OW Ranch

Property Map

OW Ranch

$18,500,000
Quietus, Montana

The OW Ranch is the headquarters unit of the Kendrick Cattle Company perhaps the most famous of the cattle empires created in the late 1800s in the Sheridan, Wyoming area. The Kendrick Ranch holdings included over 300,000 acres that ran from the Powder River well up into Montana. The historic OW headquarters where John B. Kendrick lived and raised his children remains one of eastern Montana’s classic open range cattle ranches now operating on around 50,000 acres - 32,428± of which is well blocked deeded land. The OW has an appraised carrying capacity of 1500 animal units and includes 2,000 acres of dry land hay and creek bottom meadows. The rangeland is comprised of foothill range with scattered timber and meadows in many of the valleys. It is precisely what a Montana ranch should look like. The ranch also boasts a considerable wildlife/sporting resource including trophy quality deer, a substantial elk herd, antelope and good upland bird habitat and populations. The main headquarters has undergone an historical renovation under the guidance of well-known Montana architect Jonathan Foote. The ranch is located an easy one hour drive north of Sheridan, Wyoming on paved or well-maintained gravel roads and includes 3 comfortable sets of buildings.  It represents an opportunity to buy one of Montana’s and the west’s most famous ranches with a well located herd of over 1,000 one iron cows, available under separate treaty. 

Co-Exclusive Listing Broker - Jim Webster of Leadbetter Webster Land Company 

Location: 

The OW Ranch is located approximately 45 miles north of Sheridan, Wyoming on Hanging Woman Creek. About one half of the drive to the ranch is on paved state highways and the second half is on highly improved graveled county roads. The old town site of Quietus is virtually on the ranch and there are other “wide spots in the road” such as Decker, Birney and Otter that are anywhere from a few miles to 20 miles from the ranch. Most of the real estate lies in Big Horn County, Montana, although the Kendrick family who founded the ranch and owned it for nearly 100 years was a Wyoming family based out of Sheridan. Sheridan offers commercial air service and is the most convenient access point to the ranch from the rest of the world.

Locale: 

The OW Ranch lies in well-respected big ranching country with units of two of the nation’s largest ranching operations lying within 30 miles. Another operation of over 100,000 acres lies to the north. There are also some more modest neighbors, but all serious ranching operations that go back multiple generations.


Sheridan is where everyone goes for supplies and other services. Traditionally many ranching families in this area have maintained a home in Sheridan to take advantage of Sheridan’s schools and other social and cultural amenities. Sheridan is a unique town – considered by many to be Wyoming’s most desirable non-resort community.


The county boasts a population of around 20,000 residents and the area is home to two of the oldest active dude ranches in the U.S. These ranches brought an eclectic mix of easterners, “remittance men”, “black sheep”, and adventurers into the community from the early 1900s. As a result the culture of the area has evolved rather differently than many Wyoming communities.


Cattle ranching and equestrian activities – including many non-ranch related ones have always been a major part of the life there.


For example it is home to one of the oldest active polo clubs in the U.S. dating back to 1893.

One of the early settlers in the area – a “remittance man” from titled British royalty held his ranching operation together by selling tens of thousands of horses to the British for use in the Boer Wars in the early 1900s. Many great horsemen were created at that time as a result of the need to quickly break thousands of horses to ride in a short period.


The town also boasts an active arts community with galleries and museums and theater all playing a role. It also offers a full menu of services from banks to restaurants, to equipment dealers. The fact that the ranch is an easy drive from Sheridan adds considerably to its value.

General Description: 

The OW consists of a series of relatively broad valleys that drain from a high divide westerly into Hanging Woman Creek which flows in a northerly direction entering the Tongue River near the town of Birney.


A small part of the ranch in the area of the Dalton headquarters lies westerly of Hanging Woman Creek and drains to the east.


The ranch hay meadows and creek bottom pastures along Trail Creek and Hanging Woman Creek have dike systems that accumulate winter and spring precipitation and run off onto the meadows. The ranch also has dryland hay production on cropland that lies along some of the high ridges.


