3226 Rufina new Save Request In-Person Tour Request Virtual Tour
Santa Fe,NM 87507
Key Details
Property Type Multi-Family
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 202502719
Style Multi-Level
Year Built 1984
Lot Size 0.880 Acres
Property Sub-Type Apartment
Property Description
Excited to see this Apartment community come 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 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 satiate the resident demand. 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.
If you want to pay all cash, or obtain a new loan, the price is $3,041,153 – a 5.85% cap rate at the current average rents of $1,042, the measure of investment performance include a price per unit of $132,224, a price per square foot of $265.84 a GRM of 10.58 and a cap rate of 5.85%. If the rents are raised to market averages of $1,401,
measure of investment performance improve to 7.86, and a cap rate of 7.49%
Do not miss out on this opportunity to invest in one of America's most sought-after markets and receive a rare positive cash flow.
Location
State NM
County Santa Fe
Zoning R-1, 2, 3, 4, 5, 6
Interior
Heating Electric
Cooling Evaporative Cooling
Exterior
Utilities Available Separate Meters
Roof Type Built-Up
Building
Sewer Public Sewer
Water Public
Schools
Elementary Schools Ramirez Thomas
Middle Schools Ortiz
High Schools Santa Fe
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Special Listing Condition Standard