Equestrian Compound with Indoor Riding
For Sale
$1,210,000
54 Rons Road, Santa Fe, NM 87508
MULTI_FAMILY - Other - Santa Fe, NM
Property Size5,975 SF
Lot Size9.36 Acres
Price / SF$202.51
Days on Market95
Property Features for 54 Rons Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Rural Residential
Zoning description
Call Broker
Parking features
Garage
Interior features
InteriorSteps
Elementary school
Amy Biehl Community
Middle school
Milagro
High school
Santa Fe
Directions
Hwy 14 to Fire station with flag across from San Marcos cafe..turn left then an immediate right onto Ron's road to 54.
Standard status
Active
APN
078001014
Size
5,975 SF
Lot size
9.36 Acres
Taxes and HOA fees
Tax Description
LOT 7, NE4-NE4-SE4 S26 T15N R8E
Legal Description
LOT 7, NE4-NE4-SE4 S26 T15N R8E
Utilities
Sewer type
Septic Tank
Heating system
Propane (Heating), Radiant
Water source
Private, Well
Building Details
Year built
1981
Floors in Building
1
Number of units
3
Building materials
Adobe, Frame, Stucco
Roof type
Flat
Architectural style
Other
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Joan M. DiGiovanna · License #49852
(505) 907-6387
Added: May 9
Changed: Aug 1
Last Checked: Aug 11 at 6:06PM
MLS# 202601858
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.
Investment Insights
Based on property information with market context.
Cielo Encantado is an equestrian compound offering multiple residences and dedicated horse facilities. The property includes three residences: a main house, a guest house, and a casita. The main residence is described as adobe construction with Southwestern lines and handcrafted wood detailing. Additional on-site features include an indoor riding arena, a heated pool, and separate access for the horse/equestrian area.
Set on 9.36 acres in Santa Fe, the compound is zoned Rural Residential. Water service is provided by a private well, and wastewater is handled by a septic tank. The main residence is supported by propane heating with radiant heat, and interior features include interior steps. Parking is available via a garage, and the roof is described as flat. Construction materials include adobe, frame, and stucco, with the property built in 1981.
Set on 9.36 acres in Santa Fe, the compound is zoned Rural Residential. Water service is provided by a private well, and wastewater is handled by a septic tank. The main residence is supported by propane heating with radiant heat, and interior features include interior steps. Parking is available via a garage, and the roof is described as flat. Construction materials include adobe, frame, and stucco, with the property built in 1981.
Key Highlights
- 9.36‑acre equestrian compound in Santa Fe zoned Rural Residential
- Three residences: main house, guest house, and casita
- Indoor riding arena for year‑round riding and training
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$88,673
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,773,460
$1.8M
Cap Rate 7%
$1,266,757
$1.3M
Cap Rate 9%
$985,256
$985.3K
Market Conditions
NOI Build-Up for 5,975 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$132.6K $22.20/SF
− Vacancy
−$6.0K −$1.00/SF
EGI
$126.7K $21.20/SF
− OpEx
−$38.0K −$6.36/SF
NOI
$88.7K $14.84/SF
Area
Santa Fe County, NM
Vacancy
4.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,773,460
Cap Rate 7%
$1,266,757
Cap Rate 9%
$985,256
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M
NOI $88,673 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$1.17M
$1.02M – $1.37M
NOI $81,980 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,573 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Explore this area
Business Placement
Demographics for 87508, NM
19,156
Population
7,782
Households
2.5
Avg Household Size
54
Median Age
50%
College-Educated
90%
High-School Grad
169.2 sq mi
ZIP Area
113
Density / Sq Mi
$96,767
Median Household Income
$43,595
Median Earnings
$1,502
Median Rent
$529,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Horse & equestrian property - Equestrian compound on Rural Residential land with a private well, septic service, and an indoor riding arena.
Where is this horse & equestrian property located?
The property is located at 54 Rons Road Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,210,000.
What are key features of this property?
This property features: 9.36‑acre equestrian compound in Santa Fe zoned Rural Residential; Three residences: main house, guest house, and casita; Indoor riding arena for year‑round riding and training
