Leawood Apartments | 3715 Blackwood Rd
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Leawood Apartments 3715 Blackwood Rd
13 Unit Block of Flats £2,620,487 (£201,576/Unit) 5.53% Net Initial Yield South Lake Tahoe, CA 96150
INVESTMENT HIGHLIGHTS
- 100% Renovated Interiors – Quartz Countertops, LVP Flooring, New Appliances
- Centrally located – Minutes to Stateline Casinos and Heavenly Ski Resort
- Great Unit Mix – Mostly 2 and 3 Bedroom Units
- New Paint, Exterior Doors, and Roof
EXECUTIVE SUMMARY
The DeLoney Group at Marcus & Millichap is pleased to present Leawood Apartments, a 100% renovated 13-Unit apartment community nestled
in the resort town of South Lake Tahoe, California. The community features one Studio, 5 One Bedroom / One Bathrooms, 5 Two Bedroom / One
Bathrooms, and 2 Three Bedroom / One Bathroom units.
Current ownership has finished renovations on 11 of 13 unit interiors with the remaining two to be delivered renovated at closing. Typical
renovation includes LVP flooring, quartz countertops, new appliances, and new / refinished cabinetry. A quick study of nearby competitive sets
suggests that Leawood’s renovations are done to a higher level than most in the immediate neighborhood, thus commanding much higher rent
from a tenant demographic with expendable income. The property also received an exterior facelift with new paint, doors, and a new roof all
within the last few years.
The offering represents an opportunity to purchase a stable, renovated, and easy management income property in a world class vacation
destination. The Tahoe basin has been a direct beneficiary of permanent residents moving east out of the coastal cities and into towns where
they would otherwise choose to live if it were not for employment tying them to a major metro. Though there has been a flood of new residents
into the Tahoe basin over the last few years, the employment drivers of the nearby casinos, lake recreation, and ski resorts keep the local
economy strong. The Lake Tahoe Blvd Business Corridor is just a few blocks away and Heavenly Ski Resort is a three-minute drive away from the
property.
Please do not disturb tenants. All tours must be scheduled with The DeLoney Group.
in the resort town of South Lake Tahoe, California. The community features one Studio, 5 One Bedroom / One Bathrooms, 5 Two Bedroom / One
Bathrooms, and 2 Three Bedroom / One Bathroom units.
Current ownership has finished renovations on 11 of 13 unit interiors with the remaining two to be delivered renovated at closing. Typical
renovation includes LVP flooring, quartz countertops, new appliances, and new / refinished cabinetry. A quick study of nearby competitive sets
suggests that Leawood’s renovations are done to a higher level than most in the immediate neighborhood, thus commanding much higher rent
from a tenant demographic with expendable income. The property also received an exterior facelift with new paint, doors, and a new roof all
within the last few years.
The offering represents an opportunity to purchase a stable, renovated, and easy management income property in a world class vacation
destination. The Tahoe basin has been a direct beneficiary of permanent residents moving east out of the coastal cities and into towns where
they would otherwise choose to live if it were not for employment tying them to a major metro. Though there has been a flood of new residents
into the Tahoe basin over the last few years, the employment drivers of the nearby casinos, lake recreation, and ski resorts keep the local
economy strong. The Lake Tahoe Blvd Business Corridor is just a few blocks away and Heavenly Ski Resort is a three-minute drive away from the
property.
Please do not disturb tenants. All tours must be scheduled with The DeLoney Group.
PROPERTY FACTS
| Price | £2,620,487 | Building Class | C |
| Price Per Unit | £201,576 | Lot Size | 0.63 AC |
| Sale Type | Investment | Building Size | 9,500 SF |
| Net Initial Yield | 5.53% | Average Occupancy | 100% |
| No. Units | 13 | Number of Floors | 2 |
| Property Type | Multifamily | Year Built | 1964 |
| Property Subtype | Apartment | Parking Ratio | 1.69/1,000 SF |
| Apartment Style | Garden |
| Price | £2,620,487 |
| Price Per Unit | £201,576 |
| Sale Type | Investment |
| Net Initial Yield | 5.53% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.63 AC |
| Building Size | 9,500 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.69/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 450 |
| 1+1 | 5 | - | 650 |
| 2+1 | 5 | - | 800 |
| 3+1 | 2 | - | 900 |
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 027-331-014-000 | Improvements Assessment | £1,530,730 |
| Land Assessment | £148,936 | Total Assessment | £1,679,666 |
PROPERTY TAXES
Parcel Number
027-331-014-000
Land Assessment
£148,936
Improvements Assessment
£1,530,730
Total Assessment
£1,679,666
ZONING
| Zoning Code | HDR |
| HDR |
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Leawood Apartments | 3715 Blackwood Rd
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