3000 North Lake Blvd., Tahoe City
SOLD! BUYER & SELLER REPRESENTATION
17 Unit Lake Tahoe Multifamily Income Property | Dollar Hill Apartments
Lake Tahoe Multifamily Income Property Description
The Dollar Hill Apartments in Tahoe City consist of 17 units located in one 2-story building. This multi-family property is made up of nine 2 bed units and eight 1 bed units providing the best unit mix possible to maximize ROI. The building was converted from a commercial office space to apartments in 2020, so it’s effectively new. The conversion consisted of a new roofing system, new siding, new windows and the entire building was gutted so all electrical, plumbing and heating systems were updated. This is effectively a brand new high efficiency building requiring very little maintenance. Rents average $3.66 per sqft and expenses are low creating strong investment opportunity. There are 25 open parking spaces for tenants, including 3 ADA spaces.
This multi-family property is conveniently located on the Tahoe City bike path and proximate to Skylandia and Bristlecone beach. Downtown Tahoe City: 2 miles, Squaw Valley:10miles, Truckee and I-80: 17 miles, creating the perfect location for tenants to live, work, and play. Demand for long term rentals is high and the Dollar Hill Apartments provide a high quality housing option for tenants. Demand for long term housing rises daily as options are constrained, which continues to put upward pressure on rents. When tenants move on, there will be an opportunity to continue to raise rents for the foreseeable future.
Tahoe City Neighborhood Description
Located in the Panorama Estates neighborhood of Tahoe City, the Dollar Hill Apartments are close to numerous beaches, a boat launch, bike path, and many hiking and biking trails. Take a quick drive or bike ride to downtown Tahoe City and enjoy numerous shops and restaurants. In the winter months, Squaw Valley and Alpine Meadows are just a short drive away allowing easy access to some of the best skiing and riding in Lake Tahoe. This apartment building is where the best tenants want to live which will help keep vacancies low and rents high.
Dollar Hill Apartments Features
- Sale Price: $4,560,000
- List Price: $4,690,000
- 17 units in one 2-story building
- Nine 2-bedroom units and eight 1-bedroom units
- 8,000 SF building with 7,259 SF of rentable space
- P&L and Rent Roll available upon request
- Recently converted into apartments in 2020, effectively new
- Average rent is $3.66 per square foot and expenses are low
- 25 parking spaces including 3 ADA spaces
- Located on the bike path for easy access to downtown Tahoe City and beyond
- Close to Skylandia and Bristlecone Beach
- Hiking and Mtn Biking at nearby Burton Creek State Park and Dollar Creek Trailhead
- Perfect location for tenants to live, work, and play
- MLS# 20220031
Property Details
SOLD: $4,560,000
Address: 3000 North Lake Blvd
City: Tahoe City
State: CA
Zip: 96145
MLS#: 20220031
Beds: 10
Baths: 17
Square Feet: 7,259
Garage: n/a
Year Built: n/a
Status: Other
Baths: 17
Square Feet: 7,259
Garage: n/a
Year Built: n/a
Status: Other
