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3668 Spruce Avenue - The Slalom Apartment, South Lake Tahoe, CA

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3668 Spruce Avenue - The Slalom Apartment

South Lake Tahoe, CA 96150 - El Dorado County MF Submarket

Property Type:Multi-Family Number of Units:31 Status:Existing Year Built:1966
Stories:2 Building Size:24,108 SF Land Area:.8 AC (35,000 SF)
For Sale Price:$2,300,000 Price/Unit:$74,193.55 Cap Rate:6.02 % GRM:-


Sale Notes:
The Slalom Apartments 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 18 months 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 employed in the resort and hospitality industries as well as 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 31,000 residents within a 5 mile radius of the property and in 2015, the average household income was $65,918 within the same 5 mile radius. South Lake Tahoe has rent control, but the ordinance allows for up to a 10% rent increase every 6 months, so it does not have any material long term impact on income.

RE/MAX Commercial & Investment Realty
Stephen Lampe
(310) 802-2501

Olga Wright
(310) 802-2550

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