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    Arkansas Junction, NM 88240

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    Arkansas Junction, NM 88240

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    • Land
    • 1.30 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details

    Lot size
    1.30 lot acres
    Property type
    Land

    Description

    This 1.3-acre lot, identified as Lot 15, is located in Hobbs, New Mexico, within Lea County, zip code 88240 (latitude 32.6702606, longitude -103.4049445). The asking price for this property is $566,280. Situated in a rapidly expanding area, this parcel offers exceptional potential for various commercial ventures. Its strategic location places it near significant facilities, including the CORE Center of Recreational Excellence, the new Covenant Hospital, Zia Park Racetrack and Casino, the Lea County Event Center, and New Mexico Junior College. The property is conveniently positioned within a developing area, just west of a planned City Sports complex, City Park, and pond. This advantageous location makes it suitable for a range of commercial uses, such as retail establishments, office parks, or childcare facilities. The property is part of a larger land offering, with other adjacent lots also available. This presents a unique opportunity for investors and developers seeking a prime location in a thriving New Mexico community. The property is classified as land and is not accompanied by any existing buildings or structures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Arkansas Junction
    County
    Lea
    State
    New Mexico
    Longitude
    -103.405
    Latitude
    32.6703

    Comparable in this City

    • Value Estimation by Request

      515 Clinton St

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      515 Clinton St, Hobbs, NM 88240
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      108 Willow St

      Land
      108 Willow St, Hobbs, NM 88240
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    • Value Estimation by Request
      1.43 Acres

      Rash Rd

      Land • 1.43 Acres
      0 Rash Rd, Hobbs, NM 88240
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    • Value Estimation by Request
      10.53 Acres

      3 Millen

      Land • 10.53 Acres
      3 Millen, Arkansas Junction, NM 88240
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    • Value Estimation by Request

      508 Dalmont St

      Retail properties & Spaces
      508 Dalmont St, Hobbs, NM 88240
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    • Value Estimation by Request

      414 Taylor St

      Office properties & Spaces
      414 Taylor St, Hobbs, NM 88240
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    Similar Nearby for Lease

    • Contact for pricing

      Prime Land for Lease

      Multi-parcel project with high traffic and development potential.
      4210 N Lovington Hwy, Hobbs, NM 88240
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      Commercial Land Available For Lease

      Commercial land parcels available for ground lease or sale.
      4100 N Lovington Hwy, Hobbs, NM 88240
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      Prime Retail Space Available

      New retail space in a thriving commercial district.
      3601 N Grimes St, Hobbs, NM 88240
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      Retail Space in Hobbs, NM

      Retail space available for lease in Hobbs, New Mexico.
      3920 N Lovington Hwy, Hobbs, NM 88240
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    • Contact for pricing
      2,500 SF

      Retail Endcap on Joe Harvey

      High-visibility retail space in high-demand Hobbs corridor.
      1901 W Joe Harvey Blvd, Hobbs, NM 88240
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    • $7 SF/Yr
      28,000 SF

      Retail Space in Bel Aire Center

      28,000 SF available in established Hobbs shopping center.
      931 E Bender Blvd, Hobbs, NM 88240
      View Details
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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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