12-Unit Apartment
For Sale
Contact for pricing
212 S Shipp Street, Hobbs, NM 88240
Twelve units with 100% occupancy and $96,000 in annual rental income.
Days on Market127
Property Features for 212 S Shipp Street
General Information
Standard status
Active
Property subtype
Multifamily
Occupancy
100%
Additional Details
Cap Rate
9.4%
Multifamily Units
12
Building Details
Year Built
1960
Listing Agency:
FOUND REAL ESTATE
(575) 942-2000
Listed By:
Matthew Smith · License #REC-2023-0297
Source:
Crexi
Added: Mar 26
Changed: Jul 22
Last Checked: Jul 30 at 11:11AM
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
Investment Insights
Based on property information with market context.
212 S Shipp Street is a 12-unit multifamily property presented for sale with 100% occupancy. The building is currently fully leased and generating $96,000 in annual rental income, with net operating income of approximately $67,575 (before debt service), based on the property’s reported 2025 financials. In-place rents average approximately $667 per unit, and pro forma projections show projected rents of $900 per unit, with gross potential rent of $129,600 annually and projected NOI ranging from approximately $78,000 to $92,000.
The property is located in Hobbs, New Mexico, where the seller describes demand as driven by the energy sector. Additional reported highlights include a strong foundation of in-place income, owner financing available, and the opportunity reflected through projected rent levels.
The property is located in Hobbs, New Mexico, where the seller describes demand as driven by the energy sector. Additional reported highlights include a strong foundation of in-place income, owner financing available, and the opportunity reflected through projected rent levels.
Key Highlights
- 12‑unit multifamily property (Year Built 1960) in Hobbs, New Mexico
- 100% occupancy with $96,000 in annual rental income (actual 2025)
- Net Operating Income of approximately $67,575 (before debt service)
Property Analytics
Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 88240, NM
42,386
Population
16,490
Households
2.6
Avg Household Size
31
Median Age
17%
College-Educated
76%
High-School Grad
600.2 sq mi
ZIP Area
71
Density / Sq Mi
$65,394
Median Household Income
$37,178
Median Earnings
$1,124
Median Rent
$177,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Twelve units with 100% occupancy and $96,000 in annual rental income.
Where is this apartment building located?
The property is located at 212 S Shipp Street Hobbs, NM.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 12‑unit multifamily property (Year Built 1960) in Hobbs, New Mexico; 100% occupancy with $96,000 in annual rental income (actual 2025); Net Operating Income of approximately $67,575 (before debt service)
