NOT LISTED FOR SALE

901 E Michigan Dr Hobbs, NM 88240

Estimated Value: $167,000

Studio
-- Bath
-- Sq Ft
2.7 Acres

Last Sold September 04, 2018

Current estimated payment $1,034/month

69 Days on Market

Highlights

  • Traditional Architecture
  • Refrigerated Cooling System
  • Guest Parking
  • No HOA
  • Tile Flooring
  • Fenced

About This Home

As of September 2018

Well established apartment complex in Hobbs that is filling up fast. Rents are increasing and this is a great opportunity for the investors. Lots of upside with a great return possible . Projected rent pro forma as a 10 cap. Hobbs is growing in the oilfield again and rents are rising. Class C complex that could be turned into a class B with increasing returns . One seller is a licensed real estate agent.

Last Agent to Sell the Property

Donnie Roberts

DONNIE ROBERTS, REALTORS LLC Listed on: 03/09/2018

Last Buyer's Agent

Donnie Roberts

DONNIE ROBERTS, REALTORS LLC Listed on: 03/09/2018

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1962

Lot Details

  • Fenced
  • Irregular Lot

Home Design

  • Traditional Architecture
  • Flat Roof Shape
  • Brick Exterior Construction
  • Frame Construction
  • Pitched Roof
  • Concrete Block And Stucco Construction

Interior Spaces

  • 1-Story Property

Kitchen

  • Oven
  • Free-Standing Range

Flooring

  • Carpet
  • Laminate
  • Tile

Parking

  • Covered Parking
  • Guest Parking

Utilities

  • Refrigerated Cooling System
  • Central Air
  • Heating System Uses Natural Gas
  • Separate Meters
  • Individual Gas Meter
  • Master Water Meter

Community Details

  • No Home Owners Association
  • 44 Units

Property Details

Home Type

Multi-Family

Year Built

Built in 1962

Lot Details

0

Listing Details

  • Directions: North on Dal Paso and right on Michigan, property is on your right. Cielo Vista Apartments
  • Year Built: 1962
  • Reso Property Sub Type: Multi Unit 5+
  • Prop. Type: Residential Income
  • ResoLaundryFeatures: Common Area
  • ResoLotFeatures: Irregular Lot
  • ResoSpecialListingConditions: Arm Length Sale (Unrelated Parti
  • Architectural Style: Traditional
  • Reso Flooring: Carpet, Laminate, Tile
  • Unit Levels: One, Two
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Appliances: Free-Standing Range, Refrigerator, Oven
  • Stories: 1

Exterior Features

  • Roof: Flat, Pitched
  • Fencing: Fenced
  • Construction Type: Brick, Concrete, Frame

Garage/Parking

  • Parking Features: Covered, Guest

Utilities

  • Electric: Meters(Electric Separate)
  • Gas: Meters(Gas Separate)
  • Cooling: Central Air, Refrigerated
  • Cooling Y N: Yes
  • Heating: Natural Gas
  • HeatingYN: Yes
  • Water Source: Meters(Water Combined)

Condo/Co-op/Association

  • Community Features: Clubhouse
  • Association: No

Multi Family

  • Number Of Units Total: 44
  • Building Area Units: Square Feet

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Mar 9, 2018
Closed on
Aug 25, 2018
Sold by
Miles Dean A and Miles Cynthia G
Bought by
Grant Income Properties Llc
Seller's Agent
Donnie Roberts
DONNIE ROBERTS, REALTORS LLC
Buyer's Agent
Donnie Roberts
DONNIE ROBERTS, REALTORS LLC
List Price
$1,795,000
Current Estimated Value
$167,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,575,000
Outstanding Balance
$1,398,850
Interest Rate
5.5%
Mortgage Type
Future Advance Clause Open End Mortgage

Purchase Details

Closed on
Dec 11, 2013
Sold by
Cielo Vista Apartments Llc
Bought by
Waddell Paul and Miles Dean A
Source: Public Records
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Purchase History

Date Buyer Sale Price Title Company
Grant Income Properties Llc -- None Available
Waddell Paul -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Grant Income Properties Llc $1,575,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
09/04/2018 09/04/18 Sold -- -- --
05/17/2018 05/17/18 Pending -- -- --
03/09/2018 03/09/18 For Sale $1,795,000 -- --
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 $13,763 $503,602 $20,057 $483,545
2023 $13,545 $488,934 $19,473 $469,461
2022 $13,373 $488,934 $19,473 $469,461
2021 $13,339 $488,934 $19,473 $469,461
2020 $13,138 $488,934 $19,473 $469,461
2019 $12,912 $488,934 $19,473 $469,461
2018 $17,569 $672,585 $19,473 $653,112
2017 $18,036 $1,958,985 $56,718 $1,902,267
2016 $18,222 $1,901,925 $55,065 $1,846,860
2015 $18,400 $2,095,710 $53,460 $2,042,250
2014 -- $2,034,669 $51,903 $1,982,766
Source: Public Records

Agents Affiliated with this Home

  • Donnie Roberts

    Seller's Agent in 2018

    Donnie Roberts

    DONNIE ROBERTS, REALTORS LLC

    (940) 399-0983

    26 Total Sales

    Donnie Roberts
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Map

Source: New Mexico MLS

MLS Number: 20181099

New Mexico MLS

APN: 4000158400001

New Mexico Lea County Hobbs 88240

901 E Michigan Dr, Hobbs, NM

Not Listed for Sale

MultiFamily

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