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2975 Sacramento Ave 12 Unit Apartment Building $1,795,000 ($149,583/Unit) 6.45% Cap Rate South Lake Tahoe, CA 96150

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INVESTMENT HIGHLIGHTS

• Turnkey opportunity in an excellent location
• Stabilized apartment community
• Pitched Roofs with cinder block and t1-11 siding

• Large lot with open landscape for tenants
• Parking lot and Laundry on site
• Low vacancy market with tough barrier to entry

EXECUTIVE SUMMARY

Colliers Is pleased to present 2975 Sacramento Avenue and 851 Capistrano Ave, South Lake Tahoe, CA; a turn-key apartment property located in the world-renowned South Lake Tahoe region. The property is located less than ten minutes from Heavenly ski Village and Stateline Nevada. The complex was extensively remodeled on the exterior with light interior upgrades, while keeping a beautiful South Lake Tahoe look. Originally built in 1955/1958 and after a significant remodel it has the appearance of a newer apartment community that meets the gentrification rapidly occurring in South Lake Tahoe.
This 12-unit single-story multifamily community is on approximately 0.28 acres with around 4,835 +/- rentable square feet (confirm with city). The lot is very spacious with walking paths for the tenant’s enjoyment. The next owner can take advantage of California Senate Bill 1211 which is a law that expands the ability to build additional ADU’s on multifamily properties.
The unit mix consists of (1) 2-Bedroom unit, (4) 1-Bedroom units and (7) Studios. Upgrades include some granite kitchen countertops and new cabinets, new bathroom vanities, updated flooring in the kitchen, dining area, and living room with wall/heat air systems in the living area. Tenants are responsible for utilities within their living space; however, a new owner should consider implementing a Ratio Utility Billing System (RUBS). This would bill a portion of the common area charges (sewer, water, garbage, heating of master water heater) to the residents which is more common now in California with charges ranging between $50-100 per unit on top of the monthly rent.

PROPERTY FACTS

Price	$1,795,000	Building Class	C
Price Per Unit	$149,583	Lot Size	0.28 AC
Sale Type	Investment	Building Size	4,835 SF
Cap Rate	6.45%	Average Occupancy	100%
Gross Rent Multiplier	8.99	No. Stories	1
No. Units	12	Year Built	1955
Property Type	Multifamily	Parking Ratio	2.07/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Low-Rise
Zoning	MDR

Price	$1,795,000
Price Per Unit	$149,583
Sale Type	Investment
Cap Rate	6.45%
Gross Rent Multiplier	8.99
No. Units	12
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low-Rise
Building Class	C
Lot Size	0.28 AC
Building Size	4,835 SF
Average Occupancy	100%
No. Stories	1
Year Built	1955
Parking Ratio	2.07/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	MDR