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    The Largest CRE Database in the US with Over 1 Million Listings

    473 Falling Water, Unit 78 Portola, CA 96122

    Sponsored
    For Sale
    $385,000

    LAND - Portola, CA

    Lot size:
    2.59 Acres
    Days on Market:
    161
    Last Refresh:
    Feb 19 at 9:06 pm

    Property Features for 473 Falling Water

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    GF
    APN
    131-131-002
    Lot size
    2.59 Acres

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer, Septic Needed
    Water front features
    River Access
    Water front
    1

    We can help!

    Listing Contact
    Mimi Garner
    Mimi Garner

    MARGARET MARY GARNER, BROKER (775) 229-3140

    Listing agent Mimi Garner (775) 229-3140 License #01213523

    Listing date Sep 12, 2025

    MLS# 20250653

    Copyright © 2026 Plumas 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

    Portola Land with Mountain Views

    This 2.59-acre homesite in Portola, CA, offers views of the railroad, rail tunnel, Feather River canyon, and the Sierras. Situated on a bluff at the end of the road, the property backs to US Forest Service land, providing privacy and serenity. It is located within the Nakoma community, where all utilities are underground and available at the lot line, including electricity, water, and sewer. High-speed internet is also available. The Nakoma community is gated and provides year-round gate and road maintenance, as well as snow removal services. A minimum home size of 1,600 sq ft is required. Guest homes, ADUs, and short-term rentals are permitted, subject to Plumas County regulations. Nakoma Resort amenities include the Frank Lloyd Wright-designed Nakoma Clubhouse and the Dragon Golf Course, which are open to the public. The private Altitude Recreation Center, requiring a Social Plus Membership for access, features an Olympic-sized outdoor heated swimming pool, climbing wall, fitness center, media theater, game rooms, basketball court, and cafe lounge. The property is located 5 miles from the towns of Portola and Graeagle, which offer local shops, restaurants, schools, medical facilities, gas stations, and grocery stores. Reno and Lake Tahoe are approximately an hour's drive away.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Portola
    County
    Plumas
    State
    California
    Longitude
    -120.5411069
    Latitude
    39.76427252

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    FAQs

    What type of property is this?
    Residential land & home lot - 2.59 acre homesite with views and utilities in Nakoma.
    Where is this residential land & home lot located?
    The property is located at 473 Falling Water, Unit 78 Portola, CA.
    What is the asking price?
    The asking price for this property is $385,000.
    What are key features of this property?
    This property features: - Exceptional Views & Privacy: Enjoy breathtaking railroad, rail tunnel, Feather River canyon, and Sierra views from this 2.59-acre estate lot, backing to US Forest Service land with end-of-road privacy.; - Nakoma Resort Amenities: Access the Frank Lloyd Wright-designed Nakoma Clubhouse and the Dragon Golf Course.; - Altitude Recreation Center: Benefit from a state-of-the-art private facility featuring an Olympic-sized outdoor heated pool, climbing wall, fitness center, media theater, game rooms, basketball court, and cafe lounge.
    (775) 229-3140
    Request Owner's contact information
    473 Falling Water, Unit 78 Portola, CA 96122
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    Portola, CA 96122
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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
    473 Falling Water, Unit 78 Portola, CA 96122
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    We can help!
    Listing Contact
    Mimi Garner
    Mimi Garner
    Real Estate License ID: 01213523
    (775) 229-3140
    Learn more
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