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$899,000
Est. payment /mo
11.33 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 202234149
HOA Y/N No
Lot Size 11.330 Acres
Acres 11.33
Property Sub-Type Commercial
Property Description
Los Alamos National Labs is set to relocate 20,000 jobs to Espanola in the coming decade, offering various incentives including: - Park-and-ride services in Espanola for students attending Los Alamos schools (the top school district in the state). Park-and-ride services for parents employed at LANL. Furthermore, the parcel is located in Santa Fe County! The City of Espanola strongly favors rental properties that resemble townhouses.
Situated just down the road from the renowned Parasol restaurant and in the vibrant heart of Espanola, NM, this property has been held by the same family for generations. It is now ready for development to address the increasing demand for housing driven by the influx of new jobs in the area.
Information from the recent Espanola housing summit can be found at https://www.ventanafund.org/borrower-resources/housing-summits/
This site is strategically located at one corner of the Los Alamos/Espanola/Santa Fe employment triangle, which boasts a population of 217,008, with a median age of 45 and an average household income of $101,364. There is also opportunity to gain an additional 10 acres from adjacent land owners.
The property is being offered at $899,000, equating to $13,621 per unit, with projected rents of $1,825 per unit or $1.82 per square foot. The current owners are pleased to provide conceptual site plans and development models to qualified developer/investors who complete the online confidentiality agreement.
Subject property might qualify for the next round of $30,000,000 of financing from the NMFA Opportunity Enterprise Housing Development Fund – applications are open on a revolving basis – more info at https://www.nmfinance.com/opportunity-enterprise-housing-development-revolving-fund/
For investors looking for a high yield rental property – the development model includes an analysis using Cavco homes (Durango model) with a projected development budget of $18M and an upside to $21M if sold, or an equity return of 15% to your investors if rented.
You can help address the current housing shortage - our market needs over 19,000 new rental units and until we build them, we will continue to be the #1 market in the country for rent growth.
Situated just down the road from the renowned Parasol restaurant and in the vibrant heart of Espanola, NM, this property has been held by the same family for generations. It is now ready for development to address the increasing demand for housing driven by the influx of new jobs in the area.
Information from the recent Espanola housing summit can be found at https://www.ventanafund.org/borrower-resources/housing-summits/
This site is strategically located at one corner of the Los Alamos/Espanola/Santa Fe employment triangle, which boasts a population of 217,008, with a median age of 45 and an average household income of $101,364. There is also opportunity to gain an additional 10 acres from adjacent land owners.
The property is being offered at $899,000, equating to $13,621 per unit, with projected rents of $1,825 per unit or $1.82 per square foot. The current owners are pleased to provide conceptual site plans and development models to qualified developer/investors who complete the online confidentiality agreement.
Subject property might qualify for the next round of $30,000,000 of financing from the NMFA Opportunity Enterprise Housing Development Fund – applications are open on a revolving basis – more info at https://www.nmfinance.com/opportunity-enterprise-housing-development-revolving-fund/
For investors looking for a high yield rental property – the development model includes an analysis using Cavco homes (Durango model) with a projected development budget of $18M and an upside to $21M if sold, or an equity return of 15% to your investors if rented.
You can help address the current housing shortage - our market needs over 19,000 new rental units and until we build them, we will continue to be the #1 market in the country for rent growth.
Location
State NM
County Santa Fe
Zoning R-1, 2, 3, 4, 5, 6
Interior
Fireplace No
Exterior
Utilities Available Sewer Not Available, Water Not Available
Water Access Desc None
Private Pool No
Building
Sewer None
Water None
Schools
Elementary Schools Espanola
Middle Schools Carlos F. Vigil Espanola Middle School
High Schools Espanola Valley High
Others
Tax ID 174655616
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
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Listed by Todd D. Clarke • NM Apartment Advisors, Inc.
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Maya Hiersoux
Broker Associate | License ID: 54287
Broker Associate License ID: 54287