Leawood Apartments 3715 Blackwood Rd 13 Unit Apartment Building $3,236,679 CAD ($248,975 CAD/Unit) 6.90% Cap Rate South Lake Tahoe, CA 96150

The DeLoney Group at Marcus & Millichap is pleased to present Leawood Apartments, a 100% renovated 13-Unit apartment community nestled in the resort town of South Lake Tahoe, California. The community features one Studio, 5 One Bedroom / One Bathrooms, 5 Two Bedroom / One Bathrooms, and 2 Three Bedroom / One Bathroom units.
Current ownership has finished renovations on all 13 unit interiors. Typical renovation includes LVP flooring, quartz countertops, new appliances, and new / refinished cabinetry. A study of nearby competitive sets suggests that Leawood’s renovations are done to a higher level than most in the immediate neighborhood, thus commanding much higher rent from a tenant demographic with expendable income. The property also received an exterior facelift with new paint, doors, and a new roof all within the last few years.
The offering represents an opportunity to purchase a stable, renovated, and easy management income property in a world class vacation destination. The Tahoe basin has been a direct beneficiary of permanent residents moving east out of the coastal cities and into towns where they would otherwise choose to live if it were not for employment tying them to a major metro. Though there has been a flood of new residents into the Tahoe basin over the last few years, the employment drivers of the nearby casinos, lake recreation, and ski resorts keep the local economy strong. The Lake Tahoe Blvd Business Corridor is just a few blocks away and Heavenly Ski Resort is a three-minute drive away from the property.
Please do not disturb tenants. All tours must be scheduled with The DeLoney Group.