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$1,155,000

For Sale - Active
499 W Lake Dr, Athens, GA 30606
4 Beds
0 Baths
3,151 Square Feet
0.00 Acres Lot
Built in 1984
For Sale - Active
Units n/a
Checked: 11 hours ago
Updated: Jun 23, 2025 at 03:09AM

Investment Summary


Monthly Cash Flow
-$4,062
Cap Rate
1.9%
Cash-on-Cash Return
-18.3%
Debt Coverage Ratio
0.31
Internal Rate of Return (5 years)
-13.7%

Property Description


0.00 Acres Lot
Built in 1984
For Sale - Active
Units n/a

Welcome to 499 West Lake Drive in the highly sought-after Five Points neighborhood in Athens, Georgia. This charming ranch was completely renovated from top to bottom in 2023. A 4 BR and 4 BA home featuring a long list of amenities is ready to change hands. Stylish front porch offers commanding views of the expansive front yard and neighborhood with mature tree canopy. Entering the front door, there are beautiful custom white oak hardwood floors that run throughout most of the home giving it a light and bright feel. An easy open floor plan features spacious sunny living room and dining area. Beautiful custom kitchen with thoughtfully designed cabinetry and plenty of storage / built-in pantry area. Charming apron sink, solid quartz countertop, lovely intricate tile backsplash as well as useful peninsula for eating or study also enhance this area. Bar window looking into a fabulous sunroom or family room spanning the back of the home offering sunny views of the back yard serving a multitude of possibilities. Eye-catching tiled floor to accent this generous and versatile space. Primary bedroom is private, calming and connects to sunroom via glass doors, allowing for a naturally lit space. Custom spa-like bathroom has free standing soaking tub, large shower and white oak double vanity as well as a pleasing color palette. Plenty of storage and closet spaces here. Second sunny bedroom with adjacent full hall bathroom. A third light and bright bedroom with adjacent full bathroom is located at opposite side of home perfect for mother-in-law suite or private guest bedroom all on the main level. Eye-catching custom railing leads to fully renovated basement level area. Large flex space can be a family room, media room or teen hang out area. Gas fireplace anchors the room. Full private bedroom and bathroom adjacent to this space. Laundry room also located near by for ease and function. Plenty of closet spaces for storage throughout the home. Entry to spacious two-car garage and voluminous workshop also on this lower level. Adorable screened porch off the expansive backyard for gathering. Tranquil patio and outdoor spaces for eating al fresco and entertaining. This property sits just a few minutes away from Beechwood Shopping Center, Alps Shopping Center as well as the popular Five Points business district. Both local hospitals, Barrow Elementary School, Clarke Middle, downtown Athens and The University of Georgia are all just a jaunt away.

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Location


Property Details


Parking

  • Description: Attached, Garage Door Opener, Basement, Garage, Parking Pad, Side/Rear Entrance
  • Details: Attached, Basement, Garage, Garage Door Opener, Off Street
  • Garage Spaces: 2
  • Spaces Total: 2

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Full): 4
  • # of Baths (Total): 0.0

Interior Features

  • # of Rooms: 6
  • # of Stories: 1
  • Basement: Yes
  • Basement Description: Exterior Entry, Finished, Interior Entry
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Fiber cement siding (Hardi-board/Hardi-plank
  • Roof Type: Gable
  • Roof Material: Metal

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 124C2D003A
  • Lot Size: 0 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Ranch
  • Year Built: 1984

Tax Information

  • Annual Tax: $10,875

Utilities

  • Water & Sewer: Public
  • Heating: Electric
  • Cooling: Electric

Location

  • County: Clarke

Listing Details


Listed by:
Ross Vaughn
Coldwell Banker Upchurch Realty
(706) 543-4000

Source:
Georgia MLS
MLS#: 10539600
Georgia MLS

Investment Summary


Monthly Cash Flow
-$4,062
Cap Rate
1.9%
Cash-on-Cash Return
-18.3%
Debt Coverage Ratio
0.31
Internal Rate of Return (5 years)
-13.7%

Purchase Details

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Purchase price:
$1,155,000
Amount financed:
-$924,000
Down payment:
$231,000
Closing costs:
$34,650
Rehab costs:
$0
Initial cash invested:
$265,650
Square feet:
3,151
Cost per square foot:
$367
Monthly rent per square foot:
$1.27

Financing Details

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Loan amount:
$924,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$5,916
Property tax:
$906
Insurance:
$280
Private mortgage insurance (PMI):
$0
Monthly payment:
$7,102

Operating Income

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% Rent Monthly Yearly
Gross rent:
$4,000 $48,000
Vacancy loss: (6%)
6% -$240 -$2,880
Operating income:
$3,760 $45,120

Operating Expenses


% Rent Monthly Yearly
Property taxes: (23%)
23%-$906-$10,875
Insurance: (7%)
7%-$280-$3,360
Property management: (8%)
8%-$320-$3,840
Repairs & maintenance: (5%)
5%-$200-$2,400
Capital expenditures: (5%)
5%-$200-$2,400
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (48%)
48%-$1,906-$22,875

Cash Flow


Monthly Yearly
Net operating income:
$1,854 $22,248
Mortgage payments:
-$5,916 -$70,992
Cash flow:
$4,062 $48,744