Ismael Benhamida
Compass
408.373.6195

1070-1074 Echo Road, 1073-1077 Moss Road
South Lake Tahoe, CA

Stateline Apartments located at 1070-1074 Echo Road and 1073-1077 Moss Road is a twenty-unit apartment portfolio located in the heart of beautiful South Lake Tahoe, California. Built in 1961, the subject property is situated on a 0.47-acre lot and has a gross building area of 13,376 square feet. The property consists of four contiguous parcels, and each parcel has five units and can be sold individually which creates liquidity and financial flexibility. This portfolio has a great unit mix consisting of 16 two-bedroom/one-bathroom units and four one-bedroom/one-bathroom units. Each building has four two-bedroom/one-bathroom units and one one-bedroom/one-bathroom unit. Seventeen of the 20 units have been nicely remodeled with plank flooring, new kitchen cabinets, updated counters, appliances, and updated bathrooms. Units on the second floor have private balconies, and five units on the first floor have their private patios. There is additional income upside from fencing in the patio areas on the three ground floor units that do not yet have fencing. The current owner has recently added nine storage units to the property that can be rented out for additional income.

Stateline Apartments, located two blocks away from the Raley's in Village Shopping Center, Heavenly Village's movie theaters, restaurants and bars, and five blocks away from the state line casinos, is perfectly situated to take advantage of all the South Lake Tahoe area has to offer. The complex is also a short walk from tranquil Lakeside Beach, a block from the stunning Tahoe trails of Van Sickle Bi-State Park, and five blocks away from the Heavenly ski resort gondola. The subject property is five blocks away from the world-renowned Edgewood golf course (where they hold the Celebrity Golf Tournament). Known for its scenic beauty and ample recreational opportunities, Lake Tahoe is currently one of the hottest real estate and rental markets on the West Coast due to residents moving out of urban areas to the Tahoe area region.

The significant migration of tech professionals, core location in the heart of South Lake Tahoe, rent growth in the market, current cash flow, potential for additional income, and proximity to recreational opportunities and shopping make Stateline Apartments a great opportunity for both the cash-flow and appreciation-minded investor.

Property Details

$3,400,000
List Price
ML81819553
MLS Number
36
Beds
20
Baths
0-car
Garage
13,376
Square Feet
1961
Year Built
20,908
Lot Size
Walking Distance to Stateline Shops, Heavenly Gondola, and Raley's Shopping Center
Portfolio of Four 5-Unit Buildings (Available Separately or Together)
Sixteen 2-Bed/1-Bath and Four 1-Bed/1-Bath Units
Pandemic Proof Asset In Thriving Rental Market
CAP Rate: 5.66% , GRM: 11:00
Patios & Balconies and Large Central Courtyard
Additional Income Upside from Storage Rooms & Lockers
Walking Distance to Stateline Shops, Heavenly Gondola, and Raley's Shopping Center
Portfolio of Four 5-Unit Buildings (Available Separately or Together)
Sixteen 2-Bed/1-Bath and Four 1-Bed/1-Bath Units
Pandemic Proof Asset In Thriving Rental Market
CAP Rate: 5.66% , GRM: 11:00
Patios & Balconies and Large Central Courtyard
Additional Income Upside from Storage Rooms & Lockers
SOLD
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Presented By

Ismael Benhamida
Wharton MBA, First Vice President Investments
DRE#: 01722847
Contact
Compass
361 Lytton Avenue, Suite 200
Palo Alto, CA 94301
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