Highland Apartments
12 Unit Apartment Building | $840,000 ($70,000/Unit) | 6.56% Cap Rate | Hobbs, NM 88240
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $840,000
- Property Type
-
Multifamily
- Square Feet
- 9,382 SF
Listing Contacts
Todd Clarke
Verified Profile
- Property Info
Property Overview
Value add 12 units with potential 9.08% cap rate in energy-plex with new financing starting interest rate of 5.35%
NM Apartment Advisors Inc. is excited to bring to market a high cap rate, value add opportunity in Hobbs, New Mexico.
This 12-unit community is nestled in the heart of Hobbs, NM and in close proximity to major employers and retail opportunities.
Hobbs is a community has made major investments in expanding their quality of living including the addition of the $62 million, 160,000 square foot community center known as the CORE Center for Recreation excellence.
Did you know NM is #2 in the country for oil production? Or that this market (Hobbs) is severely underserved for new housing? If you want to help solve the problem – plan to attend the Hobbs, NM Housing Summit on August 20th, 2024 – info and registration at https://www.ventanafund.org/event/uli-nm-energyplex-housing-summit-hobbs-nm/
Flyer, APOD, and property info at http://www.nmapartment.com/apt/NMAA-Jeff2315Hobbs.pdf
Based on an ask price of $840,000 the current average rents of $594 per month, the property’s measures of investment performance include a 9.82 GRM, 6.88% cap rate before reserves, before tax IRR of 20.4% and an after tax IRR of 16.6%.
This property is an ideal candidate for renovation/rehabilitation financing from the Ventana Fund (see page 6 for potential loan terms which includes a base interest rate of 5.35%).
If rents were raised to an average of $767, the measures of investment performance improve to a 9.08% cap rate, and 14.95% cash on cash.
Recent comparable sales indicate an as-is value of $941,638.
Owner prefers not to disturb residents and encourages offers subject to inspections.
Qualified investors can gain access to the confidential document center by completing the online confidentially agreement at http://www.nmapartment.com/2315NJefferson
Do not miss out on this amazing and rare opportunity to invest in one of NM’s fastest growing areas!
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
NM Apartment Advisors Inc. is excited to bring to market a high cap rate, value add opportunity in Hobbs, New Mexico.
This 12-unit community is nestled in the heart of Hobbs, NM and in close proximity to major employers and retail opportunities.
Hobbs is a community has made major investments in expanding their quality of living including the addition of the $62 million, 160,000 square foot community center known as the CORE Center for Recreation excellence.
Did you know NM is #2 in the country for oil production? Or that this market (Hobbs) is severely underserved for new housing? If you want to help solve the problem – plan to attend the Hobbs, NM Housing Summit on August 20th, 2024 – info and registration at https://www.ventanafund.org/event/uli-nm-energyplex-housing-summit-hobbs-nm/
Flyer, APOD, and property info at http://www.nmapartment.com/apt/NMAA-Jeff2315Hobbs.pdf
Based on an ask price of $840,000 the current average rents of $594 per month, the property’s measures of investment performance include a 9.82 GRM, 6.88% cap rate before reserves, before tax IRR of 20.4% and an after tax IRR of 16.6%.
This property is an ideal candidate for renovation/rehabilitation financing from the Ventana Fund (see page 6 for potential loan terms which includes a base interest rate of 5.35%).
If rents were raised to an average of $767, the measures of investment performance improve to a 9.08% cap rate, and 14.95% cash on cash.
Recent comparable sales indicate an as-is value of $941,638.
Owner prefers not to disturb residents and encourages offers subject to inspections.
Qualified investors can gain access to the confidential document center by completing the online confidentially agreement at http://www.nmapartment.com/2315NJefferson
Do not miss out on this amazing and rare opportunity to invest in one of NM’s fastest growing areas!
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
Property Details
- Class
- C
- Year Built
- 1979
- Stories
- 1
- Lot Size (sq. ft)
- 19,602 SF
- Units
- 12
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