1301 S Maddox Ave - Apartments FOR SALE


Dumas, TX 79029
$7,200,000 USD
754-354-4181
1301 S Maddox Ave, Dumas, TX for Sale
$7,200,000 USD
Apartments - FOR SALE
1/90
null | 9.93% Cap Rate

1301 S Maddox Ave
Dumas, TX 79029


HIGHLIGHTS

  • Jasmine Apartments is a 142-unit garden-style apartment community spanning 28 buildings at full occupancy with prospects and deposits on a waitlist.
  • Motivated seller has owned this property since 2005 and recently made several upgrades like a brand-new roof in 2023.
  • Seamless transition for owners with a property management and maintenance team in place, and the Yardi 360 platform to allow for remote management.
  • Conveniently placed near high-volume employers, four minutes to Memorial Hospital, 15 minutes to the Valero refinery, and 17 minutes to JBS.

OVERVIEW

Jasmine Apartments presents the opportunity for investors to acquire one of the most popular apartment communities in Dumas, Texas. The 28 buildings span five addresses: 100 Plum Avenue with 20 units, 1401 East Street with 10 units, 1725 East Street with 20 units, 1801 East Street with 12 units, and 1301 S Maddox Avenue with 80 units. The owner has held the property since 2005 and has decided to sell the property and retire. They have made several improvements, such as replacing the roof in 2023, adding central heat and cooling, and implementing robust management teams and procedures. New owner-operators will enjoy a smooth takeover with an in-place management office run by an asset manager, a full resident manager, a secretary, and a maintenance crew. The property is on the accessible Yardi 360 management platform, allowing the owner to view every activity, including tenant evaluation, tenant pre-approval, leasing, bank account history, and more. At 100% occupancy with many prospective residents and their deposits on a waitlist, the desirability of these units is abundantly apparent. Market factors paint an optimistic future with major employers like JBS, the Valero McKee Refinery, Faria Dairy, Dumas ISD, and Moore County Hospital. These jobs pay remarkably well for a small market as households within a 10-mile radius report an average annual income of $74,095 per year.

FOR SALE DETAILS

PRICE

$7,200,000 USD

PRICE/SF

$61 USD /SF

# OF UNITS

142

PRICE/UNIT

$50,704

CAP RATE

9.93%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Jasmine Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1984

PARKING SPACES

157

LAND DETAILS

LAND ACRES

8.72 AC

LAND SF

379,843 SF

ZONING

multifamily

APN/PARCEL ID

14201

ASK ABOUT THIS PROPERTY

Joe KuruvilaKuruvila Realty AssociatesMore Info
754-354-4181

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Joe KuruvilaKuruvila Realty AssociatesMore Info
754-354-4181

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.