7-Unit Multifamily
For Sale
$957,500
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$398.96
Days on Market381
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
Listed By:
Lloyd Aronoff · License #00498929
(530) 541-0200
Source:
Compass
Added: Oct 3, 2025
Changed: Oct 13
Last Checked: Oct 16 at 10:38AM
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
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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 / Yr
$39,885
Cap Rate
4.17%
Suggested Prices Based on Cap Rates
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
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 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 4.17%
Second Best
Apartment 5plus
$510.0K
$446.2K – $595.0K
NOI $35,697 @ 7.0% cap · market cap 3.73%
Theoretical Best
Specialty Retail
$858.0K
$750.8K – $1.00M
NOI $60,063 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
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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
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Market
Vacancy Rate% for Multifamily in West region
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 $957,500.
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
