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.
Perfect corner location for new commercial use Right at the enterance of Hobbs! 36.5 acres (majority of it is frontage) of potential for shopping, restaurants, apartment complexes, office complexes, ect. You think it, you could do it!