Modern Multifamily Apartment
920 Shoofly Street Santa Fe, NM 87505
For Sale
$6,300,000
Newly built 2023 complex with 18 one- and two-bedroom apartments, operated under a Santa Fe railyard land-lease structure.
Property Size15,995 SF
Price / SF$393.87
Days on Market212
Property Features for 920 Shoofly Street
General Information
- Standard status
- Active
- Size
- 15,995 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 2023
Listing Agency:
SF Brown Real Estate
(505) 930-0520
Listed By:
Alicia Bertram · License #48316
(505) 930-0520
Source:
Xome
Added: Dec 26, 2025
Changed: Jul 21
Last Checked: Jul 25 at 2:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SF Brown Real Estate
Investment Insights
Based on property information with market context.
Newly constructed multifamily apartment complex completed in 2023, offered for sale for the first time. The property contains 18 apartments with a mix of one- and two-bedroom unit types, designed as a boutique, modern residential community.
The community is described as providing convenient access to the Santa Fe River Trail and nearby gyms, restaurants, and retail shops. The property is also noted as being across the street from the South Capitol Railrunner Train Stop.
The complex sits on a land lease with the Santa Fe Railyard Community Corporation and is subject to the organization’s HOA dues and community guidelines. Showings require 24-hour notice, and brokers may only be able to show vacant units subject to availability. The listed CAM is $287 per month, and the land lease monthly payment is $6,322 per month.
The community is described as providing convenient access to the Santa Fe River Trail and nearby gyms, restaurants, and retail shops. The property is also noted as being across the street from the South Capitol Railrunner Train Stop.
The complex sits on a land lease with the Santa Fe Railyard Community Corporation and is subject to the organization’s HOA dues and community guidelines. Showings require 24-hour notice, and brokers may only be able to show vacant units subject to availability. The listed CAM is $287 per month, and the land lease monthly payment is $6,322 per month.
Key Highlights
- Newly built 2023 multifamily complex with 18 apartments
- Unit mix includes one- and two‑bedroom apartments (18 total)
- Land lease with Santa Fe Railyard Community Corporation; subject to HOA dues and community guidelines
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $416.5k | $26.04 |
| − Vacancy | −$17.5k | −$1.09 |
| EGI | $399.0k | $24.95 |
| − OpEx | −$179.6k | −$11.23 |
| NOI | $219.5k | $13.72 |
15,995 SF · lease $26.04/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.14M
$2.74M – $3.66M
NOI $219,459 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.34M
$3.80M – $5.07M
NOI $304,033 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Newly built 2023 complex with 18 one- and two-bedroom apartments, operated under a Santa Fe railyard land-lease structure.
Where is this apartment building located?
The property is located at 920 Shoofly Street Santa Fe, NM.
What is the asking price?
The asking price for this property is $6,300,000.
What are key features of this property?
This property features: Newly built 2023 multifamily complex with 18 apartments; Unit mix includes one- and two‑bedroom apartments (18 total); Land lease with Santa Fe Railyard Community Corporation; subject to HOA dues and community guidelines
