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Price Improvement | Heavenly Lakes 3640-3646 Pioneer Trail 24 Unit Apartment Building $5,573,824 CAD ($232,243 CAD/Unit) 6.46% Cap Rate South Lake Tahoe, CA 96150
INVESTMENT HIGHLIGHTS
- 6.46% Current CAP Rate With Room to Bring Longer Term Tenants up to Market Rents.
- 0.9 Miles From the Shore Line of Lake Tahoe.
- High Barrier to Entry Market With Zero Market Rate Housing to be Built in the Pipeline.
- Significant Property Improvements, Including: All New Copper Water Lines, New Boilers, Tree Removal and a Seal/Stripe on the Parking Lot.
- (22) One-Bedroom Units and (2) Two Bedroom Floor Plans.
EXECUTIVE SUMMARY
ALIVE Commercial Real Estate is proud to present Heavenly Lakes Apartments, a well-maintained multifamily community ideally located in the heart of South Lake Tahoe, CA. Nestled along Pioneer Trail, the property offers residents immediate access to world-renowned Lake Tahoe, as well as a wide range of dining, nightlife, and retail options along Lake Tahoe Boulevard. Originally constructed in 1961 and thoughtfully improved over the years, the property features a unit mix of (22) one-bedroom, one-bathroom units and (2) two-bedroom, one-bathroom units. With significant property improvements already completed, a new owner will inherit a turnkey asset with a strong unit mix in a prime location—along with the opportunity to realize upside through organic rent growth and natural unit turnover by bringing long-term tenants up to market rents.
PROPERTY FACTS
| Price | $5,573,824 CAD | Building Class | C |
| Price Per Unit | $232,243 CAD | Lot Size | 0.69 AC |
| Sale Type | Investment | Building Size | 11,870 SF |
| Cap Rate | 6.46% | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 2.19/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | HDR | ||
| Price | $5,573,824 CAD |
| Price Per Unit | $232,243 CAD |
| Sale Type | Investment |
| Cap Rate | 6.46% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.69 AC |
| Building Size | 11,870 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1960 |
| Parking Ratio | 2.19/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | HDR |
AMENITIES
UNIT AMENITIES
- Refrigerator
- Oven
- Range
- Wi-Fi
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 22 | $2,197 CAD | 485 |
| 2+1 | 2 | $2,581 CAD | 600 |
1 1
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $3,547,798 CAD | |
| Land Assessment | $1,138,483 CAD | Total Assessment | $4,686,282 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,138,483 CAD
Improvements Assessment
$3,547,798 CAD
Total Assessment
$4,686,282 CAD
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Price Improvement | Heavenly Lakes | 3640-3646 Pioneer Trail
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