Leawood Apartments
Multifamily | 13 Units
Marketing description
Enyart Real Estate Group is pleased to present the exclusive offering of Leawood Apartments, a 13-unit multifamily community located at 3715 Blackwood Rd in South Lake Tahoe, California. This value-add opportunity offers investors immediate upside through lease-up of five vacant units, rent mark-to-market, and capital improvements — all within one of California's most supply-constrained resort markets.
Leawood Apartments is a 13-unit garden-style multifamily property situated on a landscaped parcel at the base of the Sierra Nevada mountains in South Lake Tahoe, California. The property presents as two primary residential buildings with a surface parking area, common courtyard, and on-site laundry. The community carries the distinctive "Leawood" branding, reflecting its established presence in the local rental market.
South Lake Tahoe is a premier year-round resort destination on the California-Nevada border. The local rental market is characterized by extremely low vacancy, high seasonal demand, and a chronic shortage of workforce housing. Major employers including Heavenly Mountain Resort, Lake Tahoe casinos, and the hospitality sector drive consistent demand for multi-family housing at all price points. The property's location on Blackwood Rd provides direct access to US-50, dining, services, and is minutes from the Heavenly gondola base and the lake.
Investment highlights
- Prime Tahoe Location — Steps from world-class skiing, Lake Tahoe recreation, dining, and transit.
- Significant Lease-Up Upside — 5 vacant units (38.5%) provide immediate revenue recovery; stabilized gross income of $23,370/mo.
- Below-Market Rents — Several occupied units are below current market, offering rent-growth runway at renewal.
- Individually Metered — Separate gas meters for all 13 units plus laundry; tenants pay own utilities.
- Diverse Unit Mix — Studio through 3BR units serve the full local workforce and seasonal renter demand.
- Value-Add Capital Plan — City inspection violations provide a defined, permits-driven capital scope; buyer acquires with full transparency.
- Workforce Housing Demand — South Lake Tahoe's severe housing shortage supports strong long-term occupancy.
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