Summerwind Terrace & Tatnor Place

Multi-Family for Sale
Catylist Listing ID: 30611001
Property Subtypes: Low-Rise/Garden, Other
Number of Units: 72 Units
Building Size (RSF): 73,125 SF
Gross Land Area: 115,231 SF
Sale Price: $8,300,000
Unit Price: $115,277.78 Per Unit
Property Use Type: Investment
Building Name: Summerwind Terrace & Tatnor Place Apartments
Sale Terms: Other
Auction License Number: N/A
Cap Rate: 7.25%
Average Occupancy Rate: 98
Gross Rent Multiplier: 9.84
Last Updated: 9/16/2020

Overview / Comments

Two Hobbs multifamily communities consisting of 72 renovated units built in 1983. 56 Two-Bedroom 1.5 Bath units and 16 Two-Bedroom 1 baths.

Unit features include fireplaces, private yards, dishwashers,
disposals, modern electric appliances, and a full size washer/
dryer in each unit.

Occupancy has remained high, typically operating at full capacity with a waiting list. There are seven corporate units.

The total capital expenditures over the past 5 years is $710,000 or $9,861/unit.
Attractive 3.74% interest only 10 year assumable financing
available

Attachments & Media

Additional Details

Nearest MSA: Hobbs
County: Lea
Taxing Authority: Lea County
Tax ID/APN: 4000419550001
Percent Occupied: 98%
Community Amenities: Outdoor Pool
Highway Access: Conveniently located in close proximity to Lovington Highway 18
Airports: Lea County Regional Airport
Site Description: Tatnor Place is a class B multifamily-garden/low rise apartment community. It was built in 1987 and was most recently renovated in 2018. It includes four (4) single story buildings all 2 bedroom 1 bath units. Summerwind Terrace is a class B multifamily-garden/low rise apartment community. It was built in 1983 and was most recently renovated in 2018. It includes fourteen (14) two-story buildings all 2 bedroom 1.5 bath units.
Area Description: Area is a heavy concentration of residential homes.
Total Number of Buildings: 18
Property Condition: Excellent
Year Built: 1987
Year Renovated: 2018
Roof Type: Other
Construction/Siding: Brick
Exterior Description: Property is of Frame & Masonry construction
Parking Ratio: 2.2 (per 1000 SF)
Parking Type: Surface
Parking Description: Parking lot was recently resurfaced and striped.
Total Parking Spaces: 148
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity, Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: All units include electric appliance package including oven/range, refrigerator, diswasher, disposal and built in microwave. Countertops are laminate. Private yards, fireplaces, & washer / dryer in each unit. Minimal landscaping.
Zoning Description: There is no zone ordinance within the City of Hobbs. Based on available data & analysis
Water Service: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,378 30,181 37,600
Median Age: 35.77 32.56 31.94
Households: 2,933 10,911 13,342

Contact

Photograph of Listing Agent

Joe R. Romero, CCIM

Colliers International CARNM CIE Member
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