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1502 East Bender Boulevard is amulti-family property for lease in Hobbs, NM. The property currently has 1 multi-family space for lease and is marketed by NM Apartment Advisors, Inc..
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, 10.61% before reserves CAP rate, 10.19% after reserves CAP rate, with a potential 23.66% 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 $1,114, but there is room for improvements as average rents in Hobbs are $1,225. Don’t miss out – while this property needs some TLC, there is upside in improving occupancy, converting more of the units to furnished corporate rentals, and adding solar car ports.
The community offers a swimming pool, office, laundry room and lush landscaping.
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