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    503 Terrace Avenue Chama, NM 87520

    View on Map
    For Sale
    $519,500

    SINGLE_FAMILY - Chama, NM

    Type:Retail
    Property size:
    4,430 SF
    Lot size:
    0.14 Acres
    Added:
    Aug 20, 2025
    Days on Market:
    227
    Last Refresh:
    Apr 3 at 11:06 am

    Property Features for 503 Terrace Avenue

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Parking features
    On Street
    Standard status
    Active
    APN
    R008833
    Size
    4,430 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Subd: Original Townsite Of Chama Block: 2 Lot: 11 And: Lot: 12 Tract: Part , S: 14 T: 31 N R: 03 E 0.14 Ac Bk 190 Pg 528, 970108 Bk 228 Pg 161, 981001 Bk 399 Pg 12, 6 26 02, Bk.437 Pg.461 000231184 032103, Bk 158 Pg 37 Bk 170 Pg 563 564 Bk 113 Pg 431
    Tax Annual Amount
    3068

    Utilities

    Water source
    Public

    Building Details

    Year built
    1938
    Building materials
    Frame

    We can help!

    Listing Contact
    Christopher Dennison

    Listing agent Christopher Dennison License #54733

    Listing office United Country N New Mexico RE PO Box 245, Chama, NM

    Listing date Aug 20, 2025

    MLS# 202503846

    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.

    Overview

    Historic Old Town Retail Opportunity

    Located in the heart of historic Old Town Chama, New Mexico, directly across from the Cumbres & Toltec Scenic Railroad station, this retail building offers approximately 4,430 square feet of space suitable for retail, dining, or mixed-use ventures. The property currently houses a fudge shop, coffee shop, and a retail space featuring outdoor gear and furniture, presenting multiple business opportunities. A unique feature is the upstairs 2-bedroom, 1-bath apartment, creating a live/work opportunity. Recent improvements include a new roof, new windows, electrical upgrades, fresh paint, and new stucco. The building also offers private alley access with a gated entrance. Situated on a 0.14-acre lot, this property is located in Rio Arriba County. The building is priced separately from the inventory and equipment, which are available for purchase, offering flexibility for buyers to continue existing businesses or establish new ventures. This property is located at 503 Terrace Avenue, Chama, NM 87520.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Dental Office Hair Salon Big Box & Wholesale Store Food Market Auto Parts Store Electrical Service Clothing & Fashion Store Garden Center Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Chama
    County
    Rio Arriba
    State
    New Mexico
    Longitude
    -106.5796
    Latitude
    36.9026

    Nearby Similar for Sale

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      3,660 SF

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      View Details
    • $399,000
      3,800 SF

      Remodeled Income Property Near Railroad

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      421 Maple Avenue, Chama, NM 87520
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    • $350,000
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      Downtown Chama Mixed-Use Property

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      View Details

    FAQs

    What type of property is this?
    Retail space - Versatile retail building in historic Old Town Chama, New Mexico.
    Where is this retail space located?
    The property is located at 503 Terrace Avenue Chama, NM.
    What is the asking price?
    The asking price for this property is $519,500.
    What are key features of this property?
    This property features: Prime location directly across from the Cumbres & Toltec Scenic Railroad station in historic Old Town Chama.; Versatile 4,430 sq ft building suitable for retail, dining, or mixed‑use ventures.; Includes a 2‑bedroom, 1‑bath upstairs apartment, offering a live/work opportunity.
    (303) 956-0468
    We can help!
    Listing Contact
    Christopher Dennison
    Real Estate License ID: 54733
    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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