$1,200,000

Dunnam Apartments offers a unique multifamily and value-add opportunity in Hobbs, New Mexico. The property includes 15 existing apartment units along with substantial ground-floor space offering potential for commercial, office, storage, or other permitted uses. The property reported $164,250 in rental income during 2025, providing strong in-place income from the existing multifamily operation. The current rent roll reflects primarily one-bedroom units with rents generally around $900–$1,000 per month. The ground floor provides an additional value-add component. A prior residential buildout of portions of this space was started but was not completed or approved for occupancy. The area could be positioned as commercial/flex space. This combination of existing multifamily income and underutilized ground-floor space provides multiple paths for a future owner to increase the property's performance through rent growth, commercial utilization, or other approved repositioning. Located in central Hobbs, Dunnam Apartments provides an opportunity to acquire an established income-producing multifamily property with additional space and meaningful value-add potential.