Listed by Russell R Enyart eXp Realty of California, Inc
$1,790,000
Est. payment /mo
8,154 SqFt
Active
3715 Blackwood RD South Lake Tahoe, CA 96150
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Key Details
Property Type Multi-Family
Sub Type 5 or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 8,154 sqft
Price per Sqft $219
MLS Listing ID 226100516
HOA Y/N No
Year Built 1964
Lot Size 0.630 Acres
Acres 0.63
Property Sub-Type 5 or More Units
Property Description
VALUE-ADD INVESTORS & CONTRACTORS: Leawood Apartments is a rare 13-unit multifamily opportunity in the heart of South Lake Tahoe with a clear, defined path to significantly higher income. Currently 8 of 13 units are rented, producing gross scheduled income of approximately $12,941/month at 62% occupancy. Stabilized pro forma income is projected at approximately $21,500/month at 92% occupancy - a potential increase of over $100,000 in annual gross income once the property reaches full operation. The path to stabilization is straightforward: the City requires 1 significant upgrade to the main building plus 3 moderate repairs/upgrades to allow full occupancy. A complete list of City-required items is available upon request. The heavy lifting inside is largely done - nearly all unit interiors have been updated with modern finishes and will be rent-ready once City requirements are satisfied, allowing a new owner to focus capital on the defined exterior/building scope rather than unit-by-unit renovation. Unit mix includes a desirable blend of studio, 1-bedroom, 2-bedroom, and 3-bedroom floor plans (21 bedrooms total across approx. 8,154 SF on a 0.63-acre lot), appealing to the area's deep pool of year-round workforce tenants. Location drives demand here: minutes to Heavenly Mountain Resort, walkable to the Lake Tahoe Blvd business corridor, and close to the lake, casinos, dining, and recreation that anchor South Lake Tahoe's strong tourism and employment base. Housing supply for local workers remains tight, supporting occupancy and rent growth for well-maintained multifamily product. This is an ideal fix-and-flip for a contractor who can complete the City scope efficiently and resell a stabilized asset, or a fix-and-hold for an investor seeking durable Tahoe cash flow with built-in upside. Buy at a basis reflecting current occupancy, execute a defined improvement plan, and capture the spread to stabilized value. Buyer to verify all income, expense, occupancy, and City requirement information and to satisfy themselves regarding all permits and approvals. Rent roll, pro forma, and City items list available upon request. Do not disturb tenants; drive by only. Opportunities with this combination of updated interiors, identified scope, and immediate income upside rarely come available in the Tahoe Basin. Bring your vision and your crew - the numbers are here.
Location
State CA
County El Dorado
Area 13301
Zoning HDR
Interior
Laundry Common Area
Exterior
Utilities Available Electricity Connected
Waterfront Description Public
Total Parking Spaces 12
Private Pool No
Building
Lot Description Landscape Front
Story 2
Foundation Raised
Sewer Public Sewer
Water Public
Schools
School District El Dorado, Elementary: Lake Tahoe Unified, Middle/Junior: Lake Tahoe Unified, High: Lake Tahoe Unified
Others
Tax ID 027331014000
Security Features Varies By Unit
Special Listing Condition Real Estate Owned
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