Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    Grimes St Hobbs, NM 88240

    • Land
    • 5.06 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Grimes St

    Lot size
    5.06 lot acres
    Property type
    Land

    Description

    This exceptional 5.063-acre commercial land parcel presents a unique investment opportunity in the thriving city of Hobbs, New Mexico. Located on TBD N Grimes Street, this property boasts a highly desirable location with excellent visibility and high traffic counts, making it ideal for a wide range of commercial developments. The expansive lot size offers ample space for construction of a large-scale commercial building, or the potential for subdivision into smaller lots for multiple businesses. Situated in Lea County, with a zip code of 88240, this property benefits from convenient access to major transportation routes and a robust local economy. The asking price for this prime commercial land is $390,000. Given its size, location, and high visibility, this property represents a significant opportunity for investors seeking to capitalize on the growing commercial sector in Hobbs. The property's coordinates are 32.7481037 latitude and -103.1449192 longitude, allowing for easy location verification and site planning. Serious inquiries are encouraged to explore the full potential of this remarkable commercial land offering. This is a rare opportunity to acquire a substantial tract of land in a prime commercial location within a dynamic and growing market. Don't miss out on this chance to secure a valuable asset in a thriving New Mexico community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Hobbs
    County
    Lea
    State
    New Mexico
    Longitude
    -103.145
    Latitude
    32.7481

    Comparable in this City

    • Value Estimation by Request
      2.22 Acres

      300 Navajo Dr

      Land • 2.22 Acres
      300 Navajo Dr, Hobbs, NM 88240
      View Details
    • Value Estimation by Request

      806 Main St

      Distribution properties
      806 Main St, Hobbs, NM 88240
      View Details
    • Value Estimation by Request

      1209 Cambridge St

      Land
      1209 Cambridge St, Arkansas Junction, NM 88240
      View Details
    • Value Estimation by Request
      4.20 Acres

      6721 World Dr

      Land • 4.20 Acres
      6721 World Dr, Hobbs, NM 88240
      View Details
    • Value Estimation by Request

      618 Turner St

      Land
      618 Turner St, Hobbs, NM 88240
      View Details
    • Value Estimation by Request
      1.50 Acres

      Arkansas Junction, NM 88240

      Land • 1.50 Acres
      Arkansas Junction, NM 88240
      View Details

    Similar Nearby for Sale

    • $550,000
      2.22 Acres

      Hobbs Land: Navajo Drive Opportunity

      2.22 Acres, City Utilities, Owner Financing
      300 Navajo Dr, Hobbs, NM 88240
      View Details
    • $440,000

      608 S Commerce Street

      Distribution properties
      608 Commerce St, Arkansas Junction, NM 88240
      View Details
    • $200,000
      2.16 Acres

      Hobbs, NM Land - 2.156 Acres

      Prime Lea County development opportunity.
      0 Tbd Pearl Dr Dr, Arkansas Junction, NM 88240
      View Details
    • Contact for pricing
      1.21 Acres

      Hobbs, NM Prime Pad Site

      1.21-Acre Commercial Pad Site in Hobbs, NM
      0 Central Ave, Hobbs, NM 88240
      View Details
    • $653,400
      1.50 Acres

      Hobbs, NM Commercial Land Opportunity

      1.5-acre lot, prime Lea County location
      Arkansas Junction, NM 88240
      View Details
    • $2,409,302
      12.87 Acres

      Hobbs, NM Commercial Land Tract

      12.87 Acres, Prime Commercial Location
      0 Side, Hobbs, NM 88240
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      195,584 SF

      Hobbs Retail Land Opportunity

      Prime Lea County location, build-to-suit options.
      4100 Lovington Hwy, Hobbs, NM 88240
      View Details
    • Contact for pricing

      Hobbs, NM Commercial Warehouse

      High-traffic corner lot, versatile space.
      109 Dal Paso St, Hobbs, NM 88240
      View Details
    • Contact for pricing
      1,600 SF

      Hobbs, NM Office Space for Lease

      Prime Hobbs office space, multiple suites available.
      3601 Grimes St, Hobbs, NM 88240
      View Details
    • Contact for pricing
      2,513 SF

      Retail Space in Hobbs, NM

      Retail space available for lease in Hobbs, New Mexico.
      3920 N Lovington Hwy, Hobbs, NM 88240
      View Details
    • $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
    • Contact for pricing
      1,920 SF

      Retail Center on Main Corridor

      Retail space in growing Hobbs commercial corridor for lease.
      3900 N Lovington Hwy, Hobbs, NM 88240
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Grimes St
    Hobbs, NM 88240
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.