As stated earlier, this is classic Montana ranch country with timber scattered along the ridges and northern exposures.


It is generally described as Ponderosa Pine Savannah with predominant grass species being western wheatgrass, blue bunch wheatgrass, needle and thread and blue grama.


Elevations range from 3,450’ to 4,150’ and it is generally rolling country with a few areas of more extreme terrain.


The improvements are well located throughout the ranch with the OW Headquarters being the focal point, the Trail Creek Headquarters, the original Conley homestead that Jim acquired after his death, and the restored Dalton Headquarters that serves as the ranch manager’s homestead. These along with the many other improvements throughout the ranch provide a good presence on all parts of the ranch.

Acreage: 

32,428± deeded

Acreage Breakdown: 

Deeded                 32,428± acres (Annual taxes estimate $17,031)
State Lease          11,721± acres (Annual cost estimate $20,856)
BLM Lease              2,080± acres (Annual cost estimate $636)
Private Lease         2,746± acres (Annual cost $13,730)
Total                     48,975± acres


In addition the OW has a USFS Permit on the nearby Custer National Forest which calls for 98 pairs from June 1 through October 18. Annual cost is estimated at $600.


Deeded Acreage Breakdown         

Sub-irrigated Hay Meadow         640± acres
Creek Bottom Pasture                320± acres
Dryland Hay                             1,178± acres
Rangeland                             28,385± acres
Timbered Rangeland               1,814± acres
Building and Lots                         35± acres
Roads and Waste                        56± acres
Total                                     32,428± Deeded Acres

Improvements: 

There are 3 headquarters on the ranch – the Dalton, the OW and Trail Creek.
The OW Headquarters: “Senator Kendrick’s House” – Originally built in 1892, this 2,265 sq. ft. log house along with other ranch buildings is on the National Register of Historic Places and was recently refurbished under the guidance of renowned architect Jonathan Foote with modern touches added - consistent with the standards imposed by the National Historic Register. It has 3 bedrooms and two bathrooms plus a kitchen, living room, office, dining room and covered wrap-around porches.


Cookhouse: 1,610 sq. ft. log construction with extensive decks and wrap-around porches. Built in 1902.


Mobile Home: 16’ X 65’ with 3 bedrooms and 1.5 bathrooms.


Barn: 32’ X 64’ log barn with metal roof built in 1902 and refurbished to its original style under the historical register standards.

Equipment Storage Shed: 20’X 99’ - Also built in 1902 and refurbished. Open on one side.


Equipment Storage Shed: 18’ X 58’ Bank barn also built in 1902.


Multiple barns, cattle shelters, sheds etc. of minimal value.

Dalton Headquarters

Main house: This is a 1,495 sq. ft. wood frame dwelling with a hip roof (metal). Built in 1919, it has been remodeled and refurbished. The ranch manager lives here.


There are 3 sheds/cattle shelters plus some other outbuildings that have little value.


About one mile to the west is the old Pine Butte Schoolhouse used for storage and a 14’ X 67’ mobile home in good condition.

Trail Creek Headquarters

Dwelling: 1,008 sq. ft on main floor over a full basement. Wood frame house built in 1950 and remodeled in 1995. Gable wood shingle roof. Good condition.


Dwelling: Modular 1,152 sq. ft. ranch style home built in 1960. Asphalt shingle roof. Fair condition.


Shop: Prefabricated steel building 50’ X 50’ on concrete slab. Built 1995. Good condition.


Pole Barn: 24’ by 24’ built 1980 – fair condition.


Buildings also include an older sheep shed and a hopper bin overhead-type feeder.


Livestock Facilities

There is an excellent set of shipping corrals on Hanging Woman Creek above the OW Headquarters. These new corrals include a hydraulic chute and certified scales. The Trail Creek corrals also have a hydraulic chute. The OW and Dalton each have a modest set of working corrals.

