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
CEO
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

FINANCIAL DETAILS

Income/expense info: Actual

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