Listed by FOUND REAL ESTATE
$975,000
212 S Shipp Street
Details
APN 4000147370001
Property Type Multifamily
Sub Type Apartment Building, Duplex/Triplex/Quadruplex
Units 12
Cap Rate 6.93%
NOI $67,575
Occupancy 100%
Pro-Forma Cap Rate 8.04%
Pro-Forma NOI $78,343
Broker Co-Op Yes
Class C
Year Built 1960
Buildings 1
Stories 1
Acreage 0.402
Investment Type Value Add
Sale Condition 1031 exchange
212 S Shipp | 12-Unit Value-Add Multifamily | Hobbs, NM
Marketing description
212 S Shipp presents a 12-unit multifamily investment opportunity in Hobbs, New Mexico, offering 100% occupancy, in-place cash flow, and clear rental upside.
The property is currently fully occupied and generates $96,000 in annual rental income, with rents averaging approximately $667 per unit, providing a strong foundation for future growth.
Financial Overview (Actual 2025)
- Annual Rental Income: $96,000
- Net Operating Income: ~$67,575 (before debt service)
- Occupancy: 100%
Pro Forma Opportunity
- Projected Rents: $900/unit
- Gross Potential Rent: $129,600 annually
- Projected NOI: ~$78,000 – $92,000
- Stabilized Cap Rate at List Price: ~8.0% – 9.4%
Current rents are below market, presenting a clear value-add opportunity through rental increases while maintaining strong demand in the Hobbs market.
Investment Highlights
- 100% occupied with stable tenant base
- Strong in-place income with immediate cash flow
- Significant upside through rental increases
- Located in Hobbs, NM with demand driven by the energy sector
- Simple, easy-to-manage asset
- Owner financing available, providing flexible acquisition options
Investment highlights
- 100% occupied with stable tenant base
- Strong in-place income with immediate cash flow
- Significant upside through rental increases
- Located in Hobbs, NM with demand driven by the energy sector
- Simple, easy-to-manage asset
- Owner financing available, providing flexible acquisition options
Listing Contacts
Listed by FOUND REAL ESTATE
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$67,575.00
$5,631.25/mo
Valuation Metrics
0
DSCR
6.93%
Cap Rate
6.93%
ROI
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