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    24554 US 84 Cebolla, NM 87575

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    Claim this Listing
    For Sale
    $2,850,000

    Farm/Estate - Cebolla, NM

    Type:Farm
    Lot size:
    1,154.00 Acres
    Added:
    Dec 9, 2025
    Days on Market:
    137
    Last Refresh:
    Apr 25 at 2:06 am

    Property Features for 24554 US 84

    General Information

    Property type
    Farm
    Property subtype
    Farm
    Parking features
    Garage
    Standard status
    Active
    Lot size
    1,154.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    350

    Utilities

    Heating system
    Electric (Heating)
    Water front features
    Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Keith Stephens

    Listing agent Keith Stephens

    Listing office St James Sporting Properties 57998 Old Valley Lane, Montrose, NM

    Listing date Dec 9, 2025

    MLS# 11629273 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    1154-Acre Ranch in Cebolla, NM

    Terrero Creek Ranch is a 1,154± acre property situated 30 minutes south of Chama, NM, an area known for big-game hunting (Unit 51A). The ranch supports populations of elk, mule deer, black bear, mountain lion, and turkey. Elevations range from 7,160 to 8,120 feet, with rolling terrain featuring sage, native grasses, juniper, pinion, and mature ponderosa pine. The property includes 1.25 miles of Terrero Creek and five water tanks. Enrolled in New Mexico's EPLUS elk program, the ranch historically received up to 7 private-land elk vouchers annually, which are transferable or sellable. Mule deer, black bear, mountain lion, and turkey tags are available over-the-counter (OTC) for archery and rifle seasons. With direct access from paved US-84, a private road system on the property, and power, this property offers improvement options. Mineral and water rights transfer to the new owner. Recreation at Taos ski area, and the city of Santa Fe is under 2 hours away, and fishing at the Rio Chama is only 30 minutes to the North. The property is located near the 775,000-acre Carson National Forest, 75 miles from Pagosa Springs, CO, and 80 miles from Santa Fe. It is 90 minutes from Santa Fe Regional Airport and 144 miles from Albuquerque International Airport.
    Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Cebolla
    County
    Rio Arriba
    State
    New Mexico
    Longitude
    -106.556
    Latitude
    36.679

    FAQs

    What type of property is this?
    Ranch - Premier hunting ranch with diverse wildlife and transferable elk vouchers.
    Where is this ranch located?
    The property is located at 24554 US 84 Cebolla, NM.
    What is the asking price?
    The asking price for this property is $2,850,000.
    What are key features of this property?
    This property features: Premier Big‑Game Hunting Ranch in renowned Unit 51A, known for high elk densities and quality mule deer.; Abundant Water Resources: Features 1.25 miles of Terrero Creek and five water tanks.; Diverse Wildlife Habitat supports elk, mule deer, black bear, mountain lion, and turkey populations.
    (970) 975-0725
    We can help!
    Listing Contact
    Keith Stephens
    Learn More
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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
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