Under-Construction Short-Term
For Sale
$995,000
929 Shoofly Street, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size2,128 SF
Lot Size0.05 Acres
Price / SF$467.58
Days on Market28
Property Features for 929 Shoofly Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
BCD
Parking
2
Directions
St Francis to Cerrillos Rd to Railfan Rd. Left on Flagman Way. Right on Shoofly. Property is on your left.
Standard status
Active
APN
99313903
Size
2,128 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Description
To be provided by title binder.
Legal Description
To be provided by title binder.
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2026
Flooring type
Wood, Tile
Building materials
Frame
Roof type
Flat
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Tara P. Woodruff · License #51489
(505) 382-1110
Added: Jul 27
Changed: Aug 19
Last Checked: Aug 23 at 7:06PM
MLS# 202603305
Copyright © 2026 Santa Fe Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Unit B at 929 Shoofly Street is an under-construction short-term rental residence with 2,128 square feet of interior space on a 0.05-acre lot. The property uses frame construction and is scheduled for completion in 2026. Tile and wood flooring, a flat roof, and handcrafted interior elements are incorporated into the design, including reclaimed wood, artisan ironwork, natural stone, petrified wood, agate, and lapis details.
The residence includes a gourmet kitchen with custom cabinetry and imported natural stone, along with gathering areas and private suites. Public water and public sewer serve the property. The address is described as minutes from Santa Fe Plaza, Canyon Road, and the Railyard District.
The residence includes a gourmet kitchen with custom cabinetry and imported natural stone, along with gathering areas and private suites. Public water and public sewer serve the property. The address is described as minutes from Santa Fe Plaza, Canyon Road, and the Railyard District.
Key Highlights
- 2,128‑square‑foot short‑term rental residence on a 0.05‑acre lot
- Under construction with a 2026 year built
- Custom interior elements include reclaimed wood, artisan ironwork, natural stone, agate, lapis, and petrified wood
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,197
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$583,940
$583.9K
Cap Rate 7%
$417,100
$417.1K
Cap Rate 9%
$324,411
$324.4K
Market Conditions
NOI Build-Up for 2,128 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$55.4K $26.04/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$53.1K $24.95/SF
− OpEx
−$23.9K −$11.23/SF
NOI
$29.2K $13.72/SF
Area
Santa Fe County, NM
Vacancy
4.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$583,940
Cap Rate 7%
$417,100
Cap Rate 9%
$324,411
Alternative Uses
Best Use
Apartment 5plus
$417.1K
$365.0K – $486.6K
NOI $29,197 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$577.8K
$505.6K – $674.2K
NOI $40,449 @ 7.0% cap · market cap 4.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 87505, NM
32,078
Population
18,733
Households
1.7
Avg Household Size
52
Median Age
54%
College-Educated
94%
High-School Grad
65.1 sq mi
ZIP Area
493
Density / Sq Mi
$75,912
Median Household Income
$41,169
Median Earnings
$1,348
Median Rent
$484,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Two-level residence with custom finishes, tile and wood flooring, and public water and sewer service.
Where is this short term rental property located?
The property is located at 929 Shoofly Street Santa Fe, NM.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2,128‑square‑foot short‑term rental residence on a 0.05‑acre lot; Under construction with a 2026 year built; Custom interior elements include reclaimed wood, artisan ironwork, natural stone, agate, lapis, and petrified wood
