According to the United States Census Bureau, the town has a total area of 0.2 square miles (0.5 km2), all land.

The first site was located near the geographic center of the county on a section of the Southern Pacific Railroad survey in May 1890.

After a failed attempt to become the county seat, most of the homes were sold to farmers and the land reverted to the family of S.L.

The post office was eventually relocated to the homestead of David H. Davenport, who operated a general store in 1902.

Three years later, Davenport purchased land north of his farm that had a supply of soft water, making it a suitable site to develop a community.

[6] On June 11, 1908, he moved his store and post office and platted the second Lakeview site at its present-day location.

Prospects for a new railroad grew in 1910, when the Altus, Roswell, and El Paso Company constructed a roadbed through Lakeview, but prevailing conditions forced them to abandon the project.

A third fire in 1930 destroyed the business district, and the impact of the Great Depression contributed to Lakeview's decline.