3546 Spruce Ave. Lk South Lake Tahoe, CA 96150

Property Details for 3546 Spruce Ave. Lk

Year built

1960

Lot size

0.53 lot acres

Property size

9,863 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 12-unit apartment building located at 3546 Spruce Ave., South Lake Tahoe, CA 96150. The property, situated on a 0.53-acre lot (APN 025-261-017-000), consists of a 10-unit multi-family building and two freestanding two-bedroom houses. Recently renovated in 2024, the property boasts brand new appliances and is in pristine condition. The building is a Class B, multifamily property with a total square footage of 9,863, offering 12 units at a price of $315,833 per unit. Currently operating at 100% occupancy, the property generates a strong NOI of $224,000, resulting in a compelling 5.91% cap rate. The asking price is $3,790,000, translating to $384.26 per square foot. The property is zoned LDR and features three buildings across two stories, built in 1960. A significant advantage is the master lease agreement with Vail Resorts for employee housing, ensuring a stable income stream for five years, with two one-year renewal options and a 6% annual rental increase. The lease agreement includes the lessee's responsibility for utilities, maintenance, and management, minimizing operational burdens for the owner. This fee-simple ownership presents a rare opportunity to acquire a high-performing, fully renovated multifamily property in a desirable South Lake Tahoe location.