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Key Details
Sold Price $6,000,000
Property Type Commercial
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 29,216 sqft
Price per Sqft $205
MLS Listing ID CROC21104814
Sold Date 12/10/21
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1963
Lot Size 1.080 Acres
Property Description
The asking price assumes the completion of a $1,832,012.00 construction contract with Serve All Contracting, Inc. Rents are very low and there are many vacancies due to the remodeling work. It’s reasonable to assume that the value will approach $9-million with the completion of a remodel. 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 v
Location
State CA
County El Dorado
Interior
Heating Wall Furnace
Cooling None
Flooring Vinyl, Carpet
Fireplace No
Appliance Gas Water Heater
Laundry No Hookups
Exterior
View Hills, Mountain(s), Trees/Woods
Parking Type Assigned, Other
Building
Lot Description Corner Lot, Level, Other, Front Yard, Paved
Water Public
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