Climate: 

As is typical for most of the Rocky Mountain Region, weather patterns are unpredictable.  Temperatures can sink to below zero in the winter or climb into the high 90s during the summer months.  Overall most people find that the low relative humidity maintains a comfortable environment even during extreme times and typically average temperatures remain at pleasant levels throughout the year.  


Average precipitation is estimated to be 12 to 14 inches.  Snowfall in the lower to mid elevations of the ranch is light throughout the winter.


The snow will accumulate briefly and much of it will evaporate throughout the winter months with the occasional warm Chinook winds causing large temperature swings.  Most of the rainfall occurs in May and June.


This area can have open grazing throughout the winter but it is wise to keep a supply of hay on hand for periods when weather conditions cause the grass to become inaccessible.

General Operations: 

Going into the winter of 2013 the ranch was carrying in excess of 1,000 bred cows plus replacement heifer calves, bulls and horses.


The appraised carrying capacity of the ranch is estimated to be around 1,500 animal units and is based upon an aggressive haying program. 2012 was one of the worst drought years in history so the ranch will be using hay stored from previous years since virtually no hay was produced in 2012. The ranch calves in late March and April and relies on cake and grass to get through the winter with hay on hand for emergencies and extreme weather. Calves wean in the 525# to 550# range. This is an outstanding one iron herd of black cows who were raised on the ranch and whose offspring are sought after by repeat buyers. This herd will be available under separate treaty and is not included in the offering price of the ranch.

We always recommend a light stocking rate of breeding cows on grass ranches that are reliant on annual precipitation which can vary fairly dramatically. Then excess capacity, if available, can be allocated to stockers or some other form of short term cattle. The OW is an efficient operation that should be able to be run by a ranch manager and no more than two full-time employees. Cattle are currently rotated between pastures but movement is still somewhat dictated by water sources. Current owners have been on an active program of developing water and this situation is fast being alleviated through the development of pipelines and solar wells. (See below under Water Resources)


It should also be noted that the current owners lease about 720 acres to the neighboring Padlock Ranch. This particular area west of Hanging Woman Creek is more easily utilized by the Padlock.  Lease rate is $5 per acre.

Water Resources: 

The OW has 62 water right filings; 22 are for wells, 3 for developed springs and 29 pertain to dams. Four are for irrigation use and essentially involve spring runoff through an extensive dike system. There are domestic wells at the headquarters.


Most critical to the ranch is water development and distribution for livestock use which has been a focus of the current owners for some years. Perhaps the centerpiece of their effort is a 2,170 foot well that was drilled near the Trail Creek Headquarters and pumped to a high point where there is 40,000 gallons of storage. This flows into 12.95 miles of buried pipe which services 25 new storage tanks, most of which are located along the ridges. The ranch also has 8 state of the art solar installations with more on the drawing boards as well as 9 electric submersible pumps and 13 generator operated wells with submersible pumps. This all provides backup to the reservoir system that traditionally served the ranch.

Wildlife Resources: 

Wildlife on the OW Ranch includes trophy quality mule deer, whitetail deer, antelope, and a good-sized elk herd that resides most of the year on the ranch. There is good upland bird habitat and hunting is excellent for these species as well. There is a trustworthy outfitter operating in the area and the ranch has leased the hunting rights to him on an annual contract basis. It produces around $15,000 in annual income. This has been a management decision as opposed to an income decision as this significant resource is under-utilized under the current scenario.

Taxes: 

The annual property taxes are estimated to be $17,369.

Mineral Rights: 

One half of the minerals appurtenant to the ranch and owned by the sellers will be transferred to buyer at closing. Sellers indicate that most of the minerals under the ranch are either owned by the Federal Government, the State of Montana, or were retained by the Kendrick family.

Additional Information: 

This price includes livestock, feed and equipment on the ranch at the time of sale. It should be noted that the private lease is subject to the permission of the landlord to transfer. The landlord is in fact the Kendrick Cattle Company and this lease has traditionally remained with the OW. The basic livestock inventory at the end of 2012 was 722 bred cows, 301 bred heifers, 139 replacement heifer calves and 54 bulls. Current livestock inventories and personal property inventories will be provided at the time of negotiation of an offer. Furniture, photographs and art in the OW headquarters is not included in the sale and personal property of employees is excluded as well.

