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673 James Ave 5 Unit Apartment Building $1,400,000 ($280,000/Unit) 5.08% Cap Rate South Lake Tahoe, CA 96150
INVESTMENT HIGHLIGHTS
- Turnkey opportunity
- Stabilized apartment community
- Garage storage included
- Large lot
- Excellent unit mix
- Extensively remodeled interiors
EXECUTIVE SUMMARY
***SELLER FINANCING AVAILABLE***
Colliers is pleased to present 673 James Ave, a rare opportunity to purchase a well-kept and fully remodeled five-plex on an oversized lot located in the beautiful South Lake Tahoe area. The property is located just ten minutes from Heavenly ski Village and Stateline Nevada. The subject property was extensively remodeled, including new electrical and plumbing throughout both buildings while keeping a beautiful South Lake Tahoe look. It is truly a turnkey asset for the next investor. The property was originally built in 1965 but after a significant remodel it has the appearance of a newly constructed community that meets the gentrification rapidly occurring in South Lake Tahoe.
The building consists of one- and two-bedroom units and plenty of on-site parking. There are two, 1-bedroom/1-bathroom units and three 2-bedroom/2-bathroom units with two units having fireplaces. Each unit is individually metered for gas and electricity with the owner paying for water, sewer and garbage, common area lighting and heating of the water heaters.
The property comes equipped with two parking garages/storage units that are both rented for $100/each adding an additional $2,400/ year in rental income.
The subject property is situated on its own 0.25 Acre lot and consists of two standalone buildings on each side of the parcel with parking down the middle. The subject property was built with Hardie backer (cement board) siding and is surrounded with beautiful landscape. New windows, doors, cabinets & counter tops, flooring, and appliances. These interior units are much superior to other apartment units in the area and demand top off the market rents.
Colliers is pleased to present 673 James Ave, a rare opportunity to purchase a well-kept and fully remodeled five-plex on an oversized lot located in the beautiful South Lake Tahoe area. The property is located just ten minutes from Heavenly ski Village and Stateline Nevada. The subject property was extensively remodeled, including new electrical and plumbing throughout both buildings while keeping a beautiful South Lake Tahoe look. It is truly a turnkey asset for the next investor. The property was originally built in 1965 but after a significant remodel it has the appearance of a newly constructed community that meets the gentrification rapidly occurring in South Lake Tahoe.
The building consists of one- and two-bedroom units and plenty of on-site parking. There are two, 1-bedroom/1-bathroom units and three 2-bedroom/2-bathroom units with two units having fireplaces. Each unit is individually metered for gas and electricity with the owner paying for water, sewer and garbage, common area lighting and heating of the water heaters.
The property comes equipped with two parking garages/storage units that are both rented for $100/each adding an additional $2,400/ year in rental income.
The subject property is situated on its own 0.25 Acre lot and consists of two standalone buildings on each side of the parcel with parking down the middle. The subject property was built with Hardie backer (cement board) siding and is surrounded with beautiful landscape. New windows, doors, cabinets & counter tops, flooring, and appliances. These interior units are much superior to other apartment units in the area and demand top off the market rents.
PROPERTY FACTS
| Price | $1,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $280,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.25 AC |
| Cap Rate | 5.08% | Building Size | 4,272 SF |
| Gross Rent Multiplier | 11.39 | Average Occupancy | 95% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | ||
| Zoning | HDR | ||
| Price | $1,400,000 |
| Price Per Unit | $280,000 |
| Sale Type | Investment |
| Cap Rate | 5.08% |
| Gross Rent Multiplier | 11.39 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 4,272 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1965 |
| Zoning | HDR |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Fireplace
- Microwave
- Oven
- Range
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | $1,685 | 550 |
| 2+2 | 3 | $2,313 | 1,060 |
PROPERTY TAXES
| Parcel Number | 023-151-023-000 | Improvements Assessment | $1,011,945 |
| Land Assessment | $433,690 | Total Assessment | $1,445,635 |
PROPERTY TAXES
Parcel Number
023-151-023-000
Land Assessment
$433,690
Improvements Assessment
$1,011,945
Total Assessment
$1,445,635
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673 James Ave
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