Cavern City — Sale in Carlsbad, NM

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Carlsbad, NM 88220

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Description

Cavern City is a 240-unit, newly built, multifamily property located in Carlsbad, New Mexico, still owned and operated by the original developer. The property sits just off the main highway (Hwy-62) and fills a major need in permanent housing (11,000 units short per Carlsbad COC) in the rapidly maturing Carlsbad market. Carlsbad area has a population of just over 60,000 people, sits in the Delaware Basin (the sweet spot of the Permian Basin oil fields) and is a major force and employer in the energy sector. In fact, as recently as May 2026, drilling leases released by the Federal Government were selling for $30k per acre, 100x prior averages, and major US oil companies paid over $4 Billion in one month for drilling rights over the next 10 years in this exact region. Carlsbad is a business-friendly city with a diverse, yet anchored, economy that has experienced rapid growth followed by massive public and private investment – legitimizing the growth story as a long-term change. The property was built in two phases on one parcel and operate as one property with one office. The first phase was completed in 2022 and is 120 units, while the second phase is also 120 units and was finished in 2025. There are 19 buildings on concrete slab foundations comprised of stucco and siding exterior with pitched composition roofs. Floorplans are well designed, with minimal to no bedrooms sharing walls and open living room areas with modern designs and finishes. All units have plank flooring throughout, full size W/D connections and provided machines, recessed lighting and immense storage space. The property is well landscaped, and amenities include a pool and accessible pool house, security gates and large patios. Average unit sizes are large, averaging 917 SF, and additional family oriented amenities would be well received by the current resident base. Cavern City allows a new investor to purchase a well-built asset in a stable yet high-growth & high-potential market with strong yiel

Market Context

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