SOUTH LAKE TAHOE, CA, June 4, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Ambassador Hotel, a 58-room hospitality property located in South Lake Tahoe, California, according to Jeffrey M. Mishkin, First Vice President/Regional Manager of the firm’s Oakland office. The asset commanded a sales price of $1,475,000.
Taylor Flynn, an investment specialist in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was secured and represented by Adam Levin, Vice President of Investments in Marcus & Millichap’s Palo Alto office, and Philip Batlin, an investment specialist in the firm’s San Francisco office.
Ambassador Hotel is located at 4130 Manzanita Avenue in the heart of South Lake Tahoe. Constructed in 1981, the property was sold by the original developer. Its position directly across the street from Harrah’s Casino and within walking distance to Harvey’s Casino makes 4130 Manzanita Avenue a prime location. The hotel, which rests on a 45,713-square foot lot, is also close to the lake and Edgewood Golf Course. Constructed in 1981, the property sold for just under $25,500 per unit.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.