Investment Overview

Marcus & Millichap is pleased to present Leawood Apartments, a charming 13-unit apartment community nestled in the resort town of South Lake Tahoe, California. The community features one Studio, 5 One Bedroom / One Bathroom, 5 Two Bedroom / One Bathroom, and 2 Three Bedroom / One Bathroom units. In addition to the desirable unit mix, the property features onsite laundry, spacious common areas, ample off-street parking, and an opportunity to add backyards to the single-story units. Current ownership has completely remodeled two of the units with an additional six of thirteen currently under construction. The vacancy allows for a savvy new investor to finish the ongoing renovations which would immediately increase monthly income in excess of $10,000 when rented at market. All units rented at market would yield an estimated CAP Rate of 7.56%. As coastal residents continue to move inland in favor of relative affordability, South Lake Tahoe property owners are poised to benefit from an influx of population and thus occupancy pressure. The Tahoe basin has been a lucrative destination for residents who can now work in the same setting that they play due to Tahoe's vast recreational opportunities. The property is located in a quiet residential neighborhood of South Lake Tahoe but is still very close proximity to the Stateline Casinos and Lake Tahoe Blvd Business Corridor, providing residents with convenience to modern amenities and entertainment. Heavenly Ski Resort is also a short 5-minute drive away from the property. All tours must be scheduled through the listing agents. Please do not disturb tenants or management.