1005 Joe Harvey Blvd, Hobbs, NM 88240

Property Details for 1005 Joe Harvey Blvd

Year built

2019

Lot size

0.85 lot acres

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a fee-simple ownership of a Church's Chicken restaurant in Hobbs, New Mexico. The property boasts a 2,400 square foot building on a 0.85-acre lot, constructed in 2019. The property is situated at 1005 Joe Harvey Blvd, 88240, benefiting from high visibility and traffic counts exceeding 20,000 vehicles daily. The absolute NNN lease with Ampler Chicken, a major franchisee operating over 475 restaurants, provides a passive income stream with minimal landlord responsibilities. The 20-year lease, commencing January 1, 2020, and expiring December 31, 2039, includes four 5-year renewal options with a 7.5% rent increase every five years. The current lease term remaining is 15.2 years. The property generates a Net Operating Income (NOI) of $107,500, resulting in a 5.66% cap rate and a price per square foot of $791.67. The asking price is $1,900,000. The strategic location near major retailers like The Home Depot, Walmart, and Lowe's, along with proximity to Covenant Health Hobbs Hospital and several colleges, ensures consistent customer traffic. This is a rare opportunity to acquire a long-term, high-performing, passively managed investment property in a strong retail corridor.

Location Insight

City

Hobbs

County

Lea

State

New Mexico

Longitude

-103.147717

Latitude

32.739666