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$ 3,300,000
Est. payment /mo
Price Dropped by $200K
1515 E Scharbauer Street Hobbs, NM 88240
32 Beds
4 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Unit 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20261476
Bedrooms 32
Tax Year 2025
Lot Dimensions 8.49 acres
Property Sub-Type Multi Unit 5+
Property Description
Sunrise Apartments | 32-Unit Multifamily Investment | Hobbs, NM Sunrise Apartments is a 32-unit multifamily community located at 1515 E. Scharbauer in Hobbs, New Mexico, with convenient access and visibility near Seminole Highway, one of the area's primary corridors. The property offers strong in-place income, a desirable unit mix, and consistent rental demand in the Hobbs market. The community consists of 32 units with a unit mix that includes larger floorplans attractive to families and long-term tenants. Unit Mix 16 – 3 Bedroom units – Market rent ~$1,300 8 – 2 Bedroom units – Market rent ~$1,200 8 – 1 Bedroom units – Market rent ~$1,100 Income & Performance Gross Potential Rent: $470,400 annually Actual Rental Income (2025): $440,880 P&L Sunrise 2025 Average Monthly Income: ~$36,740 Actual Economic Vacancy: ~$29,520 (~6.3%) Projected Vacancy (Underwritten): ~7% The property features several amenities including an on-site leasing office, community swimming pool, and shared laundry facility. Select three-bedroom units include in-unit laundry, providing additional convenience and appeal for tenants. Utilities Owner pays water and gas Tenants pay electricity The property is serviced by 7 gas water heaters and has historically maintained stable occupancy with consistent income performance. With strong in-place revenue, larger unit sizes, and convenient highway access, Sunrise Apartments represents a stabilized multifamily investment opportunity with reliable cash flow in the Hobbs market. Offered at $3,500,000 (~$109,375 per unit) with attractive in-place income and modest rental upside based on current market rents.
Location
State NM
County Lea County
Area New Mexico Mls
Interior
Laundry Yes
Listed by FOUND REAL ESTATE