1403-1509 W Hank Ave
Artesia, NM 88210

$69,600 Average Price Per Unit | ~7.5% Trailing Cap Rate

Excellent opportunity to acquire a 5-building, 20-unit multifamily portfolio consisting of quadplexes located on W Hank Ave in Artesia, NM. The portfolio features a diversified unit mix of 1-, 2-, and 3-bedroom apartments, supporting broad tenant demand and stable occupancy.

The portfolio is currently producing approximately $105K in trailing 12-month Net Operating Income, equating to an in-place cap rate of ~7.5% based on actual operating performance. Cap rate is calculated on an unlevered basis and excludes debt service.

Interior Condition & Capital Improvements
Of the 20 total units, 8 units are fully remodeled, 6 units are semi-remodeled requiring primarily flooring, and 6 units remain unremodeled, including 4 units occupied by long-term tenants. Most remodeled units feature updated finishes, and split HVAC systems were installed in 2024–2025 across the majority of units, reducing near-term capital expenditure needs.

Utilities & Operating Structure
Tenants pay electric and gas, which are individually metered by unit. Ownership is responsible for water only, which is master-metered and averages approximately $120–$130 per building per month, resulting in limited owner utility exposure. Recurring pet rent is charged at $25 per pet per month. Non-refundable pet fees are excluded from NOI.

Income Characteristics & Upside
Two units participate in the Housing Choice Voucher (Section 8) program, providing stable, government-backed income. The portfolio offers clear value-add potential through completion of remaining interior renovations, lease roll-over, vacancy lease-up, rent standardization, and targeted roofing upgrades on select buildings, while maintaining strong in-place cash flow.

Disposition & Offering Terms
Properties are offered individually or as a portfolio. Buildings are listed separately on MLS due to ownership structure (most have common ownership). Portfolio addresses include 1403, 1407, 1501, 1505, and 1509 W Hank Ave only. No other quadplexes on Hank Ave are included in this offering to sellers’ knowledge.

Financing
Seller does not offer creative financing or seller/owner financing. Property will be conveyed via cash purchase or buyer-arranged third-party financing (bank or institutional lender).

Additional Information
Asking rents shown by unit reflect average rents currently received. A detailed rent roll and investor summary are available in the data room.