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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 - 7.27%
| DAYS ON MARKET | 17 | LAST UPDATED | 2/6/2025 |
|---|---|---|---|
| TRACT | A0171 | YEAR BUILT | 1962 |
| COUNTY | Henderson | STATUS | Active |
| PROPERTY TYPE(S) | Multi Family |
| Elementary School | Athens |
|---|---|
| Jr. High School | Athens |
| High School | Athens |
| ADDITIONAL DETAILS | |
| AIR | Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Gas Oven, Gas Range, Refrigerator |
| CONSTRUCTION | Brick Veneer |
| LOT | 3.67 acre(s) |
| SEWER | Public Sewer |
| STORIES | 1 |
| SUBDIVISION | A0171 |
| TAXES | 15660 |
| WATER | Public |
| ZONING | Commercial |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listed with Fischer Davis, Drake Real Estate & Investments
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