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$7,000,000
3.67± Acres
Active
Henderson County, TX
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201 Flat Creek, Athens, Texas

MLS ID: 20837524
Status: Active
Price: $7,000,000
Acres: 3.67±
Type: Apartment, Residential
Address: 201 Flat Creek
City, State: Athens, TX
County: Henderson County
ZIP Code: 75751
Lat/Long: 32.209866, -95.826395
Parcel Number: 1341
Year Built: 1962

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 - 7.27%

Directions: 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

Additional Information

Interior

Appliances: Gas Range, Refrigerator
Building Area Total: 38,760
Cooling (Yes/no): Yes
Cooling: Wall Window Units
Flooring: Carpet, Ceramic Tile

Exterior

Foundation Details: Slab
Lot Size Area: 4
Lot Size Square Feet: 159,865
Parking Features: On Site, Off Street, Parking Lot
Parking Total: 100
Patio and Porch Features: Covered
Roof: Metal
Stories: 1
Water Source: Public

Financial/HOA/Schools

Elementary School: Central Athens
Elementary School District: Athens ISD
Middle School: Athens
Middle School District: Athens ISD
High School: Athens
High School District: Athens ISD
Subdivision Name: A0171

Extra Information

Virtual Tour: https://www.propertypanorama.com/instaview/ntreis/20837524

Maps

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Wendy Johnson, ALC

Wendy Johnson, ALC

Rockwall, Texas

(972) 757-9383

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All information should be independently reviewed and verified for accuracy. IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information current as of March 16, 2025 at 12:00:00 AM UTC.

You may not reproduce or redistribute this data, it is for viewing purposes only. This data is deemed reliable, but is not guaranteed accurate by the MLS or NTREIS. This data was last updated on: March 16, 2025 at 12:00:00 AM UTC

Listed By: Matthew Marshall of Drake Real Estate & Investment

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