The Leawood Apartments
South Lake Tahoe, CA - 13 units

Flite is pleased to present Leawood Apartments, a well-kept 13-unit apartment community nestled in the resort town of South Lake Tahoe, California. Working closely with our Marcus & Millichap broker, we were able to secure the deal for $2,030,000. The community features one Studio, five One-Bedroom/One-Bathrooms, five Two-Bedroom / One-Bathrooms, and two Three-Bedroom / One-Bathroom units. In addition to the desirable unit mix, the property features on-site (owned) laundry, spacious common areas and ample off street parking. Ownership has possessed the property for 30+ years and have cared for it meticulously throughout with multiple recent upgrades such as new siding and a newer roof. The offering represents a classic value-add opportunity in one of the countries hottest rental markets.

Flite is experienced to take on this challenge as it provides value-add opportunities from property management and renovation perspectives.  The incumbent rents are extremely low, averaging $835 per unit, and have over 45% upside to current market levels to over $1,600 average per unit.  Although short-term rentals are not allowed in this area and for this property, we are exploring possibilities of 30 day or more "seasonal" type leases to boost income potential.

As coastal residents and companies adjust to a work-from-home model, South Lake Tahoe property owners are poised to benefit from an influx of population and thus occupancy pressure. The Tahoe basin has been a lucrative destination for residents who can now work in the same setting that they play due to Tahoe's vast recreational opportunities. The property is located in a quiet residential neighborhood of South Lake Tahoe but is still very close proximity to the Stateline Casinos and Lake Tahoe Boulevard Business Corridor, providing residents with convenience to modern amenities and entertainment.  Heavenly Ski Resort is also a short three-minute drive away from the property.

This property is uniquely positioned for Flite and our investors to take advantage of this opportunity in a hot market with tight inventory and in a prime location and ultimately participate in the value upside.

Unit 6 Rehab

Unit 12 Rehab

Existing/ Inspiration Photos