18-Unit Apartment
For Sale
$5,450,000
920 Shoofly Street, Santa Fe, NM 87505
The rental community offers one- and two-bedroom residences under a land-lease arrangement.
Property Size15,995 SF
Price / SF$340.73
Days on Market15
Property Features for 920 Shoofly Street
General Information
Standard status
Active
Size
15,995 SF
Zoning
Other
Additional Details
HOA Fee
$287
Public Transit
Yes
Multifamily Units
18
Amenities
Laminate
false
Public
0.65
Santa Fe Railyard Community Corp. Land Lease
Owner
Parking Available
15995
Building Details
Building Size
15,995 SF
Year Built
2023
Listing Agency:
SF Brown Real Estate
Listed By:
Alicia Bertram · License #48316
(505) 930-0520
Source:
Snodgrassrealty
Added: Oct 16
Changed: Oct 29
Last Checked: Oct 29 at 2:54PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Completed in 2023, this 15,995-square-foot apartment property contains 18 residences with one- and two-bedroom layouts. The community operates on a land lease with the Santa Fe Railyard Community Corporation and is subject to its community guidelines and HOA dues.
The property is across the street from the South Capitol Railrunner train stop, with access to the Santa Fe River Trail, gyms, restaurants, and retail shops. Showings require 24 hours’ notice, and broker access is limited to vacant units when available.
The property is across the street from the South Capitol Railrunner train stop, with access to the Santa Fe River Trail, gyms, restaurants, and retail shops. Showings require 24 hours’ notice, and broker access is limited to vacant units when available.
Key Highlights
- 18 apartments with one- and two‑bedroom layouts
- 15,995 square feet; completed in 2023
- Land lease with Santa Fe Railyard Community Corporation
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.
How Realmo checks its estimates
Property Analytics
Lease Details
18
Residential units
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
Frequently Asked Questions
What type of property is this?
Apartment building - The rental community offers one- and two-bedroom residences under a land-lease arrangement.
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 with one- and two‑bedroom layouts; 15,995 square feet; completed in 2023; Land lease with Santa Fe Railyard Community Corporation
