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$4,100,000
$4,500,000
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3668 Spruce AVE South Lake Tahoe, CA 96150
0.8 Acres Lot
Key Details
Sold Price $4,100,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SB22160945
Sold Date 03/14/23
HOA Y/N No
Year Built 1966
Lot Size 0.803 Acres
Property Description
Assumable financing at 3.60% - CALL for details! The Slalom Apartments (3668 Spruce Ave & 3665 Willow Ave) is a 31 unit apartment complex consisting of 2 two story wood-frame buildings on 2 contiguous street to street parcels totaling .80 acre (34,979 SF). Building 1 is 15 units located at 3668 Spruce Avenue and has 15 one bedroom, one bath units of similar size and layout. This building was constructed in 1966 and is master metered with all utilities (gas, electric, water- sewer) included in the rent. The stoves in these units are a combination of electric and gas with gas wall heaters. Building 2 was built in 1971 and has a total of 16 one bedroom, one bath units located at 3665 Willow Avenue. This is an all electric building, but the utilities are separately metered with the tenants paying for the electricity usage within their units and for all appliances, hot water heaters, and electric wall heaters. The property went through a major upgrade of the unit interiors within the past few years with 90% of the units appointed with hard wood flooring, new counter tops, tile and new interior finishes. There is paved parking that has 40 stalls. Tenants are on leases or rental agreements and are employed in the hotel, resort and hospitality industries as well as a variety of local businesses.
The property is located in World Famous South Lake Tahoe just a few blocks walking distance from the shores of Lake Tahoe, and minutes to World Famous Ski & Snowboarding Resorts and Casinos such as Harrah's and Hard Rock. There are shuttle buses that are within a few blocks that service the mountain ski resorts, casinos, entertainment and shopping - all within a few minutes by car. There are 26,020 residents within a 5 mile radius of the property and in 2022, the median household income was $52,678 within the same 5 mile radius. South Lake Tahoe does not have a rent control ordinance.
The investment offering provides an investor with cash flow at close of escrow and future upside in rental income.
Location
State CA
County El Dorado
Area Taho - Lake Tahoe Area
Zoning TC
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Biking, Fishing, Golf, Hiking, Lake, Mountainous, Near National Forest, Park, Water Sports
Total Parking Spaces 40
Private Pool No
Building
Lot Description 31-35 Units/Acre, Landscaped
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 027161022000
Energy Description 11404.0
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, Conventional
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional
Financing Cash to New Loan
Special Listing Condition Standard
Lease Land No
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Bought with Stephen Lampe • Re/Max Commercial & Investment