33
See all 33 photos
$7,000,000
Est. payment /mo
4 BD
4 BA
38,760 SqFt
New
201 Flat Creek Rd Athens, TX 75751
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UPDATED:
02/06/2025 06:02 PM
Key Details
Property Type Multi-Family
Sub Type Fourplex
Listing Status Active
Purchase Type For Sale
Square Footage 38,760 sqft
Price per Sqft $180
Subdivision A0171
MLS Listing ID 25001835
Bedrooms 4
Year Built 1962
Tax Year 2024
Lot Size 3.670 Acres
Acres 3.67
Property Description
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 - 7.2%
Location
State TX
County Henderson
Zoning Commercial
Interior
Heating Other/See Remarks
Cooling Window Unit(s)
Flooring Carpet, Ceramic Tile
Fireplaces Type None
Equipment Range/Oven-Gas, Refrigerator
Exterior
Exterior Feature Gutter(s)
View Y/N No
Roof Type Aluminum/Metal
Building
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories 1 Story
Schools
Elementary Schools Athens
Middle Schools Athens
High Schools Athens
Listed by Fischer Davis • Drake Real Estate & Investments