1000 La Joya St, Espanola, NM 87532

This property is located in the heart of Espanola, NM, and has been under the same family's ownership for generations. The site is strategically positioned at one corner of the Los Alamos/Espanola/Santa Fe employment triangle, an area with a population of 217,008, a median age of 45, and an average household income of $101,364. The property is now ready for development to meet the increasing demand for housing driven by the expected influx of 20,000 jobs relocating to Espanola from Los Alamos National Labs over the next decade. Los Alamos National Labs is planning park-and-ride services in Espanola for students attending Los Alamos schools, which is the top school district in the state, and for parents employed at LANL. The City of Espanola favors rental properties that resemble townhouses. Conceptual site plans and development models are available to qualified developer/investors who complete the online confidentiality agreement. The 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. There is also opportunity to gain an additional 10 acres from adjacent land owners. The subject property might qualify for financing from the NMFA Opportunity Enterprise Housing Development Fund. The property is located near the Parasol restaurant.