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1028 E Bender

Hobbs, NM 88240
  • $704,572
  • STATUS: Active
  • ON SITE: 63 Days
  • MLS #: 20226240
UPDATED: 78 min ago
$704,572
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1980
County:
Lea

School Ratings & Info

Description

The property features 26 individual buildings with two bedroom, one bathroom units. Based on the current average rents of $505 per month, an actual vacancy rate of 26.0% and an ask price of $704,572 the propertys measures of investment performance include a 4.48 GRM, 10.00% cap rate after reserves, $27,099 per unit, $38.71 per sf and a before tax IRR of 35.20% and an after-tax IRR of 27.30%. If rents were raised to market average of $823 (which is 60% of Adjusted Median Income) and all units were renovated, with a 5% vacancy, the potential value at a 6.50% cap rate is $2,346,470. This investment / redevelopment opportunity is not for the first time investor or the feint of heart it is going to take a lot of money and hands on to get the property headed in the right direction, but the potential arbitrage is still large for the risk.

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© 2023 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 The Bridges Team with Keller Williams Realty are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. Data last updated: 2023-01-31T18:15:02.027.

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.yourhobbshome.com/homes/135065989
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1028 E Bender Hobbs, NM 88240

  • Price: $704,572
  • Status: Active
  • On Site: 63 Days
  • Updated: 78 min ago
  • MLS #: 20226240
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1980
Built
Neighborhood:
New Mexico Mls
County:
Lea
Area:
New Mexico Mls
Property Description
The property features 26 individual buildings with two bedroom, one bathroom units. Based on the current average rents of $505 per month, an actual vacancy rate of 26.0% and an ask price of $704,572 the propertys measures of investment performance include a 4.48 GRM, 10.00% cap rate after reserves, $27,099 per unit, $38.71 per sf and a before tax IRR of 35.20% and an after-tax IRR of 27.30%. If rents were raised to market average of $823 (which is 60% of Adjusted Median Income) and all units were renovated, with a 5% vacancy, the potential value at a 6.50% cap rate is $2,346,470. This investment / redevelopment opportunity is not for the first time investor or the feint of heart it is going to take a lot of money and hands on to get the property headed in the right direction, but the potential arbitrage is still large for the risk.
Interior Features

2 Bed Baths 1 2 Bed Bedrooms 2 2 Bed Number Units 26 Laundry YN No

Property Features

Court Approval No Extra Territorial Zoning No Home Owner Association No Internet YN Yes Lot Land Size 1.73 Multifamily Type Multi Unit 5+ Owner Financing No Property Disclosure No Public Improvement Dist No Reo Bank Owned No Sale Or Rent For Sale Short Sale No Tax Year 2021 Third Party Approval No

Listing courtesy of N.M. Apartments, Inc.: .
© 2023 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 The Bridges Team with Keller Williams Realty are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. Data last updated: 2023-01-31T18:15:02.027.

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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