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Broker pitches 107 El Paso Road as quick infill option for Ruidoso workforce housing
Summary
Listing broker Eugene Heathman presented 107 El Paso Road as a largely finished, lower‑risk infill redevelopment priced at $990,000 and said a six‑month finish‑to‑occupancy is feasible; committee members asked for contractor estimates to complete due diligence.
Eugene Heathman, the listing broker with REMAX Classic Commercial Group, presented an infill redevelopment proposal to the Village of Ruidoso Workforce Housing Advisory Board for a property at 107 El Paso Road. "That's why we are here today to present to the village of Ruidoso and the workforce housing advisory board, 107 El Paso Road," he said, describing the site as an opportunity to produce single‑ or dual‑occupant workforce units.
Heathman told the board the building shell has been renovated with a new roof, stucco, high‑efficiency windows and mini‑split HVAC systems, and said the current ownership (Diamond Deerwoods LLC) has completed much of the capital‑intensive work. He said the property is priced at $990,000 and that scope estimates from regional contractors show additional capital in a roughly 1.78–1.94 range (as stated in the presentation). Heathman estimated a finish‑to‑suit path to about 16 residential units and predicted that, with work starting promptly, units could be ready in about six months.
The broker framed the investment case around an acute supply/demand imbalance in Ruidoso following local disasters. "The investment thesis for 107 El Paso Road is predicated on the extreme supply and demand imbalance within the Ruidoso primary market area, which has been acutely sharpened by the environmental disasters of 2024 and 2025," Heathman said. He argued intact structural assets with utilities and permits in place present a lower‑risk route to housing supply than vacant, damaged lots that require lengthy utility restoration.
Board members voiced support for the project's quick timeline and asked for supporting contractor estimates and permit documentation before any formal recommendation. The board did not take a vote on the property during the meeting; Heathman offered to provide contractor names, estimates and permit copies to the advisory board by the end of business.
