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Tahoe Pines Apartments 3431 Spruce Ave 28 Unit Apartment Building $2,750,000 ($98,214/Unit) 6.12% Cap Rate South Lake Tahoe, CA 96150
Investment Highlights
- Attractive Pricing Offered at $2,750,000, equating to $98,214 per unit and $106/SF - below replacement cost and competitive with recent regional sales
- Mission-Critical Housing: Affordable housing is in extremely limited supply in South Lake Tahoe.
- Tangible Rent Upside: Current rents remain well below TCAC allowable maximums, offering organic revenue growth without major capital improvements.
Executive Summary
Great opportunity to purchase a LIHTC Building in SL Tahoe. Priced well below replacement cost at under 100,000 a unit, with an in place 6 CAP.
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Property Facts
| Price | $2,750,000 | Apartment Style | Garden |
| Price Per Unit | $98,214 | Building Class | B |
| Sale Type | Investment | Lot Size | 2.87 AC |
| Cap Rate | 6.12% | Building Size | 28,888 SF |
| Gross Rent Multiplier | 5.73 | Average Occupancy | 90% |
| No. Units | 28 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1994 |
| Property Subtype | Apartment | ||
| Zoning | SLT - Special Limited Tourist | ||
| Price | $2,750,000 |
| Price Per Unit | $98,214 |
| Sale Type | Investment |
| Cap Rate | 6.12% |
| Gross Rent Multiplier | 5.73 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 2.87 AC |
| Building Size | 28,888 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1994 |
| Zoning | SLT - Special Limited Tourist |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Tile Floors
- Carpet
- Smoke Free
Site Amenities
- Laundry Facilities
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | - | 847 |
| 3+1 | 16 | - | 1,057 |
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Property Taxes
| Parcel Number | 025-241-012-000 | Improvements Assessment | $2,024,532 |
| Land Assessment | $137,042 | Total Assessment | $2,161,574 |
Property Taxes
Parcel Number
025-241-012-000
Land Assessment
$137,042
Improvements Assessment
$2,024,532
Total Assessment
$2,161,574
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Tahoe Pines Apartments | 3431 Spruce Ave
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