Updated Multifamily Apartment
For Sale
$1,790,000
3715 Blackwood Road, South Lake Tahoe, CA 96150
Residential Income, South Lake Tahoe, CA
Property Size8,154 SF
Lot Size0.63 Acres
Price / SF$219.52
Days on Market35
Property Features for 3715 Blackwood Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
HDR
Bedrooms
21
Rooms
Bedroom 14, Bedroom 1, Bedroom 3, Bedroom 4, Bedroom 6, Bedroom 16, Bedroom 10, Bedroom 12, Bedroom 8, Bedroom 17, Bedroom 9, Bedroom 11, Bedroom 2, Bedroom 18, Bedroom 13, Bedroom 20, Bedroom 7, Bedroom 19, Bedroom 21, Bedroom 5, Bedroom 15
Parking
12
Lot features
Landscape Front
Elementary school district
Lake Tahoe Unified
Middle school district
Lake Tahoe Unified
High school district
Lake Tahoe Unified
Directions
Pioneer Trail to Blackwood
Subdivision
South Lake Tahoe
Special listing conditions
In Foreclosure, Real Estate Owned
Standard status
Active
APN
027331014000
Size
8,154 SF
Lot size
0.63 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1964
Floors in Building
2
Number of units
13
Building materials
Wood
Listing Agency:
eXp Realty of California, Inc
(888) 832-7179
Listed By:
Russell R Enyart · License #01955187
(916) 524-9733
Added: Aug 9
Changed: Sep 5
Last Checked: Sep 12 at 8:06PM
MLS# 226100516
Copyright © 2026 Bay Area Real Estate Information Services, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Leawood Apartments is a 13-unit apartment property comprising studio, one-bedroom, two-bedroom, and three-bedroom floor plans with 21 bedrooms across approximately 8,154 square feet. Built in 1964 with wood construction, the property occupies 0.63 acres and is served by public water and public sewer. Nearly all unit interiors have been updated, while the city has identified one significant main-building upgrade and three moderate repairs or improvements needed for full occupancy. The property is currently 62% occupied.
The property is located in South Lake Tahoe near the Lake Tahoe Boulevard business corridor, Heavenly Mountain Resort, the lake, casinos, dining, and recreation. The site is within the 96150 postal area and carries HDR zoning. Its mix of unit layouts and proximity to local employment and tourism amenities support a range of residential demand, subject to verification of permits, approvals, occupancy, and city requirements.
The property is located in South Lake Tahoe near the Lake Tahoe Boulevard business corridor, Heavenly Mountain Resort, the lake, casinos, dining, and recreation. The site is within the 96150 postal area and carries HDR zoning. Its mix of unit layouts and proximity to local employment and tourism amenities support a range of residential demand, subject to verification of permits, approvals, occupancy, and city requirements.
Key Highlights
- 13‑unit apartment property with 21 bedrooms
- Approximately 8,154 SF on a 0.63‑acre lot
- Studio, 1‑bedroom, 2‑bedroom, and 3‑bedroom floor plans
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$121,281
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,425,620
$2.4M
Cap Rate 7%
$1,732,586
$1.7M
Cap Rate 9%
$1,347,567
$1.3M
Market Conditions
NOI Build-Up for 8,154 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$234.8K $28.80/SF
− Vacancy
−$14.3K −$1.76/SF
EGI
$220.5K $27.04/SF
− OpEx
−$99.2K −$12.17/SF
NOI
$121.3K $14.87/SF
Area
El Dorado County, CA
Vacancy
6.10%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,425,620
Cap Rate 7%
$1,732,586
Cap Rate 9%
$1,347,567
Alternative Uses
Best Use
Apartment 5plus
$1.73M
$1.52M – $2.02M
NOI $121,281 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.92M
$2.55M – $3.40M
NOI $204,064 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
13
Residential units
62%
Occupancy
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
Explore this area
Business Placement
Demographics for 96150, CA
29,518
Population
23,472
Households
1.3
Avg Household Size
40
Median Age
39%
College-Educated
92%
High-School Grad
163.2 sq mi
ZIP Area
181
Density / Sq Mi
$83,738
Median Household Income
$45,582
Median Earnings
$1,497
Median Rent
$649,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Thirteen-unit apartment property with varied floor plans, updated interiors, and a defined municipal improvement scope.
Where is this apartment building located?
The property is located at 3715 Blackwood Road South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: 13‑unit apartment property with 21 bedrooms; Approximately 8,154 SF on a 0.63‑acre lot; Studio, 1‑bedroom, 2‑bedroom, and 3‑bedroom floor plans
