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    14 Little Norway Subdivision San Luis, CO 81152

    View on Map
    Sponsored
    For Sale
    $46,900

    Improved Land - San Luis, CO

    Lot size:
    2.52 Acres
    Days on Market:
    339
    Last Refresh:
    Mar 25 at 8:06 pm

    Property Features for 14 Little Norway Subdivision

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Residential
    Parking features
    Carport, Garage
    Lot size
    2.52 Acres

    Taxes and HOA fees

    Expense value
    80
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Utilities

    Water front features
    Lake

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Ashley Hall
    Ashley Hall

    eXp Realty, LLC

    Listing agent Ashley Hall

    Listing date Apr 21, 2025

    MLS# 2614772 Listing URL

    Copyright © 2026 ROCC/REcolorado. 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

    Land with Mountain Views

    Located in the Little Norway Subdivision of Melby Ranch, this 2.52-acre property is situated above the Sanchez Reservoir basin. The land is approximately five miles north of the New Mexico border, off Route 159 in Southern Colorado, providing access to San Luis, Red River, NM, and the Great Sand Dunes National Park. Power and water are available to the lot line. The property offers views of the Sangre de Cristo Mountains and abundant sunshine. The area is home to wildlife, including wild horses. The night skies are suitable for stargazing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    San Luis
    County
    Costilla
    State
    Colorado
    Longitude
    -105.41870773
    Latitude
    37.07592658

    Nearby Similar for Sale

    • $390,000
      35.23 Acres

      Ranch Property with Irrigation Rights

      Ranch property featuring irrigation rights and a stock well.
      8463 County Road 21, San Luis, CO 81152
      View Details
    • $163,000

      San Luis Office with Mountain Views

      4,000 SF office space with mountain views for sale.
      11050 County Road 21, San Luis, CO 81152
      View Details
    • $850,000

      Farm and Ranch with Water

      Farm and ranch property with water rights and outbuildings.
      17152 Hwy 142, San Luis, CO 81152
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 2.52-acre lot with utilities and mountain views near San Luis.
    Where is this residential land & home lot located?
    The property is located at 14 Little Norway Subdivision San Luis, CO.
    What is the asking price?
    The asking price for this property is $46,900.
    What are key features of this property?
    This property features: - Unobstructed views of the Sangre de Cristo Mountains and abundant sunshine (over 300 days per year).; - Utilities (power and water) are already to the lot line, simplifying development.; - Located on Wild Horse Mesa near the Sanchez Reservoir basin, offering seclusion and natural beauty.
    (719) 674-8958
    Request Owner's contact information
    14 Little Norway Subdivision San Luis, CO 81152
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    San Luis, CO 81152
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    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
    14 Little Norway Subdivision San Luis, CO 81152
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    We can help!
    Listing Contact
    Ashley Hall
    Ashley Hall
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