Listing Courtesy of: CRMLS / Coldwell Banker Realty / Richard "Rick" Woodbury
1224 Ski Run Boulevard South Lake Tahoe, CA 96150
Sold (32 Days)
$6,000,000
29,216
SQFT
Description
MLS #:
OC21104814
OC21104814
Lot Size
1.08 acres
1.08 acres
Type
Multifamily
Multifamily
Year Built
1963
1963
Views
Hills, Mountains, Treeswoods
Hills, Mountains, Treeswoods
County
El Dorado County
El Dorado County
Listed By
Richard "Rick" Woodbury, DRE #02132950 CA, Coldwell Banker Realty
Bought with
David Washburn, Mountain Luxury Properties
David Washburn, Mountain Luxury Properties
Source
CRMLS
Last checked Apr 19 2025 at 8:39 AM GMT+0000
CRMLS
Last checked Apr 19 2025 at 8:39 AM GMT+0000
Bathroom Details
Interior Features
- Balcony
- Elevator
- Laminatecounters
- Tilecounters
- Freestandingrange
- Gascooktop
- Gasoven
- Gasrange
- Gaswaterheater
- Refrigerator
- Waterheater
- Windows: Blinds
Lot Information
- Item3640unitsacre
- Cornerlot
- Frontyard
- Lotover40000sqft
- Landscaped
- Nearpublictransit
- Paved
- Rectangularlot
- Streetlevel
- Trees
Property Features
- Fireplace: None
Heating and Cooling
- Wallfurnace
- None
Pool Information
- None
Flooring
- Carpet
- Vinyl
Exterior Features
- Roof: Asphalt
- Roof: Flat
Utility Information
- Utilities: Cableavailable, Cableconnected, Electricityavailable, Electricityconnected, Naturalgasavailable, Naturalgasconnected, Phoneavailable, Phoneconnected, Seweravailable, Sewerconnected, Wateravailable, Waterconnected, Overheadutilities, Water Source: Public
- Sewer: Publicsewer
Parking
- Assigned
- Carport
- Detachedcarport
Disclaimer: Based on information from California Regional Multiple Listing Service, Inc. as of 2/22/23 10:28 and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable.
The current construction contract is a settlement with the city of South Lake Tahoe. Included is the complete remodel of 6 units. A rough estimate by the contractor is that all units could be brought to the level of the 6 for $750k. At the time of this writing, only $824,405 of the contract is left to complete. Completion is expected by the end of summer. If a sale is consummated before the contract is complete, the remaining funds could be held in escrow. According to the settlement agreement with the city of South Lake Tahoe, if construction is not complete, approval by the city manager will be required before close of escrow.
Comparables show that the 21-2bd units could rent for $1,795, the 12-1bd at $1,495, the 2 studios at $1,200, and the one 3bd 2ba managers unit, for $2,095. The potential rent roll is $62,350. CoStar shows a 1.8% vacancy in the area. Assuming 2% vacancy and 38% expenses, NOI would be $454,606. The average cap rate of 20 comparables from CoStar is 5.4% or an $8,420,000 value. A 5% cap rate = $9,092,000.
The location of these apartments are excellent. They are roughly half way between the lake and the ski lifts with public transportation within a block. There are wonderful restaurants and shopping within a few blocks, and it’s only 1.4 miles to the casinos in Stateline. The property is surrounded by beautiful trees and mountains.