Valuation of Black Bear Tavern Lodge
TRPA recognizes 5601 sq ft of commercial floor area and 788 sq ft of Residential area on this commercial zoned lot with 2 verified residential units. When I added up the calcs from the detailed floor plans done with a cad program, it shows approximately 4697 sq ft of commercial floor space inside the building plus 788 sq ft of Residential area, (~5500 sq ft). The property also contains approximately 1550 sq ft of stone patios of which approximately 1000 sq ft is recognized as commercial floor area, (front and back stone patios), as well as 9278 sq ft of asphalt parking area (30-35 pkg spaces).
If we use only the interior area of the building (~5500 sq ft), the cost of replacement today is going to range between $850 - $950 / sq ft. The range for the cost of replacement will be between $4,675,000 and $5,225,000. If we add the value of a 1.01 Acre lot on Ward Creek with 125 ft of creek frontage, 17,060 sq ft of land coverage to a classic pine log lodge with 20’ log ceilings, 3 stone fireplaces, built in 1936 with the charm of the West Shore of Lake Tahoe, we have a lot value in excess of $1M. Using those values, we end up with a property that has a valuation between $5.675M and $6.225M.
Comparable lot sales that are not lakefront:
Lot sold for $850,000 on 9/23/2002 2225 W Lake Blvd (APN 084-110-003)
MLS 2603113 lot sold for $1,175,000 on 6/21/2010 2345 Sunnyside Lane (APN 084-181-002)
MLS 20102268 lot sold for $1,100,000 on 9/15/2010 2220 Sunnyside Lane (APN 084-171-002)
MLS 20210672 home sold for $8,500,000 on 6/11/2021 2305 Sunnyside Lane (APN 084-181-001)
Comparable commercial sales recent:
MLS 20202706 Tahoma Meadows B&B sold for $4,500,000 on 10-28-2022 6821 WLB (APN 098-200-029) 4 APNs (work force housing)
Comparable commercial sales before gap up:
MLS 20210924 Girisole sold for $2,200,000 319 WLB 1250 sq ft @ $1760/ sq ft
MLS 20190490 Swiss Lakewood sold for $2,700,000 0n 4/01/2019 5055 WLB before reno + 50% mkt appreciation
MLS 20200723 Nursery sold for $4.7M in 2015 and again 10/21/2020 401 WLB
MLS 20192280 Cottage Inn sold for $6,750,000 on 11/23/2020 1690 WLB (APN 083-107-009)
