Modern Multifamily Apartment
For Sale
$5,450,000
920 Shoofly Street, Santa Fe, NM 87505
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$340.73
Days on Market241
Property Features for 920 Shoofly Street
General Information
Standard status
Active
Size
15,995 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
18
Amenities
3
Santa Fe Railyard Communi
Building Details
Year Built
2023
Tenancy
Multi
Listing Agency:
SF Brown Real Estate
(505) 930-0520
Listed By:
Alicia Bertram · License #48316
(505) 930-0520
Source:
Xome
Added: Jan 1
Changed: Aug 12
Last Checked: Aug 29 at 7:06AM
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
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
$219,459
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
4.03%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Lease Details
18
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,647
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?
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 $5,450,000.
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
