Newly Built Apartment
For Sale
$5,450,000
920 Shoofly Street, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size15,995 SF
Lot Size0.65 Acres
Price / SF$340.73
Days on Market274
Property Features for 920 Shoofly Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
BCDRED
Directions
Located at the corner of Shoofly St. and Flagman Way
Standard status
Active
APN
910021280
Size
15,995 SF
Lot size
0.65 Acres
Taxes and HOA fees
Tax Description
Santa Fe Railyard Community Corporation
Legal Description
Santa Fe Railyard Community Corporation
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2023
Flooring type
Laminate
Building materials
Frame
Roof type
Metal
Listing Agency:
SF Brown Real Estate
(505) 473-7740
Listed By:
Alicia Bertram · License #48316
(505) 930-0520
Added: Jan 14
Changed: Aug 19
Last Checked: Oct 15 at 7:06PM
MLS# 202600170
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.
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Investment Insights
Based on property information with market context.
Completed in 2023, this apartment complex contains 18 residences with a mix of one- and two-bedroom floor plans. The property encompasses 15,995 square feet on 0.65 acres, with frame construction, laminate flooring, a metal roof, public water, and public sewer. The asset is subject to a land lease and includes contemporary residential improvements.
Located at 920 Shoofly Street in Santa Fe, the property is positioned within the Baca Railyard area. Residents have access to the Santa Fe River Trail, nearby gyms, restaurants, and retail shops. The South Capitol Railrunner Train Stop is directly across the street, providing a transit connection adjacent to the property.
Located at 920 Shoofly Street in Santa Fe, the property is positioned within the Baca Railyard area. Residents have access to the Santa Fe River Trail, nearby gyms, restaurants, and retail shops. The South Capitol Railrunner Train Stop is directly across the street, providing a transit connection adjacent to the property.
Key Highlights
- 18 apartments across a mix of one- and two‑bedroom units
- Completed in 2023 with 15,995 square feet of property size
- Situated on 0.65 acres in Santa Fe’s Baca Railyard area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$219,459
Cap Rate
4.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,389,180
$4.4M
Cap Rate 7%
$3,135,129
$3.1M
Cap Rate 9%
$2,438,433
$2.4M
Market Conditions
NOI Build-Up for 15,995 SF
Gross rent
$416.5K $26.04/SF
− Vacancy
−$17.5K −$1.09/SF
EGI
$399.0K $24.95/SF
− OpEx
−$179.6K −$11.23/SF
NOI
$219.5K $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 Rate 5%
$4,389,180
Cap Rate 7%
$3,135,129
Cap Rate 9%
$2,438,433
Alternative Uses
Best Use
Apartment 5plus
$3.14M
$2.74M – $3.66M
NOI $219,459 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.34M
$3.80M – $5.07M
NOI $304,033 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
1,647
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - One- and two-bedroom rentals completed in 2023 offer a contemporary multifamily configuration.
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 $5,450,000.
What are key features of this property?
This property features: 18 apartments across a mix of one- and two‑bedroom units; Completed in 2023 with 15,995 square feet of property size; Situated on 0.65 acres in Santa Fe’s Baca Railyard area
