Short-Term Rental with Artisan
For Sale
$699,900
929 Shoofly Street, Santa Fe, NM 87505
CommercialSale, Santa Fe, NM
Property Size1,673 SF
Lot Size0.05 Acres
Price / SF$418.35
Days on Market67
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
1,673 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 26
Last Checked: Oct 1 at 5:06PM
MLS# 202603298
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.
Unit A at 929 Shoofly Street is an under-construction short-term rental property planned for completion in 2026. The 1,673-square-foot residence is framed with tile and wood flooring, a flat roof, and a kitchen and primary suite distinguished by custom cabinetry, stone surfaces, reclaimed materials, and artisan-finished architectural elements. The property includes a spa-inspired bath and a wet bar within the primary suite, along with handcrafted details throughout the interior.
The 0.05-acre property is located in Santa Fe near the Plaza, Canyon Road, and the Railyard District. It carries BCD zoning and is served by public water and public sewer. The combination of a defined hospitality use, highly detailed interior design, and proximity to established Santa Fe destinations gives the residence a distinct physical profile within the short-term rental category.
The 0.05-acre property is located in Santa Fe near the Plaza, Canyon Road, and the Railyard District. It carries BCD zoning and is served by public water and public sewer. The combination of a defined hospitality use, highly detailed interior design, and proximity to established Santa Fe destinations gives the residence a distinct physical profile within the short-term rental category.
Key Highlights
- 1,673‑square‑foot short‑term rental residence at 929 Shoofly Street, Unit A
- 0.05‑acre property with BCD zoning
- Under construction with a 2026 year built
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
$22,954
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
3.28%
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%
$459,080
$459.1K
Cap Rate 7%
$327,914
$327.9K
Cap Rate 9%
$255,044
$255.0K
Market Conditions
NOI Build-Up for 1,673 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
$43.6K $26.04/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$41.7K $24.95/SF
− OpEx
−$18.8K −$11.23/SF
NOI
$23.0K $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%
$459,080
Cap Rate 7%
$327,914
Cap Rate 9%
$255,044
Alternative Uses
Best Use
Apartment 5plus
$327.9K
$286.9K – $382.6K
NOI $22,954 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$454.3K
$397.5K – $530.0K
NOI $31,800 @ 7.0% cap · market cap 4.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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 hospitality residence featuring custom architectural details and proximity to Santa Fe’s Plaza, Canyon Road, and Railyard District.
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 $699,900.
What are key features of this property?
This property features: 1,673‑square‑foot short‑term rental residence at 929 Shoofly Street, Unit A; 0.05‑acre property with BCD zoning; Under construction with a 2026 year built
