1160 Bowers Ave - Apartments FOR SALE


South Lake Tahoe, CA 96150
$6,120,000 USD
530-544-5395
1160 Bowers Ave, South Lake Tahoe, CA for Sale
$6,120,000 USD
Apartments - FOR SALE
1/40
null | 5.5% Cap Rate

1160 Bowers Ave
South Lake Tahoe, CA 96150


HIGHLIGHTS

  • Near grocery shopping, recreation, the tourist core, and bus lines, getting around town is a breeze from this location!
  • Main remodel in 2008. Continuously upgraded, 8 units just recently
  • Very low vacancy

OVERVIEW

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!

FOR SALE DETAILS

PRICE

$6,120,000 USD

PRICE/SF

$253 USD /SF

# OF UNITS

27

PRICE/UNIT

$226,667

CAP RATE

5.5%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Sun Garden Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

63

LAND DETAILS

LAND ACRES

1.2 AC

LAND SF

52,272 SF

ZONING

-

APN/PARCEL ID

027-290-010-000,027-321-001-000

ASK ABOUT THIS PROPERTY

Michael PhillipsRealty World - Lake TahoeMore Info
530-544-5395

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Michael PhillipsRealty World - Lake TahoeMore Info
530-544-5395

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.