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3226 Rufina St 23 Unit Apartment Building $3,041,153 ($132,224/Unit) 6.37% Cap Rate Santa Fe, NM 87507
Executive Summary
On behalf of the owners, NM Apartment Advisors is pleased to bring to market this Apartment community to market in the high-end tourism, 400 year old capital, high alpine skiing, arts, and cultural mecca of Santa Fe, NM.
If you love Meow Wolf, this property is located a few hundred feet south at 3226 Rufina. The economic engine of Meow Wolf makes this an ideal asset to acquire under the rising tide raises all ships theory.
The property contains a total of 23 units in 2 buildings built in the 1980s, with a small parcel of land for potential additional uses.
Historically there is a high barrier to entry market for new construction, the area has been identified as being short some 6,484 housing units. The community has partnered to bring more multifamily units on line than the Albuquerque area, but it’s not enough to satisfy the demand for residential housing. This has translated to high rent growth and the new construction is establishing a new ceiling on market rents ranging from $2,505 to $6,446 per month (you read that correct – there are a half dozen communities that the high end of their rent is between $2,505 to $6,446 per month!)
This high barrier to entry market has some of the most expensive single-family housing in the country with an average price over $700,000.
The community contains a range of units from small one bedrooms, averaging 432 sf to larger two bedroom units at 620sf. The lower floor units have a secure, double loaded corridor and the ground floor and upstairs units have their own private entrances. The property contains a common laundry room. The owner has furnished a couple of the smaller units to appeal to the traveling nurses/professional market.
If you want to pay all cash, or obtain a new loan, the price is $3,041,153 – a 6.37% cap rate at the current average rents of $1,117, the measure of investment performance include a price per unit of $132,220, a price per square foot of $265.83 a GRM of 9.86 and a cap rate of 6.37%. If the rents are raised to market averages of $1,401, measure of investment performance improve to 7.86, and a cap rate of 7.45%
If you love Meow Wolf, this property is located a few hundred feet south at 3226 Rufina. The economic engine of Meow Wolf makes this an ideal asset to acquire under the rising tide raises all ships theory.
The property contains a total of 23 units in 2 buildings built in the 1980s, with a small parcel of land for potential additional uses.
Historically there is a high barrier to entry market for new construction, the area has been identified as being short some 6,484 housing units. The community has partnered to bring more multifamily units on line than the Albuquerque area, but it’s not enough to satisfy the demand for residential housing. This has translated to high rent growth and the new construction is establishing a new ceiling on market rents ranging from $2,505 to $6,446 per month (you read that correct – there are a half dozen communities that the high end of their rent is between $2,505 to $6,446 per month!)
This high barrier to entry market has some of the most expensive single-family housing in the country with an average price over $700,000.
The community contains a range of units from small one bedrooms, averaging 432 sf to larger two bedroom units at 620sf. The lower floor units have a secure, double loaded corridor and the ground floor and upstairs units have their own private entrances. The property contains a common laundry room. The owner has furnished a couple of the smaller units to appeal to the traveling nurses/professional market.
If you want to pay all cash, or obtain a new loan, the price is $3,041,153 – a 6.37% cap rate at the current average rents of $1,117, the measure of investment performance include a price per unit of $132,220, a price per square foot of $265.83 a GRM of 9.86 and a cap rate of 6.37%. If the rents are raised to market averages of $1,401, measure of investment performance improve to 7.86, and a cap rate of 7.45%
Property Facts
| Price | $3,041,153 | Apartment Style | Low-Rise |
| Price Per Unit | $132,224 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.88 AC |
| Cap Rate | 6.37% | Building Size | 16,750 SF |
| Gross Rent Multiplier | 9.86 | Average Occupancy | 96% |
| No. Units | 23 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1980/2018 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R-21 | ||
| Price | $3,041,153 |
| Price Per Unit | $132,224 |
| Sale Type | Investment |
| Cap Rate | 6.37% |
| Gross Rent Multiplier | 9.86 |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.88 AC |
| Building Size | 16,750 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built/Renovated | 1980/2018 |
| Opportunity Zone |
Yes |
| Zoning | R-21 |
Amenities
Unit Amenities
- Heating
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Tub/Shower
- Views
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 15 | - | 650 |
| 2+1 | 8 | - | 900 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Minimal public transit
10/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 016010324 | Improvements Assessment | $934,734 |
| Land Assessment | $289,105 | Total Assessment | $1,223,839 |
Property Taxes
Parcel Number
016010324
Land Assessment
$289,105
Improvements Assessment
$934,734
Total Assessment
$1,223,839
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3226 Rufina St
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