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    3 Millen Arkansas Junction, NM 88240

    For Sale
    $3,669,494

    10.53 Acres, Prime Retail Location

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    This exceptional 10.53-acre commercial land parcel presents a remarkable investment opportunity in Hobbs, New Mexico. Strategically located in Lea County, with a convenient address of TBD Tract 3 Millen (South Side), zip code 88240, this property boasts significant frontage on Millen, directly adjacent to the newly developed Covenant site. The expansive lot size provides ample space for a variety of commercial developments, making it ideal for entrepreneurs and investors seeking high-visibility locations. Its prime position offers excellent accessibility and exposure to a substantial customer base. The property's versatility allows for the development of retail spaces, a shopping center, restaurants, or office buildings, catering to the diverse needs of the thriving Hobbs community. The coordinates are 32.6702606 latitude and -103.4049445 longitude. This is a rare chance to acquire a significant tract of land in a rapidly growing area with exceptional potential for substantial returns. The asking price for this exceptional property is $3,669,494. Don't miss this opportunity to secure a prime piece of commercial real estate in a dynamic and expanding market. This property is zoned for commercial use.

    Property Features for 3 Millen

    General Information

    Property type
    Land
    Lot Size
    458,687 SF

    HighLights

    • $3,669,494 asking price.
    • 10.53‑acre commercial land parcel.
    • Located in Hobbs, New Mexico, Lea County, zip code 88240.
    • Excellent frontage on Millen, adjacent to the new Covenant site.
    • Ideal for retail, shopping center, restaurant, or office development.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Arkansas Junction
    County
    Lea
    State
    New Mexico
    Longitude
    -103.4049445
    Latitude
    32.6702606

    Nearby Comparable

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    • $120,155

      Hobbs, NM Land - Prime Location

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    • $5,868,838
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      Prime Lea County Commercial Land

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    • $1,829,520
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      Hobbs, NM Land - 4.2 Acres

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    FAQs

    What type of property is this?
    Land - 10.53 Acres, Prime Retail Location
    Where is this land located?
    The property is located at 3 Millen Arkansas Junction, NM.
    What is the asking price?
    The asking price for this property is $3,669,494.
    What are key features of this property?
    This property features: $3,669,494 asking price.; 10.53-acre commercial land parcel.; Located in Hobbs, New Mexico, Lea County, zip code 88240.
    (575) 392-1000
    Request Owner's contact information
    3 Millen Arkansas Junction, NM 88240
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    Arkansas Junction, NM 88240
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    Realmo Value Estimation

    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.

    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.

    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
    3 Millen Arkansas Junction, NM 88240
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