NEW ROOF. NEW EXT. PAINT. NEW PAVING. EXCELLENT ON-SITE MGMT. AND MAINT. UPSIDE POTENTIAL.125K IN UPGRADES IN PAST 3 YEARS. 2.2 ACRES..
The area is booming and Hobbs is the primary shopping hub for quite a distance as the area is very rural. But oil is the big game in the region. Fracking, shale oil development techniques, horizontal drilling and new methods of lower cost drilling have led to big gains in production and efficiency and the Permian Basin of West Texas and N.M. where the building is located, is the most active drilling area in the country now.
The Permian is the world's second largest oil field and is currently widely considered to be the hottest oil drilling area in the country, and possibly the world. More than half of all the oil rigs in the U.S. are in the Permian Basin.
Most major oil companies are heavily invested in area and at the end of Jan. 2018 Exxon Mobil said it plans to triple its production there and spend $2 billion on infrastructure improvements by 2025.
In addition, the area has made good progress in recent years in diversifying. A huge development for the area was a $1.5 billion National Enrichment Facility, a uranium enrichment plant that finished in 2010 and employs about 230 people 15 miles from Hobbs in a tiny little town. It now has approval to double its size to a total cost of $3 billion. There is also a regional hospital, a significant agriculture and dairy industry, a horse racing track / casino, a prison, plenty of oil services companies, a four year university and a community college. Numerous big box retailers are in the area, including a Super WalMart, Home Depot, Lowes, and major national restaurant chains.
