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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%PROPERTY FEATURES
100 Unit(s)
Utilities : City Sewer,City Water,Electricity Connected
Community Features: Laundry
Parking Features: Off Street,On Site,Parking Lot
100 Parking Space(s)
Security Features : Fire Alarm
Patio And Porch Features : Covered
Lot Features : Metal
Cooling: Wall/Window Unit(s)
Construction Materials: Brick
Foundation Details: Slab
Appliances : Gas Range,Refrigerator
Flooring : Carpet,Ceramic Tile
Levels : One
Green Verification Count : 0
PROPERTY DETAILS
Street Address: 201 Flat Creek Road
City: Athens
State: Texas
Postal Code: 75751
County: Henderson
MLS Number: 20837524
Year Built: 1962
Courtesy of Drake Real Estate & Investment
City: Athens
State: Texas
Postal Code: 75751
County: Henderson
MLS Number: 20837524
Year Built: 1962
Courtesy of Drake Real Estate & Investment
Courtesy of Sarah Boyd & Co