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Multifamily

2531-2535 Elwood Ave

2531-2535 Elwood Ave, South Lake Tahoe, CA 96150

Listing Price: $2,999,999

Cap Rate
5.48%
Number of Units
10
Occupancy
100.0%
Price/Unit
$300,000
Price/Gross SF
$587.54
Gross SF
5,106

Investment Overview

Marcus & Millichap is proud to exclusively present for sale the newly remodeled 2531-2535 Elwood Avenue in South Lake Tahoe. The subject property is a 10-unit apartment complex, made up of eight one-bedroom/one-bathroom units, and two two-bedroom/one-bathroom units with a fireplace and garage. The current owner has gutted every unit, added high-end finishes, dual-pane windows, and installed washer dryers in all units. The property is priced at $2,999,999 with a current 5.57 percent cap rate. South Lake Tahoe has seen an explosion in interest along with the rest of the Tahoe region since the beginning of Covid. People have poured into the basin from the Bay Area, Southern California, and Sacramento looking for a better quality of life and the freedom to enjoy the outdoors. In addition, many of them bring portable jobs with them. They are looking in many cases for turn key properties located near entertainment, skiing, and access to the lake. Elwood offers the savvy buyer the opportunity to purchase a property where all the heavy lifting has already been done. The buyer is purchasing essentially a brand new building in a irreplaceable location. The property sits on a .22-acre lot in the heart of one of the highest demands for winter or summer attraction, South Lake Tahoe, which is minutes away from Stateline Casinos, Heavenly Ski Resort, and Lake Boulevard Business Corridor, providing residents easy access to entertainment and adventure. At approximately 25,000 people, South Lake Tahoe is the most populous city on Lake Tahoe, and next to Stateline Nevada. The economy is based primarily on tourism, with the Nevada-side Casinos, Heavenly Ski Resort, Lake Tahoe, and countless outdoor activities being the biggest draws. Today, the city is one of the most sought-after locations in South Lake Tahoe.

Investment Highlights

  • Within Five Miles: Heavenly Ski Resort, South Lake Tahoe, Casinos, Lake Tahoe Community College, Grocery Outlet, Big5 Sporting Goods, and More
  • Current 5.57 Percent CAP Rate with a Proforma 6.14 Percent CAP Rate
  • Ten-Unit Mix, Remodeled with High End Finishes, Washer/Dryer Hookups, Dishwasher, Mailboxes Added, High-Speed Internet Access, and Ample Parking
  • Invested $60,000 on Each Unit in 2021; Offers Luxurious Living and Future Upside
  • Added a Completely New Asphalt Surface for Better Parking
  • High Demand for Two-Bedroom Units in a Competitive and Changing Rental Market
  • Current Seller Provides Free Internet and Cable for Residents

Exclusively Listed By

Multifamily

2531-2535 Elwood Ave

Listing Price: $2,999,999

Cap Rate
5.48%
Number of Units
10
Occupancy
100.0%
Price/Unit
$300,000
Price/Gross SF
$587.54
Gross SF
5,106

Investment Highlights

  • Within Five Miles: Heavenly Ski Resort, South Lake Tahoe, Casinos, Lake Tahoe Community College, Grocery Outlet, Big5 Sporting Goods, and More
  • Current 5.57 Percent CAP Rate with a Proforma 6.14 Percent CAP Rate
  • Ten-Unit Mix, Remodeled with High End Finishes, Washer/Dryer Hookups, Dishwasher, Mailboxes Added, High-Speed Internet Access, and Ample Parking
  • Invested $60,000 on Each Unit in 2021; Offers Luxurious Living and Future Upside
  • Added a Completely New Asphalt Surface for Better Parking
  • High Demand for Two-Bedroom Units in a Competitive and Changing Rental Market
  • Current Seller Provides Free Internet and Cable for Residents

Investment Overview

Marcus & Millichap is proud to exclusively present for sale the newly remodeled 2531-2535 Elwood Avenue in South Lake Tahoe. The subject property is a 10-unit apartment complex, made up of eight one-bedroom/one-bathroom units, and two two-bedroom/one-bathroom units with a fireplace and garage. The current owner has gutted every unit, added high-end finishes, dual-pane windows, and installed washer dryers in all units. The property is priced at $2,999,999 with a current 5.57 percent cap rate. South Lake Tahoe has seen an explosion in interest along with the rest of the Tahoe region since the beginning of Covid. People have poured into the basin from the Bay Area, Southern California, and Sacramento looking for a better quality of life and the freedom to enjoy the outdoors. In addition, many of them bring portable jobs with them. They are looking in many cases for turn key properties located near entertainment, skiing, and access to the lake. Elwood offers the savvy buyer the opportunity to purchase a property where all the heavy lifting has already been done. The buyer is purchasing essentially a brand new building in a irreplaceable location. The property sits on a .22-acre lot in the heart of one of the highest demands for winter or summer attraction, South Lake Tahoe, which is minutes away from Stateline Casinos, Heavenly Ski Resort, and Lake Boulevard Business Corridor, providing residents easy access to entertainment and adventure. At approximately 25,000 people, South Lake Tahoe is the most populous city on Lake Tahoe, and next to Stateline Nevada. The economy is based primarily on tourism, with the Nevada-side Casinos, Heavenly Ski Resort, Lake Tahoe, and countless outdoor activities being the biggest draws. Today, the city is one of the most sought-after locations in South Lake Tahoe.

Exclusively Listed By

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