201 Flat Creek RD Athens, TX 75751
38,760 SqFt
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 38,760 sqft
Price per Sqft $161
Subdivision A0171
MLS Listing ID 20837524
HOA Y/N No
Year Built 1962
Lot Size 3.670 Acres
Acres 3.67
Property Sub-Type Apartment
Property Description
Strategically located in Athens, TX, the Lake Ridge Apartments is an ideal investment opportunity for those looking for an as-is, cash-flowing multifamily property with value-add upside.
Lake Ridge offers 100 studio units of the same floor plan and size, each equipped with a bathroom and kitchen. Tenants have access to a shared on-site laundry facility, individually keyed mailboxes, and plenty of parking.
A charming southern town with an array of national and local retailers, Athens is conveniently located 72 miles east of Dallas and 36 miles west of Tyler. Lake Ridge is walking distance to a Walmart Supercenter and close to public schools (K-12).
Opportunity for value-add ranges from additional income through implementation of RUBS and pet fees, to light make-ready improvements in various units. As-is, the property has averaged 94% occupancy and $450,000+ in annual Net Operating Income over the last three years. Cap Rate - 8.00%
Please contact Drake representatives for seller financing options.
Location
State TX
County Henderson
Community Laundry Facilities
Direction From the intersection of Loop 7 & FM 2495 in Athens, head west on FM 2495 for approx. 1.2 miles. Property will be on the right
Interior
Interior Features Other
Heating Other
Cooling Wall/Window Unit(s)
Flooring Carpet, Ceramic Tile
Fireplace No
Appliance Gas Range, Refrigerator
Exterior
Parking Features On Site, Off Street, Parking Lot
Pool None
Community Features Laundry Facilities
Utilities Available Electricity Connected, Sewer Available, Water Available
Water Access Desc Public
Roof Type Metal
Porch Covered
Total Parking Spaces 100
Building
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories One
Schools
Elementary Schools Central Athens
Middle Schools Athens
High Schools Athens
School District Athens Isd
Others
Tax ID 1341
Security Features Fire Alarm
Virtual Tour https://www.propertypanorama.com/instaview/ntreis/20837524