201 Flat Creek Road
Athens, TX 75751
3.67 acres | #20837524
Description
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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 - 7.27%
Property Details
- Utility FeaturesCity Sewer, City Water, Electricity Connected
- Elementary SchoolCentral Athens
- Property TypeMulti-Family
- School DistrictAthens ISD
- CountyHenderson
- Property SubtypeApartment
- MLS #20837524
- MLS #20837524
- Cost7000000
- Acres3.6700
- InteriorOther
- SubdivisionA0171
- Year Built1962
- FoundationSlab
Location
Legal
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Last Updated: . Source: NTREIS
Listing Courtesy
Listing Agent: Matthew Marshall (#0544812), Phone: (903) 581-3737
Listing Office: Drake Real Estate & Investment (#DRAK01)
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