3000 N Lake Blvd TAHOE CITY, CA OFFERING MEMORANDUM 17 UNITS MULTI-FAMILY BUILDING | OFFERED AT $5,000,000

PRESENTED BY: DAVE WESTALL, REALTOR m 530.444.8184 [email protected] Disclaimer

The Confidential Material and Information in this Offering Memorandum (collectively “Information”) have been obtained from sources deemed reliable. This information is for your use only in determining your interest in pursuing negotiations to potentially acquire 3000 N Lake Blvd, Tahoe City, CA 96145 (“”) and owned by Seller (“Seller”). It contains selected summary information pertaining to the Property, and has been prepared by the Seller and Seller’s authorized consultant. Corcoran Global Living (“Exclusive Listing Broker”) has not made any investigation and does not warrant or represent the accuracy of such information. Buyer shall only rely on its own independent estimates of construction costs and proforma income and expenses before any decision is made to invest in the Property.

This Confidential Material is for informational use only and under no circumstances whatsoever is deemed to be a contract, memorandum, or any other form of binding commitment.

The Seller is selling the Property in “AS IS” and “WHERE IS” condition with “All FAULTS” in the broadest sense of that term, without any representations or warranties. Buyer, or Buyer’s agent, shall be given a reasonable opportunity to inspect and investigate the Property and its improvements. Receipt of this Information by Buyer does not entitle Buyer to rely on the Seller or its employees, contractors or agents, for any purpose, including, without limitations (1) The adequacy and physical condition of the Property; (2) the suitability of the Property for any particular purpose; (3) the condition of soils, geology and hydrology; (4) the existence or adequacy of utilities serving the Property; (5) the or legal status of the Property; (6) the compliance of the Property with any environmental protection, pollution or land-use laws, rules, regulations, orders or requirements; and (7) the condition of title and the nature and status of any condition, covenant, , license, , lien, restriction, reservation, right of redemption, right-of-way and any other matter affecting title.

The Seller reserves the right to withdraw the offering of the Property without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Neither the prospective Buyer nor Seller shall be bound until full execution of the contract of purchase and sale, which contract shall supersede prior discussions and constitute the sole agreement of the parties. Prospective Buyers shall be responsible for their costs and expenses of investigating the Property without reimbursement.

Buyer shall submit any expressions of interest and/or offers to purchase the Property to the Seller, only through Seller’s exclusive listing broker, Corcoran Global Living.

By acknowledgement of your receipt of this Information, you agree that the information and its contents are confidential; that you will hold and treat it in the strictest of confidence; that you will not directly disclose or permit anyone to disclose this presentation or its contents to any other person, firm or entity without prior written authorization of the Seller; and that you will not use or permit to be used this Information or its contents in any manner detrimental to the interest of Seller. Photocopying or duplication is strictly prohibited. If you do not wish to pursue negotiations leading to this acquisition, kindly return this Information to Seller’s exclusive listing broker, Corcoran Global Living. 3000 N Lake Blvd REAL ESTATE TAHOE CITY, CA 3000 N Lake Blvd ABOUT

The Dollar Hill in Tahoe City consist of 17 units located in one 2-story building. This multi-family property is made up of nine 2-bed units and eight 1-bed units providing the best unit mix possible to maximize ROI. The building was converted from a commercial office space to apartments in 2020, so it’s effectively new. The conversion consisted of a new roofing system, new siding, new windows and the entire building was gutted so all electrical, plumbing and heating systems were updated. This is effectively a brand new high efficiency building requiring very little maintenance.

Demand for long term rentals is high and the Dollar Hill Apartments provide a high quality housing option for tenants. Demand for long term housing rises daily as options are constrained, which continues to put upward pressure on rents. When tenants move on, there will be an opportunity to continue to raise rents for the foreseeable future.

REAL ESTATE 3000 N Lake Blvd DETAILS

• Original commercial building built in 1979, re-built and • Laundry room with 3 sets of machines: generates $300 per converted to apartments in 2020 month • 8,000 Sq Ft building with 7,259 Sq Ft of rentable space • 25 vehicle parking lot including 3 ADA spaces. 8 spaces • 17 units in one 2-story building rent for $50 per month • 9 two bedroom units and 8 one bedroom units • Full • List Price: $5,000,000

REAL ESTATE 3000 N Lake Blvd Long Term Housing SOLUTION

The North Lake Tahoe and Truckee region suffers from a lack of long term rental options that benefit the local workforce at every income level. The constrained housing market is placing stress on those looking to rent as well as employers that struggle to fill positions due to a lack of housing options.

Dollar Hill Apartments provide an opportunity for the local workforce to live in good quality units that are safe and centrally located to all regional employment centers. The current housing crisis is a challenging problem to solve but the Dollar Hill Apartments are a part of the solution which in turn will result in low vacancy rates and rental rates that should track upwards for the foreseeable future.

