UPDATED:
02/10/2025 09:16 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision A0171
MLS Listing ID 20837524
HOA Y/N None
Total Fin. Sqft 38760
Year Built 1962
Lot Size 3.670 Acres
Acres 3.67
Property Sub-Type Apartment
Property Description
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%
Location
State TX
County Henderson
Community Laundry
Direction 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
Interior
Interior Features Other
Heating Other
Cooling Wall/Window Unit(s)
Flooring Carpet, Ceramic Tile
Appliance Gas Range, Refrigerator
Heat Source Other
Exterior
Community Features Laundry
Utilities Available City Sewer, City Water, Electricity Connected
Roof Type Metal
Garage No
Building
Story One
Foundation Slab
Level or Stories One
Structure Type Brick
Schools
Elementary Schools Central Athens
Middle Schools Athens
High Schools Athens
School District Athens Isd
Others
Ownership FLAT CREEK ROAD LIMITED PARTNERSHIP
Virtual Tour https://www.propertypanorama.com/instaview/ntreis/20837524
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As a resident of the Lakewood/East Dallas community Marissa can provide personal insight into our neighborhood. As a native of Dallas, Marissa attended SMU to obtain her business degree from the Cox School of Business, after 10 years in corporate America her experience in negotiating with International firms transfers directly into her real estate business. High Integrity, honesty, and a passion for people make working with Marissa a delight. As a by-referral realtor Marissa is 100% committed to you and your real estate goals. Marissa has extensive sales knowledge in various areas of the metroplex including, but not limited to Lakewood, Preston Hollow, Park Cities, Hollywood Heights, M Streets, and Lake Highlands.