Highland Apartments | 2315 N Jefferson St
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Highland Apartments 2315 N Jefferson St
12 Unit Apartment Building $840,000 ($70,000/Unit) 6.56% Cap Rate Hobbs, NM 88240
Executive Summary
Value add 12 units with potential 9.08% cap rate in energy-plex with new financing starting interest rate of 5.35%
NM Apartment Advisors Inc. is excited to bring to market a high cap rate, value add opportunity in Hobbs, New Mexico.
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 at https://www.ventanafund.org/event/uli-nm-energyplex-housing-summit-hobbs-nm/
Flyer, APOD, and property info at http://www.nmapartment.com/apt/NMAA-Jeff2315Hobbs.pdf
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.
Owner prefers not to disturb residents and encourages offers subject to inspections.
Qualified investors can gain access to the confidential document center by completing the online confidentially agreement at http://www.nmapartment.com/2315NJefferson
Do not miss out on this amazing and rare opportunity to invest in one of NM’s fastest growing areas!
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
NM Apartment Advisors Inc. is excited to bring to market a high cap rate, value add opportunity in Hobbs, New Mexico.
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 at https://www.ventanafund.org/event/uli-nm-energyplex-housing-summit-hobbs-nm/
Flyer, APOD, and property info at http://www.nmapartment.com/apt/NMAA-Jeff2315Hobbs.pdf
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.
Owner prefers not to disturb residents and encourages offers subject to inspections.
Qualified investors can gain access to the confidential document center by completing the online confidentially agreement at http://www.nmapartment.com/2315NJefferson
Do not miss out on this amazing and rare opportunity to invest in one of NM’s fastest growing areas!
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
Property Facts
| Price | $840,000 | Property Subtype | Apartment |
| Price Per Unit | $70,000 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.56% | Lot Size | 0.45 AC |
| Gross Rent Multiplier | 9.82 | Building Size | 9,382 SF |
| No. Units | 12 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1979 |
| Price | $840,000 |
| Price Per Unit | $70,000 |
| Sale Type | Investment |
| Cap Rate | 6.56% |
| Gross Rent Multiplier | 9.82 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.45 AC |
| Building Size | 9,382 SF |
| No. Stories | 1 |
| Year Built | 1979 |
Unit Amenities
- Air Conditioning
- Balcony
- Refrigerator
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $512.50 | 528 |
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PROPERTY TAXES
| Parcel Number | 4000036880001 | Improvements Assessment | $98,138 |
| Land Assessment | $10,300 | Total Assessment | $108,438 |
PROPERTY TAXES
Parcel Number
4000036880001
Land Assessment
$10,300
Improvements Assessment
$98,138
Total Assessment
$108,438
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Highland Apartments | 2315 N Jefferson St
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