The Slalom Apartments (3668 Spruce Ave & 3665 Willow Ave) is a 31 unit apartment complex consisting of 2 two story wood-frame buildings on 2 contiguous street to street parcels totaling .80 acre (34,979 SF). Building 1 is 15 units located at 3668 Spruce Avenue and has 15 one bedroom, one bath units of similar size and layout. This building was constructed in 1966 and is master metered with all utilities (gas, electric, water- sewer) included in the rent. The stoves in these units are a combination of electric and gas with gas wall heaters. Building 2 was built in 1971 and has a total of 16 one bedroom, one bath units located at 3665 Willow Avenue. This is an all electric building, but the utilities are separately metered with the tenants paying for the electricity usage within their units and for all appliances, hot water heaters, and electric wall heaters. The property went through a major upgrade of the unit interiors within the past few years with 90% of the units appointed with hard wood flooring, new counter tops, tile and new interior finishes. There is paved parking that has 40 stalls. Tenants are on leases or rental agreements and are employed in the hotel, resort and hospitality industries as well as a variety of local businesses.
The property is located in World Famous South Lake Tahoe just a few blocks walking distance from the shores of Lake Tahoe, and minutes to World Famous Ski & Snowboarding Resorts and Casinos such as Harrah's and Hard Rock. There are shuttle buses that are within a few blocks that service the mountain ski resorts, casinos, entertainment and shopping - all within a few minutes by car. There are 26,020 residents within a 5 mile radius of the property and in 2022, the median household income was $52,678 within the same 5 mile radius. South Lake Tahoe does not have a rent control ordinance.
The investment offering provides an investor with cash flow at close of escrow and future upside in rental income.