Broker Comments: 

The OW at its core is an outstanding, well blocked, balanced 1500 AU grass ranch located within easy driving distance of Sheridan, arguably Wyoming’s most desirable community. It is a reputation ranch in reputation country. Its history speaks for itself.

Terms: 

This price includes real estate only. Livestock, feed and equipment would be available separately. It should be noted that the private lease is subject to the permission of the landlord to transfer. The landlord is in fact the Kendrick Cattle Company and this lease has traditionally remained with the OW. 

The Facts: 

*Deeded – 32,428± acres
*State Lease – 11,721± acres
*BLM Lease – 2,080± acres
*Private Lease – 2,746± acres
*Total --------     48,975± acres plus 441 AUMs on USFS Permit
*Location –Approximately 45 miles north of Sheridan, Wyoming
*Operation – 1,500± AU approx. cow calf operation.
*Recreational resources – Excellent mule deer, whitetail deer, antelope and elk populations plus good upland bird hunting.
*Improvements - 3 sets of well-maintained improvements situated throughout the ranch. The OW headquarters has undergone an historical renovation and these buildings have a significantly enhanced value.
*Water resources – Numerous springs, reservoirs and  eight solar powered wells plus an excellent 13 mile gravity flow pipeline serviced by a deep well provide good livestock water. *The ranch enjoys excellent spring flood rights through a dike system in good moisture years.

Additional Services: 

MANAGEMENT SERVICES – Hall and Hall’s Management Division has a very clear mission – To represent the owner and to ensure that his or her experience is a positive one. Services are customized to suit the owner’s needs. They often begin with the recruiting and hiring of a suitable ranch manager or caretaker and are followed by the development of a management or operating plan along with appropriate budgets. Ongoing services include bill paying, ranch oversight, and consulting services as needed. Even the most sophisticated and experienced ranch owners appreciate the value of a management firm representing them and providing advice on local area practices and costs. Wes Oja and Jerome Chvilicek at (406) 656-7500 or Randy Clavel at (308) 534-9000 are available to describe and discuss these services in detail and welcome your call.

RESOURCE ENHANCEMENT SERVICES – Increasingly the value of a ranch is measured by the quality of each and every one of its resources. Coincidentally the enhancement of a ranch’s resources also increases the pleasure that one derives from the ownership of a ranch. Our management services have included the assessment of everything from wildlife habitat to bird habitat to water resources and fisheries and the subsequent oversight of the process involved with the enhancement of these resources. Wes Oja or Jerome Chvilicek at (406) 656-7500 are available to describe and discuss these services in detail and welcome your call.

AUCTIONS - Hall and Hall Auctions offers “Another Solution” to create liquidity for the owners of Investment-Quality Rural Real Estate. Our auction team has experience in marketing farmland, ranchland, timberland and recreational properties throughout the nation. Extreme attention to detail and complete transparency coupled with Hall and Hall’s “rolodex” of over 40,000 targeted owners and buyers of rural real estate help assure that there are multiple bidders at each auction. In addition the unique Hall and Hall partnership model creates a teamwork approach that helps to assure that we realize true market value on auction day. For more information on our auction services contact Scott Shuman at (800) 829-8747.

SPECIALIZED LENDING - Over the past 59 years Hall and Hall has created a legacy by efficiently providing capital to the intermountain west. In addition to traditional farm and ranch loans, we specialize in understanding the unique aspects of placing loans on ranches where value may be influenced by recreational features, location and improvements and repayment may come from outside sources. Our extensive experience and strong relationships with our lenders allows us to quickly tell you whether we can provide the required financing.

