New Multifamily Apartment
920 Shoofly Street Santa Fe, NM 87505
920 Shoofly Street, Santa Fe, NM, 87505
$5,450,000
For Sale
$5,450,000
MULTI_FAMILY - Santa Fe, NM
Property Size15,995 SF
Lot Size0.65 Acres
Price / SF$340.73
Days on Market184
Property Features for 920 Shoofly Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- 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
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
2905 Rodeo Park Drive E #4, Santa Fe, NM
Listed by
Alicia Bertram · License #48316
(505) 930-0520
Added: Jan 14 Checked: Jul 17 at 6:06 am
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.
Investment Insights
Based on property information with market context.
Newly constructed multifamily apartment complex offered for sale for the first time ever. The property contains 18 apartments in a mix of one- and two-bedroom layouts, completed in 2023.
The complex is located in Santa Fe’s Baca Railyard area at 920 Shoofly Street. It provides access to the Santa Fe River Trail and is described as being across the street from the South Capitol Railrunner Train Stop.
The property is subject to a land lease with the Santa Fe Railyard Community Corporation, including HOA dues and community guidelines. Any showings require 24-hour notice, and brokers may only show vacant units subject to availability. Reported operating items include CAM of $287 per month and a land lease monthly payment of $6,322 per month.
The complex is located in Santa Fe’s Baca Railyard area at 920 Shoofly Street. It provides access to the Santa Fe River Trail and is described as being across the street from the South Capitol Railrunner Train Stop.
The property is subject to a land lease with the Santa Fe Railyard Community Corporation, including HOA dues and community guidelines. Any showings require 24-hour notice, and brokers may only show vacant units subject to availability. Reported operating items include CAM of $287 per month and a land lease monthly payment of $6,322 per month.
Key Highlights
- Newly constructed multifamily complex built in 2023 with 18 apartments
- Apartment mix includes 1- and 2‑bedroom units
- Frame construction with laminate flooring and a metal roof
Local 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 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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Newly built complex features 18 one- and two-bedroom apartments completed in 2023.
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: Newly constructed multifamily complex built in 2023 with 18 apartments; Apartment mix includes 1- and 2‑bedroom units; Frame construction with laminate flooring and a metal roof
