Blackwood Apartments
• 50% occupied building, CAP rate is proforma
• 2 cabins, a 10-unit complex and an 8-unit Complex
• One, two and three-bedroom apartment units
• Two separate parcels / APN #’s
• Major value-add opportunity
• Large .94 Acre lot with ample parking
• Pitched Roofs & Laundry on site
• Excellent rental market with almost no new inventory
• Very low price per square foot for South Lake Tahoe
Portfolio Description
Colliers is pleased to present 3653-3665 Blackwood Road, a rare opportunity to purchase a 20-unit value add opportunity in South Lake Tahoe. The subject property is located only two blocks away from the infamous Ski Run Blvd and only a couple of miles away from Stateline, NV. The is an ideal opportunity for work force housing as the Casino’s and Heavenly resorts are a key driver for employment in town. This unique investment sits on two parcels that total .94 Acres. The subject property comes with two, 3Bedroom/1-Bath cottage style cabins, eight 2Bedroom/1-Bath apartment units, seven 1Bed/1Bath units and three studios. Currently the property is 50% occupied. There are 2 remodeled units, 11 units in somewhat original condition and 7 units that are completely demo’ d and awaiting remodel. The Blackwood Apartments consists of four buildings total that were constructed in 1963. The subject property was constructed with t1-11 siding and amenities include laundry on-site, about an acre of common area and ample parking. The difficult scenario of vacating tenants and demo’ing old units is already half way done. This property is just looking for the right investor to complete the rehab and rebrand the property so that he can achieve top of the market rents for the area. Remodelled studios are renting for $1250, 1-bedrooms for $1650, 2-bedrooms for $1950 and the 3Bedroom cottages could rent as high as $2500! Tenants are responsible for gas and electricity within their unit, while the owner pays water, sewer, and garbage. The new owner can implement a Ratio Utility Billing System (RUBS) to bill a portion of these charges to the residents which is becoming more common in California. These charges are around $25-75 per unit in addition to the residents’ standard monthly rental payment depending on the amount of people in each unit. Also, there can be additional income by charging for the parking to the residents on top of their monthly rental rate.
Portfolio Key Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Multifamily type: | Low-Rise |
| Price: | $ 3,500,000 |
| No. of Units: | 20 |
| Cap Rate: | 7.04% |
| GRM /GIM: | 9.11 |
| Year Built: | 1963 |
| Building Size: | 15688 Sq ft |
| Lot Size: | 1 Acres |
| No. of Stories: | 2 |
| Opportunity Zone: | No |
| Price per unit: | $175,000 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Matt Sarro | 916-616-5267 | [email protected] |
| Aaron Frederick | 916-224-9808 | [email protected] |
| Ahmed Kamil | 916-830-2582 | [email protected] |
| Alex Farhang | 916-265-5192 | [email protected] |
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