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    1824 Joe Harvey Blvd Hobbs, NM 88240
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    1824 Joe Harvey Blvd Hobbs, NM 88240

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    • Coffee shops
    • 1,752 SF
    For Sale
    $1,750,000
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    Starbucks Investment Opportunity in Hobbs For Sale
    $1,750,000
    1,752 SF

    Starbucks Investment Opportunity in Hobbs

    NN Lease Starbucks with drive-thru in Hobbs, NM for sale.

    1824 Joe Harvey Blvd, Hobbs, NM 88240
    View Listing
    Property ID
    US61-0942405
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Starbucks / Cafe & Coffee Shop

    Property Details for 1824 Joe Harvey Blvd

    Year built
    2014
    Property size
    1,752 SF
    Property type
    Coffee shops
    Property subtype
    Retail space

    Description

    INVESTMENT OFFERING Fortis Net Lease is pleased to present this 1,752 SF Starbucks equipped with drive-thru inHobbs, NM. The property is encumbered with a new ten (10) year NN Lease of which 6.75 yearsremaining. The lease contains four, 5-year options to renew with 10% rent increases. The leaseis corporately guaranteed by Starbucks Corporation which holds a credit rating of “A-” per S&P,which is classifi ed as Investment Grade. This Starbucks is highly visible as it is strategically positioned on West Joe Harvey Boulevard(13,707 VPD) near the corner of N. Lovington Highway (20,590 VPD). The fi ve mile populationfrom the site exceeds 49,770, while the one mile average household income exceeds $110,542per year, making this location ideal for a Starbucks. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Starbucks. This investment will offer a newowner continued success due to the fi nancial strength and the proven profi tability of thetenant, the the premier retailer of specialty coffee.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Hobbs
    County
    Lea
    State
    New Mexico
    Longitude
    -103.1593259
    Latitude
    32.7422856

    Comparable in this City

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      Hobbs Retail/Restaurant with Drive-Thru

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      1615 W Millen Dr, Hobbs, NM 88240
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      3,622 SF

      NN Leased Restaurant Investment Opportunity

      NN leased restaurant with attractive rental escalations and renewal options.
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      Commercial Property on Eunice Highway

      Commercial property with offices, shop, and ample yard space.
      6808 S Eunice Hwy, Hobbs, NM 88240
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    • $435,000
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      Hobbs Retail Space - Prime Location

      Downtown Hobbs retail building, 5000 sq ft, high growth area.
      311 Broadway St, Hobbs, NM 88240
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    Similar Nearby for Sale

    • $2,300,000
      2,585 SF

      Hobbs Retail/Restaurant with Drive-Thru

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      1615 W Millen Dr, Hobbs, NM 88240
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      3,622 SF

      NN Leased Restaurant Investment Opportunity

      NN leased restaurant with attractive rental escalations and renewal options.
      3619 NW County Rd, Hobbs, NM 88240
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      3,750 SF

      Commercial Property on Eunice Highway

      Commercial property with offices, shop, and ample yard space.
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    • $435,000
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      Hobbs Retail Space - Prime Location

      Downtown Hobbs retail building, 5000 sq ft, high growth area.
      311 Broadway St, Hobbs, NM 88240
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    Similar Nearby for Lease

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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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      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
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      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

      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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      Retail Center on Main Corridor

      Retail space in growing Hobbs commercial corridor for lease.
      3900 N Lovington Hwy, Hobbs, NM 88240
      View Details
    View Listing
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    Hobbs, NM 88240
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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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