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2315 N Jefferson Street

Hobbs, NM 88240
  • $840,000
  • STATUS: Active
  • ON SITE: 28 Days
  • MLS #: 20243567
UPDATED: 57 min ago
$840,000
  • 3
    BEDS
  • 0.45
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1979
County:
Lea
Area:

School Ratings & Info

Description

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 (ask broker) 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.

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© 2024 REALTORS® ASSOCIATION OF NEW MEXICO AND THE NEW MEXICO MLS, INC. All rights reserved. The data relating to real estate for sale in this web site comes in part from the Internet Data Exchange ("IDX") program of the New Mexico MLS. Real Estate listings held by brokers other than Rivas Real Estate are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. Data last updated: 2024-07-17T12:15:09.01.

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is displayed with the understanding that the publisher and authors are not engaged in rendering real estate, legal, accounting, tax, or other professional service and that the publisher and authors are not offering such advice in this publication. If real estate, legal, or other expert assistance is required, the services of a competent, professional person should be sought.

The information contained in this publication is subject to change without notice. REALTORS® ASSOCIATION OF NEW MEXICO AND THE NEW MEXICO MLS, INC. MAKE NO WARRANTY OF ANY KIND WITH REGARD TO THIS MATERIAL, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. REALTORS® ASSOCIATION OF NEW MEXICO AND NEW MEXICO MLS, INC. SHALL NOT BE LIABLE FOR ERRORS CONTAINED HEREIN OR FOR ANY DAMAGES IN CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE OF THIS MATERIAL.

PUBLISHER’S NOTICE: All real estate advertised herein is subject to the Federal Fair Housing Act and the New Mexico Fair Housing Act, which Acts make it illegal to make or publish any advertisement that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin. REALTORS® ASSOCIATION OF NEW MEXICO AND THE NEW MEXICO MLS, INC. will not knowingly accept any advertising for real estate that is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis.
www.rivasrealestatenm.com/homes/151774952
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2315 N Jefferson Street Hobbs, NM 88240

  • Price: $840,000
  • Status: Active
  • On Site: 28 Days
  • Updated: 57 min ago
  • MLS #: 20243567
3
Beds
0
Baths
0
½ Baths
0.45
Acres
1979
Built
Neighborhood:
Hobbs
County:
Lea
Area:
Hobbs
Property Description
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 (ask broker) 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.
Exterior Features

Construction Materials Frame Levels One

Interior Features

Appliances Refrigerator Cooling Window Unit(s) Cooling YN Yes Fireplace YN No Heating YN No

Property Features

Association YN No Flood Zn 100 Yr Flood Zone Occupied YN Yes Property Sub Type Multi Unit 5+ Public Improvement Dist No Sale Rent For Sale Tax Annual Amount 3004

Listing courtesy of N.M. Apartments, Inc.: 505-440-8633.
© 2024 REALTORS® ASSOCIATION OF NEW MEXICO AND THE NEW MEXICO MLS, INC. All rights reserved. The data relating to real estate for sale in this web site comes in part from the Internet Data Exchange ("IDX") program of the New Mexico MLS. Real Estate listings held by brokers other than Rivas Real Estate are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. Data last updated: 2024-07-17T12:15:09.01.

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is displayed with the understanding that the publisher and authors are not engaged in rendering real estate, legal, accounting, tax, or other professional service and that the publisher and authors are not offering such advice in this publication. If real estate, legal, or other expert assistance is required, the services of a competent, professional person should be sought.

The information contained in this publication is subject to change without notice. REALTORS® ASSOCIATION OF NEW MEXICO AND THE NEW MEXICO MLS, INC. MAKE NO WARRANTY OF ANY KIND WITH REGARD TO THIS MATERIAL, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. REALTORS® ASSOCIATION OF NEW MEXICO AND NEW MEXICO MLS, INC. SHALL NOT BE LIABLE FOR ERRORS CONTAINED HEREIN OR FOR ANY DAMAGES IN CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE OF THIS MATERIAL.

PUBLISHER’S NOTICE: All real estate advertised herein is subject to the Federal Fair Housing Act and the New Mexico Fair Housing Act, which Acts make it illegal to make or publish any advertisement that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin. REALTORS® ASSOCIATION OF NEW MEXICO AND THE NEW MEXICO MLS, INC. will not knowingly accept any advertising for real estate that is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis.
 
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Rivas Real Estate
3506 N. West County Rd.
Hobbs NM, 88240