New Multifamily Apartment
For Sale
$5,450,000
920 Shoofly Street, Santa Fe, NM 87505
MULTI_FAMILY - Santa Fe, NM
Property Size15,995 SF
Lot Size0.65 Acres
Price / SF$340.73
Days on Market210
Property Features for 920 Shoofly Street
General Information
Property type
Residential Multi Family
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: Jul 16
Last Checked: Aug 12 at 2:06AM
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
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
Property Profile
Current Use
Lease Details
18
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,034
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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
