2315 N Jefferson Hobbs, NM

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Address: 2315 N Jefferson St, Hobbs, NM 88240, USA
Created date: June 22, 2024
Date last updated: June 22, 2024

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
NM Apartment Advisors Inc.
(505) 440-TODD


Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Property Types: Apartment Buildings
Price: $840,000
No. of Units: 12
Cap Rate: 6.88%
GRM /GIM: 9.82
Year Built: 1979
Building Size: 6,330 Sq ft
Lot Size: 0.45 Acres
No. of Stories: 1
APN: 4003688001
Zoning Code: n/a
Buy Side Fee: 3%
Opportunity Zone: No
Price per unit: $70,000
Property Website Click Here
Address: 2315 N Jefferson St, Hobbs, NM 88240, USA

Unit mix

Description No. of Units Sq ft. Avg. Monthly Rent
2br/1ba 4 528 731
1br/1ba 8 529 550


Income/expense info: Actual

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