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Listed by Found Real Estate
$ 975,000
Est. payment /mo
Active
212 S SHIPP ST Hobbs, NM 88240
0.4 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-Unit Residential
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20261733
HOA Y/N No
Year Built 1960
Annual Tax Amount $8,771
Lot Size 0.400 Acres
Acres 0.4
Property Sub-Type Multi-Unit Residential
Source NMMLS
Property Description
Shipp Apartments is a 12-unit studio apartment complex offering strong in-place occupancy and potential upside through future rent growth. The property is currently 100% occupied, with a current rent roll totaling approximately $8,600 per month, or $103,200 in annualized scheduled rent. Individual rents currently range from approximately $500 to $800 per month, creating an opportunity for continued rent optimization as market conditions and tenant turnover allow. The property reported $96,000 in rental income during 2025, providing historical support for the current income stream. The property is currently self-managed and offers a relatively straightforward operating model. With full occupancy, existing cash flow, a simple 12-unit studio configuration and potential rental upside, Shipp Apartments provides an opportunity to acquire an established multifamily asset with room for continued income growth.
Location
State NM
County Lea
Exterior
View Y/N false
Private Pool No
Others
Tax ID 4000147370001