Seven-Unit Apartment
For Sale
$957,500
1029 Reno Avenue, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size2,400 SF
Lot Size0.34 Acres
Price / SF$398.96
Days on Market329
Property Features for 1029 Reno Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Parking
10
Window features
Vinyl Frames, Double Pane Windows
Exterior features
Storage Shed
Directions
From Highway 50 turn on Reno Ave. 1 block up on the left
Subdivision
Tahoe-Sierra
Standard status
Active
APN
031082016000
Size
2,400 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Annual Amount
11900
Utilities
Utilities
Cable Available
Heating system
Space Heater, Natural Gas
Building Details
Year built
1964
Building materials
Wood Frame, Wood Siding
Roof type
Composition, Shingle
Additional Structures
Storage
Listing Agency:
RE/MAX Gold - SLT · RE/MAX International
(530) 541-0200
Listed By:
Lloyd Aronoff · License #00498929
(530) 545-0811
Added: Oct 30, 2025
Changed: Sep 16
Last Checked: Sep 23 at 12:06PM
MLS# 142293
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.
This South Lake Tahoe apartment property comprises seven units arranged as two duplexes and one triplex across three separately mapped parcels. The unit mix includes studios and one-bedroom apartments, with six of the seven units currently vacant. Five units have been remodeled with new flooring, refreshed countertops and cabinets, interior paint, upgraded windows, and new heaters in most units. The property also includes a storage shed, wood-frame construction, wood siding, composition and shingle roofing, and natural-gas and space-heater systems.
The in-town setting places the property close to Lake Tahoe, Heavenly Valley ski resort, beaches, marinas, bike paths, restaurants, and Stateline. Multi-Family zoning supports the existing apartment configuration. The three-parcel layout may provide future flexibility, with any redevelopment or separate parcel disposition subject to city and TRPA approvals.
The in-town setting places the property close to Lake Tahoe, Heavenly Valley ski resort, beaches, marinas, bike paths, restaurants, and Stateline. Multi-Family zoning supports the existing apartment configuration. The three-parcel layout may provide future flexibility, with any redevelopment or separate parcel disposition subject to city and TRPA approvals.
Key Highlights
- 7‑unit apartment property configured as 2 duplexes and 1 triplex
- Three separately mapped parcels totaling 0.3444 acres
- 6 of 7 units currently vacant
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
4.17%
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 4.17%
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.
Property Analytics
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Open Analytics
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-parcel multifamily asset with remodeled units and a studio and one-bedroom mix.
Where is this apartment building 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‑unit apartment property configured as 2 duplexes and 1 triplex; Three separately mapped parcels totaling 0.3444 acres; 6 of 7 units currently vacant
