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1502 Bender, Hobbs, NM 88240

Multi-Family Home For Sale

1502 Bender, Hobbs, NM 88240 House For Sale - MLS #847389
$2,100,000
Multi-Family
5+ Family
9

Property Description for 1502 Bender, Hobbs, NM 88240

NM Apartment Advisors and Holfeltz Realty LLC is proud to bring to market a rare opportunity to purchase a distressed value-add asset in a high employment market of NM's booming Energyplex.The Regal Manor apartments, a 60 unit apartment community is offered for sale by the US Bankruptcy Court, NM District, at an ask price of $3,500,000, $58,333 per unit, $63.75/sf, 11.23% before reserves CAP rate, 10.80% after reserves CAP rate, with a potential 26.09% cash on cash return.This property currently has 25% of its units vacant, and it's likely the bankruptcy trustee will narrow that vacancy down to 15% this month.Average rents for this community $1,155, but there is room for improvements as average rents in Hobbs are $1,328. Offer deadline 5pm, September 23rd, 2015.

Interior Details

54,900 sq. ft.
$38.25/sq. ft.
Dishwasher; Microwave; Refrigerator

Exterior Details

2
Paved Lot
Frame

Other Details

847389
Clubhouse; Swimming Pool
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(20%)

Monthly Mortgage Payments

$9,539
$13,285

Town Description