REAL ESTATE 3000 N Lake Blvd LOCATION OVERVIEW

• Proximate to all N Lake Tahoe and Truckee employment • Hiking and Mountain Biking at nearby Burton Creek State centers Park and Dollar Creek Trailhead

• Located on the bike path for easy access to downtown • Perfect location for tenants to live, work, and play Tahoe City and beyond ◦ Downtown Tahoe City: 2 miles ◦ Squaw Valley:10 miles • Close to Skylandia and Bristlecone Beach ◦ Kings Beach: 7 miles ◦ Northstar: 15 miles ◦ Truckee and I-80: 17 miles

REAL ESTATE LOCATION MAP 3000 N Lake Blvd

REAL ESTATE Site Plan 3000 N Lake Blvd

REAL ESTATE PROPERTY GROUNDS AERIAL VIEW

REAL ESTATE AERIAL VIEW EXTERIOR VIEW LIVING SPACE KITCHEN

REAL ESTATE BEDROOM LAUNDRY FACILITY 3000 N Lake Blvd REAL ESTATE FINANCIAL OVERVIEW Executive Summary

ADDRESS 3000 N Lake Blvd Tahoe City, CA 96145 COUNTY Placer County APN 093-130-014 COUNTY USE Multi Family PRICE $5,000,000 UNITS 17 PRICE/UNIT $294,118 PRICE/SQ FT $625 RENTABLE SQ FT 7,259 BUILDING SQ FT 8,000 LOT 1.14 Acres YEAR BUILT 1979, Rebuilt in 2020 CURRENT CAP RATE 5% CURRENT GRM 15.22

REAL ESTATE 3000 N Lake Blvd RENT ROLL

MIX 2 BED UNITS 9

1 BED UNITS 8

UNIT SQ FT TYPE RENT RENT/SQ FT ADDL CAR SPACE # 1 500 2 Bed $1,800 $3.60 2 463 2 Bed $1,825 $3.94 $50 18 3 347 1 Bed $1,325 $3.82 4 347 1 Bed $1,225 $3.53 5 347 1 Bed $1,225 $3.53 $50 19 6 347 1 Bed $1,225 $3.53 $50 20 7 320 1 Bed $1,250 $3.91 8 473 2 Bed $1,750 $3.70 $50 25 9 379 1 Bed $1,350 $3.56 $50 21 10 507 2 Bed $1,800 $3.55 $50 22 11 456 2 Bed $1,750 $3.84 12 347 1 Bed $1,225 $3.53 13 347 1 Bed $1,225 $3.53 14 488 2 Bed $1,800 $3.69 $50 23 15 628 2 Bed $2,100 $3.34 16 454 2 Bed $1,750 $3.85 17 509 2 Bed $1,800 $3.54 $50 24 7,259 17 UNITS $26,425 $3.65 $400

REAL ESTATE P & L Statement

2021 MONTHLY 2021 YTD 06/20/2021 2021 PROJECTED INCOME RENTAL INCOME $26,425 $158,550 $317,000 ADDITIONAL PARKING INCOME $400 $2,400 $4,800 LAUNDRY INCOME $300 $1,800 $3,600 TOTAL INCOME $27,125 $162,750 $325,500

EXPENSES SNOW REMOVAL $67 $402 $804 INSURANCE $771 $4,626 $9,252 REPAIRS & MAINTENANCE $0 $675 $1,350 MANAGEMENT $1,371 $8,226 $16,452 PROPERTY TAXES $1,123 $6,738 $13,476 FIRE ALARM $974 $5,844 $11,688

UTILITIES ELECTRIC $149 $894 $1,788 GAS $339 $2,034 $4,068 TCPUD WATER & SEWER $1,214 $7,284 $14,568 SEWER PROCESSING Included on Tax Roll Included on Tax Roll Included on Tax Roll GARBAGE $361 $2,166 $4,332

TOTAL EXPENSES $6,369 $38,889 $77,778 NET OPERATING INCOME $20,756 $124,536 $247,722 PROPERTY VALUE: 5% CAP $4,954,440 GROSS RENT MULTIPLIER (GRM) 15.22

REAL ESTATE Lake Tahoe Facts

• Surface elevation of the lake varies between 6,223’ and 6,229’, depending on the snow pack • The highest mountain peak is Freel’s peak is 10,881’ • At 12 miles wide and 22 miles long, Tahoe is the largest alpine lake in North America • The shoreline is 72 miles long • The lake has an average depth of 989’, and maximum depth of 1,640’ • The only lake outlet is the Truckee River • Lake Tahoe water is 99.7% pure • During summer months, the upper 12’ of lake water warms up to 68°F • Lake Tahoe gets an average of 216” (about 8’) of snowfall, upper elevations can receive over 300” • Air temperature averages 33°F low/55°F high, warming to 48°F low/83°F high average in the summer months

REAL ESTATE The History of Tahoe City

Other than summer tourism and lodging, Tahoe City’s economy relied on commercial fishery. The town’s permanent population grew and a big turnover happened in the 20th century, when Duane Bliss got out of lodging business into the tourist trade, building a railroad track from Truckee to Tahoe City to increase the number of tourists and their comfort.

Tahoe’s reliable snowfall inspired local skiers to form the Lake Tahoe Ski Club that had more national champions and Olympians than other ski clubs in the USA. The region’s winter sports enthusiasm culminated during the 1960’s Winter Olympic Games in Squaw Valley. The Tahoe City is home to museums and historical landmarks managed by the North Lake Tahoe Historical Society, and a visit to any one of them adds insight into how this town has evolved from a frontier outpost to an appealing enclave of shops, boutiques, lake-front restaurants and private estates.

REAL ESTATE Corcoran Global Living

With over $6B in annual sales volume, our associates make up the top producing sales force. We service all areas around the Tahoe basin with our local offices in Lake Tahoe, Reno, and Truckee. We also have offices throughout the Bay Area, and additional offices in Temecula, Los Angeles, and San Diego, providing access to the Southern California market. Given the exclusive nature of our connections, we offer exposure to qualified buyers and sellers that is unmatched in our region.

REAL ESTATE CONTACT

Dave Westall Realtor 530.444.8184 [email protected] 319 W. Lake Blvd., Tahoe City, CA westallrealestate.com live who you are