Address: 4210 N Lovington Hwy, Hobbs, New Mexico, United States 88240
Cap Rate: 5.00%
Lease Type: Triple-Net (NNN) Ground Lease
Annual Rent: $115,000
Net Operating Income: $115,000
Rentable Sq/Ft: 7,482 SF
Rent Sq/Ft: $15.37
Price Sq/Ft: $307
Lot Size: 2 Acres
Marcus & Millichap is pleased to present the exclusive listing for a brand-new Texas Roadhouse located at 4210 N Lovington Hwy in Hobbs, New Mexico. The newly constructed site will consist of roughly 7,482 rentable square feet of building space on an approximate 2-acre parcel. The investment property is subject to a brand new 10-year triple-net (NNN) Ground lease with 3, 5-year tenant renewal options.
The subject investment property is situated at 4210 N Lovington Hwy in Hobbs, NM, which boasts average daily traffic counts of about 26,000 vehicles. Nearby, Joe Harvey Blvd brings an additional 13,790 vehicles through the immediate area daily. There are 20,813 individuals residing within a three-mile radius of the property and 44,589 individuals within a five-mile radius of the property. The population is expected to grow over 4% over the next 4-5 years.
The subject property benefits from being well-positioned within new development that will feature two other properties on 6.61 Acres with 262 total parking spaces. Major national tenants in the immediate area include: McDonald’s, Walmart, Starbucks, Holiday Inn, Chili’s, Taco Bell, Home Depot, Lowe’s, IHOP, Mc’Alister’s Deli, Buffalo Wild Wings, and many more. The property benefits also benefits from its close proximity to Lea Regional Medical Center. Lea Regional is a fully-licensed 200-bed hospital serving Lea County with services ranging from cardiac care and pediatrics to mental health and outpatient surgery. The first Heart Failure accredited hospital in New Mexico and one of only six Chest Pain accreditation in the state, LRMC provides excellent healthcare.
Hobbs, New Mexico is one of the fastest growing cities in New Mexico. Lea County ranks 3rd most affordable in New Mexico with Lovington and Hobbs ranking in the top five most affordable cities to live in New Mexico. Hobbs is home to New Mexico Junior College. NMJC occupies 243 total acres, with approximately 500,000 square feet of building space. The campus has a student population of approximately 3,000 students and 250 employees, as well as a facility count of 24 buildings, including the newly constructed student apartments, the Western Heritage Museum & Lea County Cowboy Hall of Fame, and the new Training & Outreach Center.
Matthew Reeves License: 19583