Crafted Short-Term Rental
For Sale
$995,000
929 Shoofly Street, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size2,128 SF
Lot Size0.05 Acres
Price / SF$467.58
Days on Market51
Property Features for 929 Shoofly Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
BCD
Parking
2
Directions
St Francis to Cerrillos Rd to Railfan Rd. Left on Flagman Way. Right on Shoofly. Property is on your left.
Standard status
Active
APN
99313903
Size
2,128 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Description
To be provided by title binder.
Legal Description
To be provided by title binder.
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2026
Flooring type
Tile, Wood
Building materials
Frame
Roof type
Flat
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Tara P. Woodruff · License #51489
(505) 382-1110
Added: Jul 27
Changed: Sep 12
Last Checked: Sep 15 at 8:06AM
MLS# 202603305
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.
This 2,128-square-foot short-term rental property at 929 Shoofly Street, Unit B, is under construction with a projected 2026 build year. The residence combines gathering areas with private suites and includes a gourmet kitchen featuring custom cabinetry, imported natural stone, and designer finishes. Reclaimed wood, artisan ironwork, petrified wood, agate, lapis, and other handcrafted materials contribute to the interior design. Wood and tile flooring, a flat roof, frame construction, public water, and public sewer are specified.
The property is situated in Santa Fe near the Plaza, Canyon Road, and the Railyard District. The 0.05-acre site is served by public utilities and is identified with BCD zoning. The layout and finish package are presented as a furnished-hospitality-oriented residential asset within the city's short-term rental market.
The property is situated in Santa Fe near the Plaza, Canyon Road, and the Railyard District. The 0.05-acre site is served by public utilities and is identified with BCD zoning. The layout and finish package are presented as a furnished-hospitality-oriented residential asset within the city's short-term rental market.
Key Highlights
- 2,128‑square‑foot short‑term rental property at 929 Shoofly Street, Unit B
- Under construction with a 2026 build year
- Gourmet kitchen with custom cabinetry and imported natural stone
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
$29,197
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
2.93%
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%
$583,940
$583.9K
Cap Rate 7%
$417,100
$417.1K
Cap Rate 9%
$324,411
$324.4K
Market Conditions
NOI Build-Up for 2,128 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
$55.4K $26.04/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$53.1K $24.95/SF
− OpEx
−$23.9K −$11.23/SF
NOI
$29.2K $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%
$583,940
Cap Rate 7%
$417,100
Cap Rate 9%
$324,411
Alternative Uses
Best Use
Apartment 5plus
$417.1K
$365.0K – $486.6K
NOI $29,197 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$577.8K
$505.6K – $674.2K
NOI $40,449 @ 7.0% cap · market cap 4.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Short term rental property - Under-construction Santa Fe property with custom finishes, private suites, and a gourmet kitchen.
Where is this short term rental property located?
The property is located at 929 Shoofly Street Santa Fe, NM.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2,128‑square‑foot short‑term rental property at 929 Shoofly Street, Unit B; Under construction with a 2026 build year; Gourmet kitchen with custom cabinetry and imported natural stone
