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Multifamily

3671 Spruce Ave

3671 Spruce Ave, South Lake Tahoe, CA 96150

Listing Price: $925,000

Cap Rate
4.73%
Number of Units
8
GRM
10.71
Occupancy
95.0%
Price/Unit
$115,625
Price/Gross SF
$165.65
Gross SF
5,584

Investment Overview

Marcus & Millichap is pleased to present 3671 Spruce Avenue in the city of South Lake Tahoe, California. The property is comprised of eight units. The two-story building features all one-bedroom/one-bathroom floor plans at approximately 698 square feet each. The property is situated on a .23 acre lot, and was built in 1966.

The subject is phenomenally located along along the Ski Run Boulevard corridor which connects Ski Run Marina and Heavenly Mountain Ski Resort. The property offers a variety of different amenities all around for tenants, which is reflected in the long and strong tenant base at the property.

Current ownership has done modest renovations the 20 years of ownership. This is a true value-add opportunity for an investor through interior and exterior upgrades, which will offer new ownership the opportunity to capture all the loss to lease as rents are currently under market at $900 per unit.

Investment Highlights

  • Value-Add Opportunity
  • Priced Significantly Below Market Immediate Sales Comparables
  • Great Location

Exclusively Listed By

Listing Price: $925,000

Cap Rate
4.73%
Number of Units
8
GRM
10.71
Occupancy
95.0%
Price/Unit
$115,625
Price/Gross SF
$165.65
Gross SF
5,584

Investment Highlights

  • Value-Add Opportunity
  • Priced Significantly Below Market Immediate Sales Comparables
  • Great Location

Investment Overview

Marcus & Millichap is pleased to present 3671 Spruce Avenue in the city of South Lake Tahoe, California. The property is comprised of eight units. The two-story building features all one-bedroom/one-bathroom floor plans at approximately 698 square feet each. The property is situated on a .23 acre lot, and was built in 1966.

The subject is phenomenally located along along the Ski Run Boulevard corridor which connects Ski Run Marina and Heavenly Mountain Ski Resort. The property offers a variety of different amenities all around for tenants, which is reflected in the long and strong tenant base at the property.

Current ownership has done modest renovations the 20 years of ownership. This is a true value-add opportunity for an investor through interior and exterior upgrades, which will offer new ownership the opportunity to capture all the loss to lease as rents are currently under market at $900 per unit.

Exclusively Listed By

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