3226 Rufina, Santa Fe, New Mexico

$3,264,252

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0.87

Acres

About 3226 Rufina

If you love Meow Wolf, this property is located a few hundred feet south. 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, in 2017, the areas was 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 its 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. There are two prices for this property: 1. If you want to pay all cash, or obtain a new loan, the price is $3,264,252 – a 4.50% cap rate at the current average rents of $885. 2. If you want to assume the existing financing of $1,494,328, the price is $2,891,859. Measure of investment performance at the average rents of $885 include a GRM of 11.83, a before reserves cap rate of 5.08%, an after reserves cap rate of 4.92%, a cash on cash of 3.19%

Features of 3226 Rufina

MLS® # 202104644
Price $3,264,252
Acres 0.87
Year Built 1984
Type Multifamily
Sub-Type Apartment Complex
Style Multi-Level
Status Active

Community Information

Address 3226 Rufina
Area 4N-SF City Limit SWN
City Santa Fe
County Santa Fe
State New Mexico
Zip Code 87507

Amenities

Utilities Other-See Remarks
Is Waterfront No

Interior

Heating Gas
Cooling Evaporative - Central

Exterior

Roof Flat

Additional Information

Date Listed October 19th, 2021
Days on Market 42
Zoning Other - See Remark
Short Sale No
RE / Bank Owned No

Listing Details

AgentTodd Clarke
OfficeNM Apartment Advisors, Inc.

Listing Map

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