Jasmine Apartments | 1301 S Maddox Ave
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Jasmine Apartments 1301 S Maddox Ave
142 Unit Block of Flats £5,639,760 (£39,717/Unit) 9.93% Net Initial Yield Dumas, TX 79029
Investment Highlights
- Jasmine Apartments is a 142-unit garden-style apartment community spanning 28 buildings at full occupancy with prospects and deposits on a waitlist.
- Seamless transition for owners with a property management and maintenance team in place, and the Yardi 360 platform to allow for remote management.
- Motivated seller has owned this property since 2005 and recently made several upgrades like a brand-new roof in 2023.
- Conveniently placed near high-volume employers, four minutes to Memorial Hospital, 15 minutes to the Valero refinery, and 17 minutes to JBS.
Executive Summary
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.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
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-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £5,639,760 | Apartment Style | Garden |
| Price Per Unit | £39,717 | Building Class | C |
| Sale Type | Investment | Lot Size | 8.72 AC |
| Net Initial Yield | 9.93% | Building Size | 118,000 SF |
| Sale Conditions | Portfolio Sale | Average Occupancy | 100% |
| No. Units | 142 | Number of Floors | 1 |
| Property Type | Residential | Year Built/Renovated | 1984/2005 |
| Property Subtype | Apartment | Parking Ratio | 1.33/1,000 SF |
| Price | £5,639,760 |
| Price Per Unit | £39,717 |
| Sale Type | Investment |
| Net Initial Yield | 9.93% |
| Sale Conditions | Portfolio Sale |
| No. Units | 142 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 8.72 AC |
| Building Size | 118,000 SF |
| Average Occupancy | 100% |
| Number of Floors | 1 |
| Year Built/Renovated | 1984/2005 |
| Parking Ratio | 1.33/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Loft Layout
- Vinyl Flooring
- Window Coverings
Site Amenities
- Property Manager on Site
- Furnished Units Available
- Package Service
- Storage Space
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 28 | £509.14 | 604 - 654 |
| 2+1 | 64 | £548.31 | 716 - 1,140 |
| 2+2 | 22 | £783.30 | 1,150 |
| 3+1 | 28 | £822.46 | 926 - 982 |
PROPERTY TAXES
| Parcel Number | 14201 | Improvements Assessment | £853,836 |
| Land Assessment | £125,109 | Total Assessment | £978,945 |
PROPERTY TAXES
Parcel Number
14201
Land Assessment
£125,109
Improvements Assessment
£853,836
Total Assessment
£978,945
zoning
| Zoning Code | multifamily (multifamily) |
| multifamily (multifamily) |
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Jasmine Apartments | 1301 S Maddox Ave
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