3546 Spruce Ave. Lk, South Lake Tahoe, CA 96150

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.