2315 Jefferson St Hobbs, NM 88240

This exceptional 12-unit apartment building, located at 2315 N Jefferson St in Hobbs, New Mexico, presents a compelling value-add investment opportunity. The property, built in 1979, comprises three single-story buildings totaling 6,330 square feet on a 0.45-acre lot. Currently boasting a 6.56% cap rate and a NOI of $55,072, a pro-forma analysis projects an 8.80% cap rate and a NOI of $73,068 with potential rent increases. The asking price is $840,000, translating to $70,000 per unit and $132.70 per square foot. The property is zoned R-3 and features twelve units. Financial projections suggest a strong return on investment, particularly with potential renovations and increased rental income. The property is situated in a rapidly growing area of New Mexico, close to major employers and retail amenities. The seller prefers not to disturb current residents and encourages offers subject to inspections. This presents a rare chance to acquire a well-positioned multifamily asset in a thriving market with significant upside potential. The Lea County property has an APN of 4003688001. Comparable sales suggest an as-is value of $941,638.