Ideally located near shopping, dining, and new commercial developments, this multi-unit property offers incredible potential. Each unit features a 2-bedroom, 1.5-bath layout, with a full bath upstairs and a convenient half bath downstairs. The property has been updated throughout, including a durable new metal roof installed in 2019, With its prime location and move-in-ready units, this property is an excellent choice for investors seeking strong rental demand and future growth.
This property features three fully leased units, perfect for investors looking for immediate rental income. The front unit is a spacious 2-bedroom, 2-bath home with central AC/heat. Additionally, there is a cozy 1-bedroom, 1-bath studio equipped with a window AC unit, as well as a second 1-bedroom, 1-bath unit that also offers central AC/heat. With all units currently leased, this is a turnkey investment opportunity in a desirable area. Don't miss out on this income-generating property!
15 Units with $900 per month average on rent. Seller pays water. Room to add more units on the bottom story.
**MOBILE HOME PARK WITH EXPANSION POTENTIAL IN THE HEART OF THE PERMIAN BASIN** Invest in prime, income-producing property located in the thriving Permian Basin oil area. This mobile home park offers a steady stream of revenue and includes 2 additional acres, providing ample space for future development and growth! Don't miss out on this solid income stream with potential for significant future growth, making it a rare find in the booming Permian Basin region! Call Today for all of the details and make your investing dreams come true.
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 (ask broker) 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.
Hobbs is located in New Mexico. Hobbs, New Mexico has a population of 39,476. Hobbs is less family-centric than the surrounding county with 36.62% of the households containing married families with children. The county average for households married with children is 36.8%.
The median household income in Hobbs, New Mexico is $59,232. The median household income for the surrounding county is $62,319 compared to the national median of $69,021. The median age of people living in Hobbs is 30.4 years.
The average high temperature in July is 93.4 degrees, with an average low temperature in January of 28.7 degrees. The average rainfall is approximately 16.5 inches per year, with 3.1 inches of snow per year.
