1301 Maddox Ave, Dumas, TX 79029
142 Unit Apartment Building | $9,900,000 ($69,718/Unit) | 7.83% Cap Rate | Dumas, TX 79029
For Sale
Active
Asking Price $9,900,000
- Property Type
-
Multifamily
- Square Feet
- 118,000 SF
Listing Contacts
Joe Kuruvila
Property 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.
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.
Property Details
- Class
- C
- Year Built/Renovated
- 1984/2005
- Stories
- 1
- Lot Size (sq. ft)
- 379,843 SF
- Units
- 142
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.
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].