Waller Group is proud to present the 63% occupied, 60-unit Bella Terra Apartments in Hobbs, NM. The subject property has recently undergone a $1.4mm repositioning, including the installation of new roofs, remodeling the unit interiors, new interior/exterior paint, 45 HVACs replaced, new fences, and upgrading appliances.
At 63% leased, Bella Terra Apartments offers investors the opportunity to purchase a remodeled multifamily building and create additional value through lease-up of vacant space, alignment of rent to market, implementing a ratio utility billing system, and through water conservation opportunities, such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills. Current annual NOI is $181,719. Based upon area comps, new ownership can raise rents on the (37) 2 BD/1 BA units by $0.04 / SF. Maintaining the 100% occupancy on the unfurnished 1 BD/1 BA units, while leasing up the 2 BD/1 BA units and the furnished units, increases annual NOI to $405,201. Property management is local and consists of 1 property manager, and 2 maintenance technicians. Property management fees total 10.5% of EGI. Current management may be retained by new ownership.