Property Description

Centrally located just minutes from Lake Tahoe and Heavenly Valley ski resort, 1029-1035 Reno Avenue is a rare, turn-key seven unit offering on three separate parcels. This income producing portfolio consists of two duplexes and one triplex, giving investors a flexible mix of one bedroom and studio units in a consistently high demand rental corridor. Six out of seven units are presently vacant allowing a buyer to operate at their own discretion. All rents shown are estimates based on current rental market. Five of the seven units have been tastefully remodeled from the floors up, featuring new flooring, updated countertops and cabinets, fresh interior paint, new heaters in most units and upgraded windows for comfort and efficiency. The properties present as clean, modern, and easy to rent, minimizing near-term capital needs while appealing to quality tenants. Sitting on three individually mapped parcels, this asset offers long term exit and redevelopment options: hold as a cash flowing seven unit compound today, and down the road explore selling parcels separately or repositioning with new construction (subject to city and TRPA approvals). The in-town location allows residents close access to beaches, marinas, bike paths, restaurants and Stateline, making these units especially attractive to year round and seasonal renters alike. It may be possible to add additional ADU's to the property.Seller financing available. Seller will consider carrying a short term second position loan for a qualified buyer with a meaningful down payment and new first position financing. Terms subject to Seller approval.