NOT LISTED FOR SALE

2600 N Houston St Hobbs, NM 88240

Estimated Value: $190,000 - $413,000

10 Beds
5 Baths
4,053 Sq Ft
$81/Sq Ft Est. Value

Last Sold August 19, 2024

Current estimated payment $1,844/month

7 Days on Market

About This Home

As of August 2024

Welcome to this lucrative investment opportunity! This 5-unit property has five fully rented units, each with 2 bedrooms and 1 bathroom. Tenants are all on individual electric meters, ensuring responsibility for their own electric bills. Additionally, the owner covers water, sewer, and trash expenses. Currently, the average rent stands at $770 per unit, offering a solid stream of income. However, with the potential to increase rents to $800 to $850 per unit, there's an opportunity to increase the property's revenue stream and maximize returns. Investors will appreciate the property's attractive capitalization rate (cap rate), which sits at approximately 8.60%. Don't miss out on this turnkey investment opportunity with great potential for increased profitability.

Last Agent to Sell the Property

Becca Smith

MVMT REALESTATE License #50722 Listed on: 04/02/2024

Last Buyer's Agent

Erin Anderson

PERMIAN REAL ESTATE License #47910

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,342

Year Built

  • Built in 1970

Lot Details

  • 9,000 Sq Ft Lot
  • Lot Dimensions are 75' x 120'

Home Design

  • 4,053 Sq Ft Home
  • Shingle Roof

Kitchen

  • Free-Standing Range

Bedrooms and Bathrooms

  • 10 Bedrooms
  • 5 Bathrooms

Utilities

  • Forced Air Heating and Cooling System
  • Separate Meters
  • Master Water Meter
  • Electric Water Heater

Listing and Financial Details

  • Assessor Parcel Number 4000020320001

Community Details

Overview

  • No Home Owners Association
  • 5 Units

Amenities

  • No Laundry Facilities

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,342

Year Built

Built in 1970

Lot Details

0

Listing Details

  • Directions: Corner of Houston and Sunset Drive
  • Year Built: 1970
  • Reso Property Sub Type: Multi Unit 5+
  • Prop. Type: Residential Income
  • ResoLaundryFeatures: None
  • ResoSpecialListingConditions: Arm Length Sale (Unrelated Parti
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Appliances: Free-Standing Range, Refrigerator, Electric Water Heater
  • Total Bedrooms: 10
  • ResoLivingAreaSource: Assessor

Exterior Features

  • Roof: Shingle
  • Acres: 0.2066

Utilities

  • Utilities: Electricity Connected, Sewer Connected, Garbage
  • Electric: Meters(Electric Separate)
  • Cooling: Electric, Central Air
  • Cooling Y N: Yes
  • Heating: Electric, Forced Air
  • HeatingYN: Yes
  • Water Source: Water-City, Meters(Water Combined)

Condo/Co-op/Association

  • Association: No

Lot Info

  • Lot Dimensions: 75' x 120'
  • Lot Size Sq Ft: 9000
  • ResoLotSizeUnits: Square Feet
  • Parcel #: 4000020320001
  • ResoLotSizeUnits: SquareFeet

Green Features

Multi Family

  • Number Of Units Total: 5
  • Building Area Units: Square Feet

Tax Info

  • Tax Annual Amount: 4342.38

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Apr 2, 2024
Closed on
Aug 19, 2024
Sold by
Walker Carol and Patton Gail
Bought by
Mojo Realty Inc
Seller's Agent
Becca Smith
MVMT REALESTATE
Buyer's Agent
Erin Anderson
PERMIAN REAL ESTATE
List Price
$377,500
Views
24
Current Estimated Value
$329,403

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-11.46%
Original Mortgage
$306,350
Outstanding Balance
$26,341
Interest Rate
6.89%
Mortgage Type
Construction
Estimated Equity
$303,062

Purchase Details

Listed on
Apr 2, 2024
Closed on
Aug 8, 2024
Sold by
Patton and Agreement Walker Revocable
Bought by
Walker Carol and Patton Gail
Seller's Agent
Becca Smith
MVMT REALESTATE
Buyer's Agent
Erin Anderson
PERMIAN REAL ESTATE
List Price
$377,500
Views
24

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$306,350
Outstanding Balance
$26,341
Interest Rate
6.89%
Mortgage Type
Construction
Estimated Equity
$303,062
Source: Public Records

Range of Values:

Collateral Analytics

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Mojo Realty Inc -- First American Title
Patton Gail B -- First American Title Insurance
Walker Carol -- First American Title
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Closed Mojo Realty Inc $306,350
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
08/19/2024 08/19/24 Sold -- -- --
04/09/2024 04/09/24 Pending -- -- --
04/02/2024 04/02/24 For Sale $377,500 -- $93 / Sq Ft
Source: New Mexico MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $1,172 $42,896 $4,977 $37,919
2023 $1,154 $41,646 $4,832 $36,814
2022 $1,106 $41,646 $4,832 $36,814
2021 $1,071 $39,257 $4,554 $34,703
2020 $1,024 $38,113 $4,421 $33,692
2019 $1,007 $38,113 $4,421 $33,692
2018 $996 $38,113 $4,421 $33,692
2017 $1,053 $114,339 $13,263 $101,076
2016 $1,095 $114,339 $13,263 $101,076
2015 $971 $114,339 $13,263 $101,076
2014 $951 $114,339 $13,263 $101,076
Source: Public Records

Agents Affiliated with this Home

  • B

    Seller's Agent in 2024

    Becca Smith

    MVMT REALESTATE

    Section Image
  • Erin Anderson

    Buyer's Agent in 2024

    Erin Anderson

    PERMIAN REAL ESTATE

    (575) 694-4717

    20 Total Sales

    Erin Anderson
    Section Image
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Map

Source: New Mexico MLS

MLS Number: 20241931

New Mexico MLS

APN: 4000020320001

New Mexico Lea County Hobbs 88240

2600 N Houston St, Hobbs, NM

This home is located at 2600 N Houston St, Hobbs, NM 88240 since 02 April 2024 and is currently estimated at $329,403, approximately $81 per square foot. This property was built in 1970. 2600 N Houston St is a home located in Lea County with nearby schools including Mills Elementary School, Highland Middle School, and Hobbs Freshman High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

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