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    1029 Reno Ave South Lake Tahoe, CA 96150

    Sponsored
    For Sale
    $959,000

    MULTI_FAMILY - South Lake Tahoe, CA

    Property size:
    2,400 SF
    Lot size:
    0.34 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 21 at 3:20 am

    Property Features for 1029 Reno Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Window features
    Double Pane Windows, Vinyl Frames
    Zoning
    Multi-Family
    APN
    031082016000
    Parking
    10
    Exterior features
    Storage Shed
    Size
    2,400 SF
    Lot size
    0.34 Acres

    Utilities

    Heating system
    Natural Gas, Space Heater

    Building Details

    Year built
    1964
    Building materials
    Wood Frame, Wood Siding
    Roof type
    Shingle, Composition
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Mark Heckert
    Mark Heckert

    RE/MAX Realty Today (530) 541-0200

    Listing agent Lloyd Aronoff

    Listing date Feb 20, 2026

    MLS# 142293

    Copyright © 2026 South Tahoe Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    South Lake Tahoe Multifamily Investment

    This offering features seven rental units situated on three separate lots. The properties include a duplex at 1029 Reno Avenue (APN 031-082-016), a duplex and studio cabin at 1031 Reno Avenue (APN 031-082-017), and a duplex at 1035 Reno Avenue (APN 031-082-018). The combined land area totals approximately 0.3444 acres (15,000 square feet), with the buildings encompassing around 2,400 square feet. Remodeling has been completed on four units, including new flooring, kitchens, bathrooms, gas heaters, windows, stoves, and paint. The property is zoned for multi-family use, presenting an opportunity for residential income. The location is centrally located. There is potential for a contractor or owner builder to demolish the existing buildings and construct three separate new homes or three duplexes on the three parcels.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Real Estate Agency Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South Lake Tahoe
    County
    El Dorado
    State
    California
    Longitude
    -119.983928
    Latitude
    38.925746

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    FAQs

    What type of property is this?
    Apartment building - Seven rental units on three lots in South Lake Tahoe.
    Where is this apartment building located?
    The property is located at 1029 Reno Ave South Lake Tahoe, CA.
    What is the asking price?
    The asking price for this property is $959,000.
    What are key features of this property?
    This property features: - Seven rental units on three separate lots offer immediate income potential.; - Opportunity to demolish existing structures and build three new homes or duplexes.; - Remodeled units (4) feature new flooring, kitchens, bathrooms, gas heaters, windows, and stoves.
    (530) 318-2079
    Request Owner's contact information
    1029 Reno Ave South Lake Tahoe, CA 96150
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    South Lake Tahoe, CA 96150
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1029 Reno Ave South Lake Tahoe, CA 96150
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    We can help!
    Listing Contact
    Mark Heckert
    Mark Heckert
    Real Estate License ID: Nevada BS.64400
    (530) 318-2079 (530) 541-0200
    Learn more
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