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$ 1,200,000
Est. payment | /mo
15 Beds
1 Bath
21,000 SqFt
$ 1,200,000
Est. payment | /mo
15 Beds
1 Bath
21,000 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Unit 5+
Listing Status Active
Purchase Type For Sale
Square Footage 21,000 sqft
Price per Sqft $57
MLS Listing ID 20245732
Bedrooms 15
Tax Year 2024
Lot Dimensions 150'x140'
Property Sub-Type Multi Unit 5+
Property Description
Dunnam Apartments is a 15-unit multifamily property located in Hobbs, New Mexico, offering strong in-place cash flow with significant value-add potential. The property currently generates approximately $164,250 in annual rental income with an estimated NOI of approximately $138,275, providing an attractive ~11.5% cap rate at the $1.2M asking price. The building contains approximately 21,000 square feet across two levels and produces an average rent of approximately $912 per unit, providing investors with opportunities for gradual rent increases. A unique feature of the property is a large downstairs area that could potentially be converted into additional apartment units or repurposed as commercial space, creating additional income opportunities. Preliminary projections indicate the potential for approximately $4,000 per month in commercial lease income with improvements. With strong workforce housing demand in the Hobbs market and additional income opportunities through renovation and repositioning, Dunnam Apartments presents a compelling opportunity for investors seeking both stable cash flow and meaningful upside. Owner financing may be available for qualified buyers.
Location
State NM
County Lea County
Area New Mexico Mls
Listed by FOUND REAL ESTATE
Mindy Longmire
Owner/Qualifying Broker | License ID: NM19417
+1(575) 626-5411 | mindy@dynamicpropertiesofnm.com