7-Unit Multifamily
For Sale
$962,500
1029 Reno Avenue, South Lake Tahoe, CA 96150
Three-parcel rental property with completed renovations across four units and additional redevelopment flexibility.
Property Size2,400 SF
Lot Size0.34 Acres
Price / SF$401.04
Days on Market310
Property Features for 1029 Reno Avenue
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
10
Lot size
0.34 Acres
Property subtype
Multi-Family / Apt Build 5-12 Units
Zoning
Multi-Family
Lease Type
Net
Additional Details
Multifamily Units
7
Amenities
Double Pane, Vinyl Frame
Composition, Shingle
Wood Frame, Wood Siding
Storage Shed
Building Details
Year Built
1964
Listing Agency:
RE/MAX Gold - SLT
(530) 541-0200
Listed By:
Lloyd Aronoff · License #00498929
(530) 541-0200
Source:
Compass
Added: Oct 27, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Gold - SLT
Investment Insights
Based on property information with market context.
This multifamily holding comprises seven rental units distributed across three separate parcels in South Lake Tahoe. The property includes duplexes at 1029 Reno Avenue and 1035 Reno Avenue, plus a duplex and studio cabin at 1031 Reno Avenue. The buildings total approximately 2,400 square feet on 15,000 square feet of land and were built in 1964. Exterior improvements include wood siding, composition shingle roofing, and a storage shed, while double-pane vinyl-frame windows are among the interior features.
Renovation work has been completed on four units, including flooring, kitchens, bathrooms, gas heaters, windows, stoves, and interior paint. The property is zoned Multi-Family. The source information also identifies a redevelopment concept involving removal of the existing structures and construction of three new homes or three duplexes, with one development option on each parcel.
Renovation work has been completed on four units, including flooring, kitchens, bathrooms, gas heaters, windows, stoves, and interior paint. The property is zoned Multi-Family. The source information also identifies a redevelopment concept involving removal of the existing structures and construction of three new homes or three duplexes, with one development option on each parcel.
Key Highlights
- 7 rental units across 3 separate parcels
- 15,000 square feet of land with approximately 2,400 square feet of buildings
- 1029 Reno Avenue includes a duplex
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
$39,885
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
4.14%
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%
$797,700
$797.7K
Cap Rate 7%
$569,786
$569.8K
Cap Rate 9%
$443,167
$443.2K
Market Conditions
NOI Build-Up for 2,400 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
$60.5K $25.20/SF
− Vacancy
−$3.5K −$1.46/SF
EGI
$57.0K $23.74/SF
− OpEx
−$17.1K −$7.12/SF
NOI
$39.9K $16.62/SF
Area
El Dorado County, CA
Vacancy
5.79%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$797,700
Cap Rate 7%
$569,786
Cap Rate 9%
$443,167
Alternative Uses
Best Use
Multifamily LT 5
$569.8K
$498.6K – $664.8K
NOI $39,885 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$510.0K
$446.2K – $595.0K
NOI $35,697 @ 7.0% cap · market cap 3.71%
Theoretical Best
Specialty Retail
$858.0K
$750.8K – $1.00M
NOI $60,063 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
639
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?
Multifamily property - Three-parcel rental property with completed renovations across four units and additional redevelopment flexibility.
Where is this multifamily property located?
The property is located at 1029 Reno Avenue South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $962,500.
What are key features of this property?
This property features: 7 rental units across 3 separate parcels; 15,000 square feet of land with approximately 2,400 square feet of buildings; 1029 Reno Avenue includes a duplex
