Apt L/1028 East Bender Boulevard

Hobbs NM 88240

18200 sq. ft.

75359 sq. ft.

Multi-Family

Currently for sale - view listing

Overview

The property features 26 individual buildings with two bedroom, one bathroom units.Based on the current average rents of $505 per month, an actual vacancy rate of 26.0% and an ask price of $704, 572 the property's measures of investment performance include a 4.48 GRM, 10.00% cap rate after reserves, $27, 099 per unit, $38.71 per sf and a before tax IRR of 35.20% and an after-tax IRR of 27.30%. If rents were raised to market average of $823 (which is 60% of Adjusted Median Income) and all units were renovated, with a 5% vacancy, the potential value at a 6.50% cap rate is $2, 346, 470.This investment / redevelopment opportunity is not for the first time investor or the faint of heart - it is going to take a lot of money and hands to improve this property.

Features

2 bedrooms

1 bathroom

18200 sq. ft. floor area

75359 sq. ft. lot size

Multi-Family

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