Competitive Pricing • Flexible Terms • Efficient Processing
In-House Appraisals • Common Sense Underwriting
Dave Roddy • (406) 656-7500
Mike Hall or Judy Chirila • (303) 861-8282
Randy Clavel • (308) 534-9000
Monte Lyons • (806) 698-6882

Disclaimer: 

Following is a Montana law required disclosure.

UNDERSTANDING WHOM REAL ESTATE AGENTS REPRESENT

Montana law requires that BUYER’s and SELLER’s be advised about the different types of agency relationships available to them (MCA § 37-51-102 & 37-51-321).  A real estate agent is qualified to advise only on real estate matters.  As the client or as the customer, please be advised that you have the option of hiring outside professional services on your own behalf (legal and tax counsel, home or building inspectors, accountant, environmental inspectors, range management or agricultural advisors, etc.) at any time during the course of a transaction to obtain additional information to make an informed decision.  Each and every agent has obligations to each other party to a transaction no matter whom the agent represents.  The various relationships are as follows:

SELLER's Agent:  exclusively represents the SELLER (or landlord).  This agency relationship is created when a listing is signed by a SELLER/owner and a real estate licensee.  The SELLER's agent represents the SELLER only, and works toward securing an offer in the best interest of the SELLER.  The SELLER agent still has obligations to the BUYER as enumerated herein.

BUYER's Agent:  exclusively represents the BUYER (or tenant).  This agency relationship is created when a BUYER signs a written BUYER-broker agreement with a real estate licensee.  The BUYER agent represents the BUYER only, and works towards securing a transaction under the terms and conditions established by the BUYER and in the best interest of the BUYER.  The BUYER agent has obligations to the SELLER as enumerated herein.

Dual Agent:  does not represent the interests of either the BUYER or SELLER exclusively.  This agency relationship is created when an agent is the SELLER's agent (or subagent) and enters into a BUYER-broker agreement with the BUYER.  This relationship must receive full informed consent by all parties before a "dual-agency" relationship can exist.  The "dual agent" does not work exclusively for the SELLER or the BUYER but works for both parties in securing a conclusion to the transaction.  If you want an agent to represent you exclusively, do not sign the "Dual Agency" Disclosure and Consent" form.

Statutory Broker:  is a licensee who assists one or more of the parties in a transaction, but does not represent any party as an agent.  A licensee is presumed to be acting as a “statutory broker” unless they have entered into a listing agreement with the SELLER, a BUYER-broker agreement with the BUYER, or a dual agency agreement with all parties.

In-House SELLER Agent Designate:   is a licensee designated by the broker- owner/manager (of the real estate brokerage) to be the exclusive agent for the SELLER for a specific transaction in which the brokerage has the property listed and the BUYER is working directly through the same brokerage also.  This agent may not act on behalf of any other member of the transaction and works for the benefit of the SELLER, but still is obligated to the BUYER as any SELLER's agent would be.

In-House BUYER Agent Designate:   is a licensee designated by the broker- owner/manager (of the real estate brokerage) to be the exclusive agent for the BUYER for a specific transaction in which the brokerage has the property listed and the BUYER is working directly through the same brokerage also.  This agent may not act on behalf of any other member of the transaction and works for the benefit of the BUYER, but still obligated to the SELLER as any BUYER's agent would be.

Subagent:   is an agent of the licensee already acting as an agent for either the SELLER or BUYER.  A "SELLER agent" can offer "subagency" to an agent to act on his behalf to show the property and solicit offers from BUYER’s.  A "BUYER agent can offer "subagency" to an agent to act on his behalf to locate and secure certain property meeting the BUYER's criteria. 

_____ of Hall and Hall is the exclusive agent of the Seller.

NOTICE: Offering is subject to errors, omissions, prior sale, change or withdrawal without notice, and approval of purchase by owner. Information regarding land classifications, acreages, carrying capacities, potential profits, etc., are intended only as general guidelines and have been provided by sources deemed reliable, but whose accuracy we cannot guarantee. Prospective buyers should verify all information to their satisfaction. Prospective buyers should also be aware that the photographs in this brochure may have been digitally enhanced.