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    Property profile & analytics

    204 Corbett St Hobbs, NM 88240

    • Commercial real estate
    OFF-MARKET
    Value Estimation
    Location Intelligence
    Property ID
    US61-0576770
    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.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 204 Corbett St

    Year built
    1955
    Property type
    Commercial real estate

    Description

    This exceptional investment opportunity in Hobbs, New Mexico, presents a three-unit property located at 204 E Corbett Street, zip code 88240, in Lea County. Built in 1955, the property sits on a generous 7,590 square foot lot. The property currently boasts 100% occupancy with three fully leased units, providing immediate rental income. The main unit is a comfortable two-bedroom, two-bathroom home featuring central air conditioning and heating. Adding to the rental potential are two additional units: a cozy one-bedroom, one-bathroom studio apartment equipped with a window air conditioning unit, and a second one-bedroom, one-bathroom unit also featuring central air conditioning and heating. This turnkey investment is ideally situated in a desirable area, offering a strong return on investment. The asking price for this income-generating property is $235,000. This represents a rare chance to acquire a well-maintained, fully occupied multi-family property in a thriving New Mexico market. Don't miss this chance to add a profitable asset to your portfolio.

    Value Estimation

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Hobbs
    County
    Lea
    State
    New Mexico
    Longitude
    -103.1344871
    Latitude
    32.7104048

    Comparable in this City

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      Prime Lea County development opportunity.
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    • $440,000

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    • $653,400
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      1.5-acre lot, prime Lea County location
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    Similar Nearby for Sale

    • $1,200,000

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    • $1,733,000
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      NN Leased Restaurant Investment Opportunity

      NN leased restaurant with attractive rental escalations and renewal options.
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      Hobbs Land: Navajo Drive Opportunity

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    • $200,000
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      Hobbs, NM Land - 2.156 Acres

      Prime Lea County development opportunity.
      0 Tbd Pearl Dr Dr, Arkansas Junction, NM 88240
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    • $440,000

      608 S Commerce Street

      Distribution properties
      608 Commerce St, Arkansas Junction, NM 88240
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    • $653,400
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      Hobbs, NM Commercial Land Opportunity

      1.5-acre lot, prime Lea County location
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    Similar Nearby for Lease

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      1,600 SF

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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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    • $7 SF/Yr
      28,000 SF

      Retail Space in Bel Aire Center

      28,000 SF available in established Hobbs shopping center.
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      Retail Center on Main Corridor

      Retail space in growing Hobbs commercial corridor for lease.
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      21,333 SF

      Hobbs Office Space: 6,329 SF Available

      Prime Hobbs location, flexible office space. High traffic, near major retailers.
      1701 Joe Harvey Blvd, Hobbs, NM 88240
      View Details
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    204 Corbett St
    Hobbs, 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
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