1000 La Joya St Espanola, NM 86632

This 11.33-acre property is located in Espanola, Santa Fe County, NM, and is zoned for R-1, 2, 3, 4, 5, and 6. The site is positioned at one corner of the Los Alamos/Espanola/Santa Fe employment triangle, which has a population of 217,008, a median age of 45, and an average household income of $101,364. The City of Espanola favors rental properties that resemble townhouses. Situated near the Parasol restaurant, the property is ready for development to meet the increasing housing demand driven by new jobs in the area. Los Alamos National Labs is set to relocate 20,000 jobs to Espanola in the coming decade and offers incentives, including park-and-ride services in Espanola for students attending Los Alamos schools and for parents employed at LANL. There is also the possibility of acquiring an additional 10 acres from adjacent landowners. The property might qualify for financing from the NMFA Opportunity Enterprise Housing Development Fund. A development model includes an analysis using Cavco homes (Durango model) with a projected development budget of $18M and an upside to $21M if sold, or an equity return of 15% to your investors if rented. Conceptual site plans and development models are available to qualified developer/investors who complete the online confidentiality agreement. The property can help address the current housing shortage, as the market needs over 19,000 new rental units.