Active
201 Flat Creek Road
Athens TX, 75751
$7,000,000
$180.60 per sqft
Active
38,760 sqft
Condos
Built in 1962
Reach out to Listing Agent for Offering Memorandum!
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%
20837524
MLSⓇ ID
February 13, 2025
Updated
Interior Features
Total Stories
1
Interior Features
Other
Appliances
Gas Range, Refrigerator
Floor Description
Carpet, Ceramic Tile
Fireplace
No
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
Yes
Heating Description
Other
Exterior/Building Features
Lot Size
3.67 Acres
Roof
Metal
Sewer
Public Sewer
Patio And Porch
Covered
Security
Fire Alarm
School Information
School District
Athens ISD
High School
Athens
Elementary School
Central Athens
Other Property Details
Days on Market
4
Garage
No
Parking
On Site, Off Street, Parking Lot
Parking Total
100
View
No
County
Henderson
Water Source
Public
Pool
No
Pool Features
None
Utilities
Electricity Connected, Sewer Available, Water Available
Listed by Matthew Marshall with Drake Real Estate & Investment
Listing Contact: 903-581-3737
The IDX display contains information sourced from the North Texas Real Estate Information Systems, Inc. as of 2/13/2025. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.
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Data last updated on 2/13/2025 at 12:14 AM UTC