Athens, TX 75751 201 Flat Creek Road
$7,000,000
28 more
- MLS# 20837524
- 02/06/2025
Presented By: Matthew Marshall with Drake Real Estate & Investment; 903-581-3737
Disclaimer: The information contained in this listing has not been verified by Bold Real Estate and should be verified by the buyer.
SQFT • 38,760
Year Built • 1962
Home Details
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%
Please contact Drake representatives for seller financing options.
Presented By: Matthew Marshall with Drake Real Estate & Investment; 903-581-3737
Interior Features for 201 Flat Creek Road
Bathrooms
Total Baths
Other Interior Features
Air Conditioning Y/NYes
Basement (Y/N)No
Fireplace Y/NNo
FlooringCarpet, CeramicTile
Heating Y/NNo
General for 201 Flat Creek Road
Additional Parcels Y/NNo
AppliancesGasRange, Refrigerator
Attached Garage No
AttributionContact903-581-3737
Cap Rate7.27
Carport Y/NNo
CityAthens
Community FeaturesLaundryFacilities
Construction MaterialsBrick
CoolingWallWindowUnits
CountyHenderson
DirectionsFrom 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
Electric On Property Y/NNo
Elementary SchoolCentral Athens
Elementary School DistrictAthens ISD
Garage Y/NNo
Gross Income865262.0
HOANo
HeatingOther
High SchoolAthens
High School DistrictAthens ISD
Home Warranty Y/NNo
Insurance Expense50895.0
Interior FeaturesOther
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsOne
Lot Size Square Feet159865.2
Lot Size UnitsAcres
Middle/Junior High SchoolAthens
Middle/Junior School DistrictAthens ISD
MobileHomeRemainsYNNo
ModificationTimestamp2025-04-08T16:17:49.760-00:00
Net Operating Income509051.0
New ConstructionNo
Number Of Units Total100
Patio/Porch FeaturesCovered
Pool FeaturesNone
PossessionCloseOfEscrow
Property Attached Y/NNo
Property Sub Type AdditionalApartment
Property SubtypeApartment
Property TypeResidentialIncome
Rent Control Y/NNo
RoofMetal
Security FeaturesFireAlarm
Senior Community Y/NNo
SewerPublicSewer
Standard StatusActive
StatusActive
Stories1
Subdivision NameA0171
UtilitiesElectricityConnected, SewerAvailable, WaterAvailable
Virtual TourClick here
Waterfront Y/NNo
Year Built1962
Year Built DetailsPreowned
Exterior for 201 Flat Creek Road
Building Area Total38760.0
Crops Included Y/NNo
Foundation DetailsSlab
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot Size Acres3.67
Lot Size Area3.67
Number of Buildings1
Open Parking Y/NNo
Parking FeaturesOnSite, OffStreet, ParkingLot
SpaNo
Total Parking100.0
Water SourcePublic
Additional Details
Price History
Schools
High School
Athens High School
Middle School
Athens Middle School
Elementary School
Central Athens Elementary School
Suzanne Smith
Broker/Owner