Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    120 County Road 120 Espanola, NM 87532

    Sponsored
    For Sale
    $615,000

    LAND - La Mesilla, NM

    Lot size:
    19.86 Acres
    Days on Market:
    124
    Last Refresh:
    Feb 2 at 8:06 pm

    Property Features for 120 County Road 120

    General Information

    Special listing conditions
    Standard
    Property type
    Land
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    APN
    1046116101514
    Fencing
    Fenced
    Lot size
    19.86 Acres

    Utilities

    Sewer type
    Septic Needed
    Water source
    Well Needed

    We can help!

    Listing Contact
    Jonathan M. Ortiz

    Southwest Elite Real Estate (505) 798-6333

    Listing agent Jonathan M. Ortiz (505) 363-8451 License #44118

    Listing date Oct 2, 2025

    MLS# 202503229

    Copyright © 2026 Santa Fe Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    La Mesilla Land with River Views

    This 19.86-acre property, formerly agricultural land, is located in Northern New Mexico. The property extends to the banks of the Rio Grande, resting on a bend with views toward Black Mesa. The land is mostly flat and usable, offering building sites with panoramic views and direct access to nature. This property offers the opportunity to build a home in a scenic setting. Potential uses include fishing, growing crops, or enjoying open space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Properties

    Suggested Use

    Building Supply Spa & Massage Center Big Box & Wholesale Store Hotel & Motel Gym & Fitness Center Pharmacy Skin Care Clinic Storage Facility Bed & Breakfast Plumbing Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Espanola
    County
    Rio Arriba
    State
    New Mexico
    Longitude
    -106.0868949
    Latitude
    35.94333524

    Nearby Similar for Sale

    • $489,000
      2,322 SF

      Updated Duplex in Espanola

      Remodeled duplex with new kitchens, baths, roof, and sewer.
      1891 Canada Ct, Espanola, NM 87532
      View Details
    • $447,000
      2,730 SF

      Espanola Restaurant and Bar on Plaza

      Turnkey restaurant and bar on the Plaza in Espanola, NM.
      100 Los Alamos Hwy, Espanola, NM 87532
      View Details
    • $245,000
      926 SF

      Commercial Property on Highway 84/285

      1.22-acre commercial property with excellent visibility and highway access.
      19346 Us 84-285, Espanola, NM 87537
      View Details
    • $270,000
      1,820 SF

      Espanola Commercial Building For Sale

      Versatile building with office space and service garage on 0.47-acre lot.
      711 Paseo De Onate, Espanola, NM 87532
      View Details
    • $400,000
      3,000 SF

      Espanola Industrial Property - Turnkey Opportunity

      Successful auto shop, high visibility, great potential.
      2 Sueno De Vigil Rd, Espanola, NM 87532
      View Details
    • $6,000,000
      12.44 Acres

      Espanola Mobile Home Park Investment

      12-Acre, 62-Space Mobile Home Park
      2116 Riverside Dr, Espanola, NM 87532
      View Details
    • $1,200,000
      5,350 SF

      Espanola Office Building - Prime Location

      Spacious Office Building, 1.26 Acres
      1119-1121 Santa Clara Peak Rd, Espanola, NM 87532
      View Details

    FAQs

    What type of property is this?
    Agricultural land - 19.86-acre property with river views and water rights in New Mexico.
    Where is this agricultural land located?
    The property is located at 120 County Road 120 Espanola, NM.
    What is the asking price?
    The asking price for this property is $615,000.
    What are key features of this property?
    This property features: - 19.86 acres of land with direct access and views of the Rio Grande River.; - Includes valuable water rights.; - Highly usable, mostly flat land with multiple ideal building sites.
    (505) 363-8451
    Request Owner's contact information
    120 County Road 120 Espanola, NM 87532
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    120 County Road 120
    Espanola, NM 87532
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    120 County Road 120 Espanola, NM 87532
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jonathan M. Ortiz
    Real Estate License ID: 44118
    (505) 363-8451
    Learn more
    Google sign-in failed. Please try again or use another login method.