Sun Garden Apartments | 1160 Bowers Ave
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Sun Garden Apartments 1160 Bowers Ave
27 Unit Apartment Building $6,120,000 ($226,667/Unit) 5.50% Cap Rate South Lake Tahoe, CA 96150
Investment Highlights
- Near grocery shopping, recreation, the tourist core, and bus lines, getting around town is a breeze from this location!
- Very low vacancy
- Main remodel in 2008. Continuously upgraded, 8 units just recently
Executive Summary
Exceptional investment opportunity with an attractive CAP rate and current maintenance items performed! Offered for sale is a 27-unit apartment complex occupying two large parcels: 3590 Tamarack Avenue and 1160 Bowers Avenue. Fully occupied, minus the showing unit, this complex has a steady income history and many upgrades! Rents are current! Each unit has individual gas meters, electric has sub-meters and several units have been completely remodeled with contemporary gray tones, shaker-style cabinetry, quality laminate flooring, granite slab counters, and stainless-steel appliances. Increase your CAP rate by renovating the remaining units and increasing rents, respectively. Additional streams of income include optional, independently rented garage spaces and two separate on-site coin laundry facilities. Both of the addresses have their own manicured courtyard with lush lawns and irrigation. Beside each address are Forest Service/Conservancy parcels for added privacy and buffering. The entire complex parking areas have been sealed and meticulously repaired this season and have clearly marked designated parking spaces for each unit. Newer roofs, 2008 & 2022, recent exterior paint, and vinyl windows have already been done for you! Near grocery shopping, recreation, the tourist core, and bus lines, getting around town is a breeze from this location!
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$557,424
|
$23.06
|
| Other Income |
$18,040
|
$0.75
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$575,464
|
$23.81
|
| Taxes |
$70,400
|
$2.91
|
| Operating Expenses |
$168,452
|
$6.97
|
| Total Expenses |
$238,852
|
$9.88
|
| Net Operating Income |
$336,612
|
$13.93
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $557,424 |
| Annual Per SF | $23.06 |
| Other Income | |
|---|---|
| Annual | $18,040 |
| Annual Per SF | $0.75 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $575,464 |
| Annual Per SF | $23.81 |
| Taxes | |
|---|---|
| Annual | $70,400 |
| Annual Per SF | $2.91 |
| Operating Expenses | |
|---|---|
| Annual | $168,452 |
| Annual Per SF | $6.97 |
| Total Expenses | |
|---|---|
| Annual | $238,852 |
| Annual Per SF | $9.88 |
| Net Operating Income | |
|---|---|
| Annual | $336,612 |
| Annual Per SF | $13.93 |
Property Facts
| Price | $6,120,000 | Apartment Style | Low Rise |
| Price Per Unit | $226,667 | Lot Size | 1.20 AC |
| Sale Type | Investment | Building Size | 24,170 SF |
| Cap Rate | 5.50% | No. Stories | 2 |
| No. Units | 27 | Year Built/Renovated | 1963/2008 |
| Property Type | Multifamily | Parking Ratio | 2.61/1,000 SF |
| Property Subtype | Apartment |
| Price | $6,120,000 |
| Price Per Unit | $226,667 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Lot Size | 1.20 AC |
| Building Size | 24,170 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2008 |
| Parking Ratio | 2.61/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
| 2+1 | 13 | - | - |
| 3+1 | 7 | - | - |
Walk Score ®
Very Walkable (72)
Bike Score ®
Very Bikeable (81)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $2,515,500 (2024) | |
| Land Assessment | $1,050,801 (2024) | Annual Taxes | $70,400 ($2.91/SF) |
| Improvements Assessment | $1,464,699 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,050,801 (2024)
Improvements Assessment
$1,464,699 (2024)
Total Assessment
$2,515,500 (2024)
Annual Taxes
$70,400 ($2.91/SF)
Tax Year
2023
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Sun Garden Apartments | 1160 Bowers Ave
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