2975 Sacramento Avenue & 851 Capistrano Avenue
- Turnkey opportunity in an excellent location
- Large lot with open landscape for tenants
- Stabilized apartment community
- Parking lot and Laundry on site
- Pitched Roofs with cinder block and t1-11 siding
- Low vacancy market with tough barrier to entry
Property Description
Colliers is pleased to present 2975 Sacramento Avenue and 851 Capistrano Ave, South Lake Tahoe, CA; a turn-key apartment property located in the world-renowned South Lake Tahoe region. The property is located less than ten minutes from Heavenly ski Village and Stateline Nevada. The complex was extensively remodeled on the exterior with light interior upgrades, while keeping a beautiful South Lake Tahoe look. Originally built in 1955/1958 and after a significant remodel it has the appearance of a newer apartment community that meets the gentrification rapidly occurring in South Lake Tahoe. This 12-unit single-story multifamily community is on approximately 0.28 acres with around 4,835 +/- rentable square feet (confirm with city). The lot is very spacious with walking paths for the tenant’s enjoyment. The next owner can take advantage of California Senate Bill 1211 which is a law that expands the ability to build additional ADU’s on multifamily properties. The unit mix consists of (1) 2-Bedroom unit, (4) 1-Bedroom units and (7) Studios. Upgrades include some granite kitchen countertops and new cabinets, new bathroom vanities, updated flooring in the kitchen, dining area, and living room with wall/heat air systems in the living area. Tenants are responsible for utilities within their living space; however, a new owner should consider implementing a Ratio Utility Billing System (RUBS). This would bill a portion of the common area charges (sewer, water, garbage, heating of master water heater) to the residents which is more common now in California with charges ranging between $50-100 per unit on top of the monthly rent.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $1,625,000 |
| No. of Units: | 12 |
| Cap Rate: | 7.75% |
| GRM /GIM: | 7.98 |
| Year Built: | 1955 |
| Year Renovated: | 1958 |
| Building Size: | 4,835 Sq ft |
| Lot Size: | 0.28 Acres |
| No. of Stories: | 1 |
| APN: | 026-135-008; 026-135-009 |
| Zoning Code: | MDR |
| Opportunity Zone: | No |
| Price per unit: | $135,417 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Matt Sarro | 916-616-5267 | [email protected] |
| Trevor Meleski | 530-903-0959 | [email protected] |
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