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    736 Upham Road Elephant Butte, NM 87935

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    Claim this Listing
    Pending
    $1,900,000

    LAND - Elephant Butte, NM

    Lot size:
    984.00 Acres
    Added:
    Apr 23, 2023
    Days on Market:
    1105
    Last Refresh:
    May 1 at 2:06 pm

    Property Features for 736 Upham Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RR
    Standard status
    Pending
    APN
    3008082519509 and 3008081215506
    Lot size
    984.00 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Description
    See Metes and Bounds is documents.
    Tax Annual Amount
    1832

    Utilities

    Utilities
    Water Available
    Sewer type
    Septic Tank
    Water source
    Private, Well

    Building Details

    Additional Structures
    Arena

    We can help!

    Listing Contact
    Dona Stout
    Dona Stout

    Listing agent Dona Stout License #435510

    Listing office RE/MAX Classic Realty 2805 Doral Ct., Las Cruces, NM

    Listing date Apr 23, 2023

    MLS# 880307 Listing URL

    Copyright © 2026 Greater El Paso Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Working Cattle Ranch Near Spaceport

    This working cattle operation is located within five miles of Spaceport America and includes over 984 acres, plus 4946 acres of leased BLM land. The property features state-of-the-art gathering pens, pastures, branding pens, and working corrals. It also includes 14 miles of fencing, several storage buildings, a hay barn, a scale house, and a large workshop. A small apartment with a kitchen area, bedroom, and bath has been added to one of the storage buildings. The property has paved road frontage and 360-degree views. It is an excellent working ranch with development opportunity located between Virgin Galactic/Spaceport America and Elephant Butte Lake. The usable acres exceed 5000. The property is located in Elephant Butte, New Mexico. Owner financing is available. The zoning is RR.
    Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Elephant Butte
    County
    Sierra
    State
    New Mexico
    Longitude
    -107.212
    Latitude
    33.1893

    FAQs

    What type of property is this?
    Ranch - 984-acre working cattle ranch with leased BLM land.
    Where is this ranch located?
    The property is located at 736 Upham Road Elephant Butte, NM.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: Large acreage ranch: 984 deeded acres plus 4946 acres leased BLM land, totaling over 5930 usable acres.; Fully equipped working cattle operation: Includes state‑of‑the‑art gathering pens, pastures, branding pens, working corrals, 14 miles of fencing, hay barn, scale house, and large workshop.; Strategic location: Close proximity to Virgin Galactic/Spaceport America and Elephant Butte Lake, offering both rural ranching and development opportunities.
    (915) 276-4116
    We can help!
    Listing Contact
    Dona Stout
    Dona Stout
    Real Estate License ID: 435510
    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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    736 Upham Road, Elephant Butte, NM 87935

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