Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    210 W Dunnam Street Hobbs, NM 88240

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    15-unit multifamily property with potential for expansion and owner financing.

    Type:Multifamily
    Added:
    Oct 1, 2024
    Days on Market:
    572
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 210 W Dunnam Street

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Matthew Smith

    Listing agent Matthew Smith License #REC-2023-0297

    Listing office FOUND REAL ESTATE

    Listing date Oct 1, 2024

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of FOUND REAL ESTATE

    Overview

    Multifamily Property with Owner Finance

    This multifamily property features 15 units with an average rent of $900 per month. The seller covers the water expenses. There is potential to add more units on the bottom story. Owner financing is available.
    Location Intelligence

    Current Use by Public Records

    Frontier Executive Apartment ... Apartment Complex

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hobbs
    County
    Lea
    State
    New Mexico
    Longitude
    -103.137932
    Latitude
    32.6999493

    Nearby Similar for Sale

    • $2,300,000
      2,585 SF

      Hobbs Retail/Restaurant with Drive-Thru

      2585 SF retail/restaurant on 7.61 acres with drive-thru.
      1615 W Millen Drive, Hobbs, NM 88240
      View Details
    • $425,000
      5,000 SF

      Hobbs Multi-Office Building For Sale

      Large office building in downtown Hobbs, suitable for medical or office.
      311 W Broadway Street, Hobbs, NM 88240
      View Details
    • $750,000
      3,750 SF

      Commercial Property on Eunice Highway

      Commercial property with offices, shop, and ample yard space.
      6808 S Eunice Highway, Hobbs, NM 88240
      View Details
    • $1,733,000
      3,622 SF

      NN Leased Restaurant Investment Opportunity

      NN leased restaurant with attractive rental escalations and renewal options.
      3619 NW County Rd, Hobbs, NM
      View Details
    • $3,500,000

      Sunrise Apartments Multifamily Investment Opportunity

      32-unit multifamily property in Hobbs, NM with strong income.
      1515 E Scharbauer Street, Hobbs, NM 88240
      View Details
    • $3,500,000
      1,820 SF

      RV Park Investment Opportunity

      RV park with 88 spaces on approximately 20 acres.
      1101 W Christopher Lane, Hobbs, NM 88240
      View Details
    • $450,000
      2,400 SF

      Event Venue with Spacious Barn

      Versatile event venue featuring a 2,400 sq ft barn.
      12915 N Denver City Highway, Hobbs, NM 88242
      View Details
    • $310,000
      5,000 SF

      5-Acre Shop on Lovington Hwy

      5-acre commercial property with 5,000 sq ft shop.
      10576 W Stiles Road, Hobbs, NM 88242
      View Details
    • $299,000
      4,000 SF

      Commercial Property on Grimes Street

      Commercial property with 12 freight bays and expansion potential.
      821 S Grimes Street, Hobbs, NM 88240
      View Details
    • $197,500
      1,539 SF

      Live-Work Space with Kitchen

      Unique building suitable for business and residential use.
      508 N Dalmont Street, Hobbs, NM 88240
      View Details
    • $1,750,000
      1,752 SF

      Starbucks Investment Opportunity in Hobbs

      NN Lease Starbucks with drive-thru in Hobbs, NM for sale.
      1824 Joe Harvey Blvd, Hobbs, NM 88240
      View Details

    FAQs

    What type of property is this?
    Apartment building - 15-unit multifamily property with potential for expansion and owner financing.
    Where is this apartment building located?
    The property is located at 210 W Dunnam Street Hobbs, NM.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: Owner financing available; Opportunity to add more units on the bottom story; 15 Units already in place
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Matthew Smith
    Real Estate License ID: REC-2023-0297
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!