6-Unit Apartment
For Sale
$1,600,000
3716 Pioneer Trail, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size5,716 SF
Lot Size0.26 Acres
Price / SF$279.92
Days on Market164
Property Features for 3716 Pioneer Trail
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Window features
Double Pane Windows, Single Pane Window(s)
Patio and Porch features
Patio
Exterior features
Patio/Balcony
Subdivision
Heavenly Valley
Standard status
Active
APN
028041006000
Size
5,716 SF
Lot size
0.26 Acres
Utilities
Heating system
Space Heater, Natural Gas
Amenities
newer appliances
gas stoves
washer/dryer hookups
open living concept
Building Details
Year built
1964
Building materials
Wood Frame, Wood Siding
Roof type
Flat
Listing Agency:
Realty World Lake Tahoe
(530) 544-5395
Listed By:
Jarred Uppendahl · License #01958463
(530) 307-2950
Added: Mar 26
Changed: Aug 19
Last Checked: Sep 5 at 2:06PM
MLS# 142631
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.
Investment Insights
Based on property information with market context.
The Lazy Bear Apartments is a 6-unit multifamily property in South Lake Tahoe containing five 2-bedroom/1-bathroom apartments and one studio. The 5,716-square-foot building was constructed in 1964 and includes four additional storage or parking garages. Unit features include newer appliances, gas stoves, washer/dryer hookups, and open living areas. Exterior details include patios or balconies, wood-frame construction with wood siding, flat roofing, and natural-gas space heating.
The property occupies 0.26 acres at 3716 Pioneer Trail, with access to nearby dining, transportation, and local amenities. Heavenly Village and Heavenly Ski Resort are located just minutes away. The apartments have a record of low vacancy, and the building’s unit mix provides a combination of studio and two-bedroom layouts.
The property occupies 0.26 acres at 3716 Pioneer Trail, with access to nearby dining, transportation, and local amenities. Heavenly Village and Heavenly Ski Resort are located just minutes away. The apartments have a record of low vacancy, and the building’s unit mix provides a combination of studio and two-bedroom layouts.
Key Highlights
- 6‑unit apartment building with five 2‑bedroom/1‑bathroom units and one studio
- 5,716 square feet on a 0.26‑acre parcel
- Four additional storage or parking garages
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
$85,018
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
5.31%
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%
$1,700,360
$1.7M
Cap Rate 7%
$1,214,543
$1.2M
Cap Rate 9%
$944,644
$944.6K
Market Conditions
NOI Build-Up for 5,716 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
$164.6K $28.80/SF
− Vacancy
−$10.0K −$1.76/SF
EGI
$154.6K $27.04/SF
− OpEx
−$69.6K −$12.17/SF
NOI
$85.0K $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%
$1,700,360
Cap Rate 7%
$1,214,543
Cap Rate 9%
$944,644
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $85,018 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.04M
$1.79M – $2.38M
NOI $143,050 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
421
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
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 - Multifamily property with five two-bedroom units, one studio, and four storage or parking garages.
Where is this apartment building located?
The property is located at 3716 Pioneer Trail South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 6‑unit apartment building with five 2‑bedroom/1‑bathroom units and one studio; 5,716 square feet on a 0.26‑acre parcel; Four additional storage or parking garages
