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    South Lake Tahoe Apartment Building Title is generated by Realmo AI

    3716 Pioneer Trail, South Lake Tahoe, CA 96150

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    For Sale
    $1,600,000

    MULTI_FAMILY - South Lake Tahoe, CA

    Property size:
    5,716 SF
    Lot size:
    0.26 Acres
    Price / SF:
    $279/SF
    Added:
    Mar 26, 2026
    Days on Market:
    59
    Last Refresh:
    May 23 at 3:06 pm

    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
    Standard status
    Active
    APN
    028041006000
    Size
    5,716 SF
    Lot size
    0.26 Acres

    Utilities

    Heating system
    Natural Gas, Space Heater

    Building Details

    Year built
    1964
    Building materials
    Wood Frame, Wood Siding
    Roof type
    Flat

    We can help!

    Listing Contact
    Jarred Uppendahl

    Listing agent Jarred Uppendahl

    Listing office Realty World Lake Tahoe 949 Tahoe Keys Blvd., South Lake Tahoe, CA

    Listing date Mar 26, 2026

    MLS# 142631 Listing URL

    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.

    HighLights

    • Prime location minutes from Heavenly Village and Heavenly Ski Resort.
    • Proven record of low vacancy, ensuring reliable income.
    • Six‑unit apartment building in a desirable South Lake Tahoe location.
    • Five 2‑bedroom/1‑bathroom units and one studio.
    • Units feature newer appliances, gas stoves, and washer/dryer hookups.
    • Four additional storage/parking garages.

    Overview

    The Lazy Bear Apartments is a centrally located 6-unit apartment building in South Lake Tahoe. This well-maintained 6-plex offers an investment opportunity with a record of low vacancy. The property is situated minutes from the Heavenly Village and Heavenly Ski Resort, providing access to amenities, dining, and transportation. The building features five 2-bedroom/1-bathroom units and one studio, complemented by four additional storage/parking garages. Unit features include newer appliances, gas stoves, washer/dryer hookups, and an open living concept. The property size is 5716 square feet and the lot size is 0.26 acres.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $944.6K
    NOI $85,018 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.21M
    NOI $85,018 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.70M
    NOI $85,018 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $164.6k $28.80
    − Vacancy −$10.0k −$1.76
    EGI $154.6k $27.04
    − OpEx −$69.6k −$12.17
    NOI $85.0k $14.87
    5,716 SF · lease $28.80/SF/yr · vacancy 6.10% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $1.21M
    $1.06M – $1.42M (±1% cap)
    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 (±1% cap)
    NOI $143,050 @ 7.0% cap · market cap 8.94%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Dental Office Spa & Massage Center Hair Salon Restaurant 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
    -119.94951
    Latitude
    38.946137

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    FAQs

    What type of property is this?
    Apartment building - Centrally located 6-unit apartment building near Heavenly Village.
    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: Prime location minutes from Heavenly Village and Heavenly Ski Resort.; Proven record of low vacancy, ensuring reliable income.; Six‑unit apartment building in a desirable South Lake Tahoe location.
    (530) 544-5395
    We can help!
    Listing Contact
    Jarred Uppendahl
    Request Owner's contact information
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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.

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