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.
Right At The Enterance Of Hobbs Perfect Corner Location With Maximum Exposure For New Commercial/Residential Build. Majority Of The Acreage Is Frontage Ideal For Restaurants, Shopping Strips, Office Complexes Ect. Seller Will Consider Subdiving And/Or Owner Finance With Real Estate Contract With Large Down Payment. Please Call For Details.