2315 Jefferson StHobbs, NM 88240

Property Details for 2315 Jefferson St

Year built

1979

Lot size

0.45 AC

Property size (Sq ft)

6,330 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Hobbs

County

Lea

State

New Mexico

Latitude

32.7264

Longitude

-103.123

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