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    311 W Broadway Street Hobbs, NM 88240

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    Claim this Listing
    Pending
    $425,000

    SINGLE_FAMILY - Hobbs, NM

    Type:Retail
    Property size:
    5,000 SF
    Added:
    Dec 18, 2024
    Days on Market:
    504
    Last Refresh:
    May 6 at 11:06 am

    Property Features for 311 W Broadway Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Bathrooms
    5
    Rooms
    Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 4
    Parking
    8
    Standard status
    Pending
    APN
    4000750760001
    Size
    5,000 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Lots 6 and 7, Block 33 of Original Hobbs Sub-Division
    Tax Annual Amount
    5003

    Building Details

    Building materials
    Block
    Roof type
    Flat

    We can help!

    Listing Contact
    Robbie Robinson
    Robbie Robinson

    Listing agent Robbie Robinson License #18732

    Listing office Robinson & Associates Real Estate 3319 N Grimes Suite D, Hobbs, NM

    Listing date Dec 18, 2024

    MLS# 20247089

    Copyright © 2026 New Mexico 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

    Hobbs Multi-Office Building For Sale

    Located in downtown Hobbs, this large multi-office building features a spacious reception lounge at the front entrance, complemented by three large offices situated just behind the reception area. Originally remodeled as a sleep center, the property includes private bathrooms in several rooms, making it easily adaptable for physicians' exam rooms. Additional amenities include a breakroom and a laundry closet. A layout map is available in the photos. Given Lea County's leading position in oil production and the expansion of the Urenco uranium enrichment facility, Hobbs is a central hub experiencing significant economic growth and business expansion in Southeastern New Mexico. The property offers 5,000 square feet of space and is suitable for use as a satellite or home office.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pecos Valley Production ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Hobbs
    County
    Lea
    State
    New Mexico
    Longitude
    -103.139388
    Latitude
    32.700543

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    FAQs

    What type of property is this?
    Medical Office Space - Large office building in downtown Hobbs, suitable for medical or office.
    Where is this medical office space located?
    The property is located at 311 W Broadway Street Hobbs, NM.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Large multi‑office building in downtown Hobbs.; Originally remodeled with private bathrooms in several rooms, suitable for medical or other professional use.; Large reception lounge at front entrance.
    (575) 390-7073
    We can help!
    Listing Contact
    Robbie Robinson
    Robbie Robinson
    Real Estate License ID: 18732
    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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