1403-1509 W Hank Ave - 1403 1407 1501 1505 1509 W Hank (9% Cap Rate) 20 Unit Apartment Building Offered at $1,392,000 at a 9% Cap Rate Artesia, NM 88210

$69,600 Average Price Per Unit
~9.0% 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 diverse unit mix of 1-, 2-, and 3-bedroom apartments, supporting broad tenant demand and stable occupancy.
The portfolio is currently producing approximately $125,500 in trailing 12-month Net Operating Income, equating to an in-place cap rate of ~9.0% based on actual operating history. Average monthly NOI is approximately $10,400–$10,500, with no material seasonality.
Most units have been remodeled, and split HVAC systems were installed in 2024–2025 across the majority of units, reducing near-term capital expenditure needs and improving operating efficiency.
Tenants pay for electric and gas (individually metered by unit). Ownership is responsible for water only, which is master-metered and averages approximately $120–$130 per building per month. Recurring pet rent is charged at $25 per pet per month. Non-refundable pet fees are excluded from NOI.
Properties are offered individually or as a portfolio. Buildings are listed separately on MLS due to ownership structure (all 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.