673 James Ave
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673 James Ave
5 Unit Apartment Building $1,500,000 ($300,000/Unit) 4.47% Cap Rate South Lake Tahoe, CA 96150
Investment Highlights
- Seller financing option
- Remodeled Interiors
- Potential to build 2 ADU units on the back portion of the lot
- Opportunity to convert garages into a 6th unit
- Low vacancy market/Market with high barriers to entry.
- Large lot
Executive Summary
Marcus & Millichap is pleased to present 673 James Ave, a fully remodeled five-unit building located 10 minutes from Heavenly Ski Village and Stateline, Nevada in South Lake Tahoe. Originally built in 1965, the property has been extensively upgraded over the past 4 years, combining modern interiors with classic Tahoe charm. The complex includes two 1-bedroom/1-bathroom units, one 2-bedroom/2 bathroom unit, and 2 2-bedroom/2-bath units featuring fireplaces.
Additional income is generated from two parking garages/storage units, adding $2,400/year. The property sits on a .25-acre lot with two standalone buildings and ample parking, offering a turnkey investment in the strong rental market of South Lake Tahoe. Don’t miss this opportunity to own a newly remodeled asset in a prime location.
Additional income is generated from two parking garages/storage units, adding $2,400/year. The property sits on a .25-acre lot with two standalone buildings and ample parking, offering a turnkey investment in the strong rental market of South Lake Tahoe. Don’t miss this opportunity to own a newly remodeled asset in a prime location.
Data Room Click Here to Access
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,500,000 | Apartment Style | Low Rise |
| Price Per Unit | $300,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.25 AC |
| Cap Rate | 4.47% | Building Size | 4,250 SF |
| Gross Rent Multiplier | 11.83 | Average Occupancy | 95% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment |
| Price | $1,500,000 |
| Price Per Unit | $300,000 |
| Sale Type | Investment |
| Cap Rate | 4.47% |
| Gross Rent Multiplier | 11.83 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 4,250 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1965 |
Unit Amenities
- Air Conditioning
- Balcony
- Fireplace
- Microwave
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,685 | 725 |
| 2+2 | 3 | $2,425 | 900 - 950 |
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PROPERTY TAXES
| Parcel Number | 023-151-023-000 | Total Assessment | $1,389,500 |
| Land Assessment | $416,850 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $972,650 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
023-151-023-000
Land Assessment
$416,850
Improvements Assessment
$972,650
Total Assessment
$1,389,500
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | HDR |
| HDR |
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673 James Ave
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