$4,500,000
Estimated Payment$21,253/mo
Multi-Family For Sale

3668 Spruce Avenue, South Lake Tahoe, CA 96150

2-Story Multi-Family Home In South Lake Tahoe

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.

3668 Spruce Avenue is a multi family-home located in El Dorado, the 96150 ZIP Code, and the Sierra House Elementary School, South Tahoe Middle School, and South Tahoe High School attendance zones.

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3668 Spruce Avenue
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Location
3668 Spruce Avenue South Lake Tahoe, CA 96150
Home Details

Listing Details

General

  • Total Number of Units: 31

    Financial Details

    Tax Details

    • Zoning: Tc

      HOA

      • Association Amenities: Blm National Forest, Biking, Fishing, Golf, Hiking, Lake, Mountainous, Park, Watersports

        Property Details

        General

        • Stories: Two, 2
        • Lot Features: 31 35 Units Acre, Landscaped, Lot 20000 39999 Sqft
        • Laundry Features: Common Area
        • Water Source(s): Public

        Parking

        • Garage: 0 0

          Location Details

          Region

          • City/Region: Taho Lake Tahoe Area

            MLS Details

            General

            • Days on Homes.com: 135
            • MLS Number: SB22160945
            • Listed: 7/24/2022
            • Last Updated: 8/24/2022
            • Offered By: Re/Max Commercial & Investment
            • Listing Source: California Regional Mls
            Monthly Payment Calculator

            $21,253

            Estimated Mortgage
            Principal & Interest
            $15,178
            Insurance
            $1,575
            Taxes
            $4,500
            Mortgage Insurance
            $0
            i
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            i
            If you or your spouse are active or retired military you may be eligible for special VA loan programs for veterans. The VA loan programs include benefits like no down payment and no private mortgage insurance (PMI).
            Nearby Schools
            School data provided by GreatSchools
            i
            The GreatSchools Rating helps parents compare schools within a state based on a variety of school quality indicators and provides a helpful picture of how effectively each school serves all of its students. Ratings are on a scale of 1 (below average) to 10 (above average) and can include test scores, college readiness, academic progress, advanced courses, equity, discipline and attendance data. We also advise parents to visit schools, consider other information on school performance and programs and consider family needs as a part of the school selection process.
            Points of Interest

            Parks and Recreation

            Distance
            • Borges Carriage Rides
              1.7 mi
            • Lake Tahoe Basin Management Area
              2.2 mi

            Shopping Centers

            Distance
            • Ski Run Shopping Center
              0.5 mi
            • Bijou Market Place
              0.6 mi
            • Herbert Center
              0.7 mi
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            Listing Agent
            Stephen Lampe
            Re/Max Commercial & InvestmentLicense # 01164364
            South Lake Tahoe, CA
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            $4,500,000

            3668 Spruce Avenue

            South Lake Tahoe, CA 96150

            Stephen Lampe
            Re/Max Commercial & Investment