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920 Alameda Ave 15 Unit Apartment Building $2,050,000 ($136,667/Unit) 6.05% Cap Rate South Lake Tahoe, CA 96150
Investment Highlights
- 15-unit SRO multifamily property in Al Tahoe
- Currently operated as long-term SRO rentals
- Stable in-place income in an established South Lake Tahoe neighborhood
- +/- 5,844 SF building originally constructed in 1957 as a hotel
- Flexible use: continue SRO or convert to short-term rentals/hotel
Executive Summary
NAI Tahoe Sierra is pleased to announce the listing of 920 Alameda Ave, a 15-unit SRO multifamily property located in the Al Tahoe neighborhood of South Lake Tahoe. The +/- 5,844 square foot building, originally constructed in 1957 as a hotel, is currently operated as long-term SRO rentals. An investor can continue operation as an SRO or convert the property to short-term rentals, including a return to its original hotel use. The asset offers stable in-place income within an established residential neighborhood.
Property Facts
| Price | $2,050,000 | Building Class | C |
| Price Per Unit | $136,667 | Lot Size | 0.35 AC |
| Sale Type | Investment | Building Size | 5,844 SF |
| Cap Rate | 6.05% | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | Parking Ratio | 2.91/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | HDR - SRO Program - Hotel/Motel | ||
| Price | $2,050,000 |
| Price Per Unit | $136,667 |
| Sale Type | Investment |
| Cap Rate | 6.05% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 5,844 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 2.91/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | HDR - SRO Program - Hotel/Motel |
Amenities
Unit Amenities
- Cable Ready
- Heating
- High Speed Internet Access
- Refrigerator
- Range
- Tub/Shower
- Double Pane Windows
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $2,500 | 1,000 |
| Studios | 14 | $1,250 | 200 - 450 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 026-084-006-000 | Improvements Assessment | $440,000 |
| Land Assessment | $220,000 | Total Assessment | $660,000 |
Property Taxes
Parcel Number
026-084-006-000
Land Assessment
$220,000
Improvements Assessment
$440,000
Total Assessment
$660,000
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920 Alameda Ave