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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    9 Broadmoor Park Hobbs, NM 88240

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0705146
    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 9 Broadmoor Park

    Property type
    Commercial real estate

    Description

    This exceptional lot, identified as Lot 9 in the desirable Broadmoor Park neighborhood of Hobbs, New Mexico, presents a unique opportunity for builders or investors. Priced competitively at $69,700, this land parcel is one of the few remaining lots in this sought-after community, making it a truly rare find. Located in Lea County, the property boasts a convenient address within Broadmoor Park, offering easy access to local amenities and services. The lot is ready for immediate development, allowing for the construction of a new home. However, it's important to note that all renderings, plans, materials, and elevations for any new home construction must receive prior approval from the Broadmoor Homeowners Association (HOA). This ensures the maintenance of the neighborhood's aesthetic appeal and high standards. The precise dimensions of the lot are not specified, but its location within a well-established neighborhood suggests a desirable size and configuration suitable for residential construction. The property's geographic coordinates are 32.7240593 latitude and -103.130743 longitude, providing precise location data for interested parties. This is an excellent investment opportunity in a thriving New Mexico community. Don't miss out on the chance to secure this prime piece of land in Hobbs, NM. The zip code for this property is 88240.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Hobbs
    County
    Lea
    State
    New Mexico
    Longitude
    -103.130743
    Latitude
    32.7240593

    Comparable in this City

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      Hobbs, NM Commercial Land for Sale

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      Prime Lea County land, ideal for development.
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      Hobbs, NM Warehouse - $1.65M

      Prime Lea County industrial property; ideal for oilfield or trucking.
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    • $160,000

      Hobbs Commercial Land - Prime Location

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    • $120,155

      Hobbs, NM Land - Prime Location

      14,374.8 sq ft lot, build-ready.
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    Similar Nearby for Sale

    • $5,868,838
      29.94 Acres

      Prime Lea County Commercial Land

      29.94 Acres, $5.8M Asking Price
      0 Tbd Lovington Hobbs, Arkansas Junction, NM 88240
      View Details
    • $350,000
      4.20 Acres

      Hobbs, NM Commercial Land for Sale

      4.2 Acres, Prime Commercial Location
      6721 World Dr, Hobbs, NM 88240
      View Details
    • $1,829,520
      4.20 Acres

      Hobbs, NM Land - 4.2 Acres

      Prime Lea County land, ideal for development.
      Arkansas Junction, NM 88240
      View Details
    • $1,650,000

      Hobbs, NM Warehouse - $1.65M

      Prime Lea County industrial property; ideal for oilfield or trucking.
      1430 Bender Blvd, Hobbs, NM 88240
      View Details
    • $160,000

      Hobbs Commercial Land - Prime Location

      20,037 sq ft Commercial Lot, $160,000
      126 Marland Blvd, Hobbs, NM 88240
      View Details
    • $120,155

      Hobbs, NM Land - Prime Location

      14,374.8 sq ft lot, build-ready.
      1203 Cambridge St, Arkansas Junction, NM 88240
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      195,584 SF

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      Hobbs, NM Commercial Warehouse

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    • $7 SF/Yr
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      1,600 SF

      Hobbs, NM Office Space for Lease

      Prime Hobbs office space, multiple suites available.
      3601 Grimes St, Hobbs, NM 88240
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      2,513 SF

      Retail Space in Hobbs, NM

      Retail space available for lease in Hobbs, New Mexico.
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      1,920 SF

      Retail Center on Main Corridor

      Retail space in growing Hobbs commercial corridor for lease.
      3900 N Lovington Hwy, Hobbs, NM 88240
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    9 Broadmoor Park
    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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