1133 Bonanza Avenue

Address: 1133 Bonanza Ave, South Lake Tahoe, CA 96150, USA, South Lake Tahoe, California, US

California & West + Apartments

Created date: November 20, 2023

Date last updated: November 20, 2023

• 100% Remodeled Interiors (8 of 8 Units Completely Renovated)
• New Kitchens and Bathrooms
• New Dual Pane Windows Throughout
• Exposed Beam Ceilings
• Pitched Roof & Single Story Construction
• High Density Residential (HDR) Zoning
• 6 More Developable Units Allowed on-site (Confirm with City)
• .95 Acre Parcel with Large Parking Lot
• Excellent Rental Market with Almost No New Inventory

Property Description

Colliers is pleased to present 1133 Bonanza Avenue, a rare opportunity to purchase a meticulously maintained and remodeled 8-unit apartment complex in the world-renowned town of South Lake Tahoe. 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 one large parcel totaling .95 Acres. The subject property comes with all studio units that have been completely remodeled throughout. Remodel includes exposed beam ceilings, new cabinets and countertops, new flooring throughout, new bathroom vanities and shower/tub surrounds. Many of the heaters and hot water heaters have been either replaced or updated. Dual pane windows were replaced throughout the entire property and sewer line was replaced in 2017-2018 as well. The subject property consists of one building that was constructed in 1955 and completely renovated in 2017. The subject property was constructed with half t1-11 siding and half brick masonry. Amenities include about an acre of common area and ample parking. Tenants are responsible for electricity within their unit, while the owner pays water, sewer, gas, 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.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Apartments
Price:	$1,395,000
No. of Units:	8
Cap Rate:	5.04%
GRM /GIM:	12.24
Average Occupancy:	87.5
Year Built:	1955
Year Renovated:	2017
Building Size:	2,712 Sq ft
Lot Size:	0.95 Acres
No. of Stories:	1
APN:	032-141-012
Zoning Code:	HDR
Opportunity Zone:	No
Price per unit:	$174,375