Skip To Content

3668 Spruce Avenue

South Lake Tahoe, CA 96150
  • $4,500,000
  • STATUS: Active
  • ON SITE: 18 Days
  • ID#: SB22160945
UPDATED: 215 min ago
$4,500,000
  • 0
    BEDS
  • 0.8
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1966
County:

School Ratings & Info

Listing Agent(s): Stephen Lampe of Re/Max Commercial & Investment (310 802-2500)


Description

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.

Monthly Payment Calculator



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-09T00:27:42.27. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Nest Real Estate. Licensed in the State of California, USA.
www.amayarealestategroup.com/homes/131147684
Print Image

3668 Spruce Avenue South Lake Tahoe, CA 96150

  • Price: $4,500,000
  • Status: Active
  • On Site: 18 Days
  • Updated: 215 min ago
  • ID#: SB22160945
0
Beds
0
Baths
0
½ Baths
0.8
Acres
1966
Built
Neighborhood:
TAHO - Lake Tahoe Area
County:
El Dorado
Area:
TAHO - Lake Tahoe Area
Property Description
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.
Exterior Features

Lot Features 31-35 Units/AcreLandscaped Number Of Separate Electric Meters 33 Open Parking Spaces 40 Parking Total 40 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN No Cap Rate 3.31 Common Interest None Community Features BikingFishingGolfHikingLakeMountainousNear National ForestParkWater Sports Electric Expense 15530 Fuel Expense 11404 Garage YN No Gross Income 404220 Gross Scheduled Income 404220 Insurance Expense 20000 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanConventional Maintenance Expense 32966 Net Operating Income 148822 New Construction YN No New Taxes Expense 51300 Number Of Separate Gas Meters 2 Number Of Separate Water Meters 2 Operating Expense 244446 Other Expense 2249 Pest Control Expense 2077 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Supplies Expense 14884 Tenant Pays Cable TvElectricityTelephone Trash Expense 20000 Vacancy Allowance 16169 Vacancy Allowance Rate 5 Water Sewer Expense 31497 Water Source Public Zoning Tc



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-09T00:27:42.27. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Nest Real Estate. Licensed in the State of California, USA.
 
https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_369425039-1.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_369425039-1.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_369425039-1.jpg
Logo
Nest Real Estate
21804 Cactus Ave ste 101
Riverside CA, 92518
Listing Agent(s): Stephen Lampe of Re/Max Commercial & Investment (310 802-2500)