Hobbs NM Multi Family for Sale
$235,000
204 E Corbett Street Hobbs, NM 88240
- Type:
- Multi-Family
- Sq.Ft.:
- n/a
- Status:
- Active
- Beds:
- n/a
- Lot size:
- 0.17 Acres
- Year built:
- 1955
- Baths:
- 3.00
- MLS#:
- 20246134
ADDITIONAL INFORMATION
This property features three fully leased units, perfect for investors looking for immediate rental income. The front unit is a spacious 2-bedroom, 2-bath home with central AC/heat. Additionally, there is a cozy 1-bedroom, 1-bath studio equipped with a window AC unit, as well as a second 1-bedroom, 1-bath unit that also offers central AC/heat. With all units currently leased, this is a turnkey investment opportunity in a desirable area. Don't miss out on this income-generating property!
$1,200,000
210 W Dunnam Street Hobbs, NM 88240
- Type:
- Multi-Family
- Sq.Ft.:
- n/a
- Status:
- Active
- Beds:
- 15
- Lot size:
- 0.48 Acres
- Baths:
- 15.00
- MLS#:
- 20245732
ADDITIONAL INFORMATION
15 Units with $900 per month average on rent. Seller pays water. Room to add more units on the bottom story.
- Type:
- Multi-Family
- Sq.Ft.:
- n/a
- Status:
- Active
- Beds:
- 3
- Lot size:
- 0.45 Acres
- Year built:
- 1979
- Baths:
- 2.00
- MLS#:
- 20243567
ADDITIONAL INFORMATION
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.
Hobbs Real Estate
The median home value in Hobbs, NM is $270,000. This is higher than the county median home value of $149,700. The national median home value is $338,100. The average price of homes sold in Hobbs, NM is $270,000. Approximately 53.58% of Hobbs homes are owned, compared to 34.18% rented, while 12.24% are vacant. Hobbs real estate listings include condos, townhomes, and single family homes for sale. Commercial properties are also available. If you see a property you’re interested in, contact a Hobbs real estate agent to arrange a tour today!
Hobbs, New Mexico has a population of 39,476. Hobbs is less family-centric than the surrounding county with 36.62% of the households containing married families with children. The county average for households married with children is 36.8%.
The median household income in Hobbs, New Mexico is $59,232. The median household income for the surrounding county is $62,319 compared to the national median of $69,021. The median age of people living in Hobbs is 30.4 years.
Hobbs Weather
The average high temperature in July is 93.4 degrees, with an average low temperature in January of 28.7 degrees. The average rainfall is approximately 16.5 inches per year, with 3.1 inches of snow per year.