On behalf of the owners, NM Apartment Advisors are 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 Santa Fe and being close to 5 parks, grocery, shopping restaurants and the Rail Runner (commuter train), then his property well located at 2382 Camino Capitan. The property contains a total of 6 units in 3 buildings built in the 1979. Historically a high barrier to entry market for new construction, the areas is identified as being short some thousands of rental 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. The property is both a value add asset at an ask price of $854,627 and rents that are 24% below market. At the ask price and with average rents at $1,204 the measures of investment performance include a 9.86 GRM, 6.16% Cap rate, an after tax IRR of 14.5%, a price per unit of $142,438 and a price per square foot of $215.81. If rents are raised to the an average of $1,561 the cap rate improves to 8.05% and that includes underwriting a three fold increase in property taxes with a potential assessment at 85% of the sales price. 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.