking trails. This turnkey property with proven income generation is an opportunity to realize your commercial visions whether it's a home, gallery, studio, cafe, Airbnb or whatever you dream up!
Getting Around
Car-Dependent
Very Limited Transit
Somewhat BikeableSchools
Construction
Condition
- Year built: 1931
Materials
- Foundation: Basement
- Roof: Metal
- Construction materials: Block,Concrete
Type & Style
- Home type: SingleFamily
- Architectural style: Bungalow
- Property subType: Single Family Residence
Interior
Appliances
- Appliances included: Dryer,Gas Cooktop,Gas Water Heater,Microwave,Oven,Range,Refrigerator,Water Heater,Washer
Basement
- Has basement: Yes
Bedrooms & Bathrooms
- Bedrooms: 1
- Bathrooms: 2
- Full bathrooms: 1
- 1/2 bathrooms: 1
Features
- No Interior Steps
- Flooring: Stone,Wood
Heating & Cooling
- Heating features: Heat Pump,Propane
- Cooling features: Heat Pump
Interior Area
- Total structure area: 1,581
- Total interior livable area: 1,581 sqft
Property
Accessibility
- Accessibility features: Not ADA Compliant
Details
- Parcel number: 076003984
- Zoning: Historic
- Zoning description: TC- Traditional Community
- Special condition: Standard
Features
- Levels: One
- Stories: 1
- On waterfront: Yes
- Living area range: 1,251-1,500
Lot
- Lot size: 6,969 sqft
Parking
- Total spaces: 3
- Parking features: None
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Wildfire
- Inland Flooding
- Lightning
- Winter Weather
How This Home’s Risks Compare
FEMA Declared Disasters in Santa Fe County and New Mexico
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $4,424 | $53,088 |
| Home Insurance * | $586 | $7,032 |
| Property Taxes | $682 | $8,184 |
| Electricity | $148 | $1,780 |
| Total | $5,840 | $70,080 |
Income You'd Need if You Spent...
New Mexico FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-06-26 | Listed for sale | $875,000 |
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