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Listed by Found Real Estate
$ 3,300,000
Est. payment /mo
Active
1515 E SCHARBAUER ST Hobbs, NM 88240
8.49 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-Unit Residential
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20261476
HOA Y/N No
Year Built 2000
Annual Tax Amount $37,947
Lot Size 8.490 Acres
Acres 8.49
Property Sub-Type Multi-Unit Residential
Source NMMLS
Property Description
Sunrise Apartments is a 32-unit multifamily investment opportunity in Hobbs, New Mexico, currently 100% occupied with a wait list, demonstrating strong demand for the property. The community features a desirable unit mix consisting of 16 three-bedroom units, 8 two-bedroom units, and 8 one-bedroom units. The current rent roll totals approximately $37,795 per month, or $453,540 in annualized scheduled rent. The property reported $440,880 in rental income during 2025, providing strong support for current rent-roll performance. Based on normalized operating expenses and a vacancy/collection allowance, estimated NOI is approximately $318,750, representing an estimated 9.66% cap rate at the $3,300,000 asking price. Amenities include an on-site swimming pool, laundry facilities, and management office. The property's larger concentration of three-bedroom units provides a differentiated offering within the local rental market. At approximately $103,125 per unit, Sunrise Apartments offers an investor immediate in-place cash flow, full occupancy, demonstrated tenant demand, and continued long-term rental potential in the Hobbs market. Financial information is based on the current rent roll, seller-provided operating information, and normalized operating assumptions.
Location
State NM
County Lea
Exterior
View Y/N false
Private Pool No
Others
Tax ID 4000041730001