South Lake Tahoe
For Sale
$649,950
1129 Martin Avenue, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size1,253 SF
Lot Size0.11 Acres
Price / SF$518.72
Days on Market54
Property Features for 1129 Martin Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi-Family
Parking
4
Exterior features
Storage Shed
Directions
Hwy 50 to Omalley Drive. Right on Omalley then right on Martin.
Subdivision
Tahoe-Sierra
Standard status
Active
APN
031164011000
Size
1,253 SF
Lot size
0.11 Acres
Utilities
Heating system
Space Heater
Building Details
Year built
1958
Building materials
Wood Frame, Wood Siding
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Foundation Real Estate
Listed By:
Kylie Bowman
(916) 684-9731
Added: Aug 1
Changed: Sep 8
Last Checked: Sep 23 at 10:06AM
MLS# 143291
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 triplex contains 1,253 square feet on a 0.11-acre lot. Built in 1958, the property has wood-frame construction with wood siding, a metal roof, space-heater service, and an exterior storage shed.
The property is positioned near Lake Tahoe, Heavenly Mountain Resort, Lake Tahoe Community College, shopping, restaurants, and year-round outdoor activities. The three-unit configuration supports multifamily ownership, while any changes to the existing layout or use would require verification with the City of South Lake Tahoe.
The property is positioned near Lake Tahoe, Heavenly Mountain Resort, Lake Tahoe Community College, shopping, restaurants, and year-round outdoor activities. The three-unit configuration supports multifamily ownership, while any changes to the existing layout or use would require verification with the City of South Lake Tahoe.
Key Highlights
- Triplex with 1,253 square feet of building area
- Situated on a 0.11‑acre lot in South Lake Tahoe
- Wood‑frame construction with wood siding and a metal roof
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
$20,823
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
3.20%
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%
$416,460
$416.5K
Cap Rate 7%
$297,471
$297.5K
Cap Rate 9%
$231,367
$231.4K
Market Conditions
NOI Build-Up for 1,253 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
$31.6K $25.20/SF
− Vacancy
−$1.8K −$1.46/SF
EGI
$29.7K $23.74/SF
− OpEx
−$8.9K −$7.12/SF
NOI
$20.8K $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%
$416,460
Cap Rate 7%
$297,471
Cap Rate 9%
$231,367
Alternative Uses
Best Use
Multifamily LT 5
$297.5K
$260.3K – $347.1K
NOI $20,823 @ 7.0% cap · market cap 3.20%
Second Best
Apartment 5plus
$266.2K
$233.0K – $310.6K
NOI $18,637 @ 7.0% cap · market cap 2.87%
Theoretical Best
Specialty Retail
$448.0K
$392.0K – $522.6K
NOI $31,358 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
434
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
Check the figures for this property
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?
Triplex - Three-unit multifamily property with a storage shed and access to year-round recreation, shopping, dining, and education.
Where is this triplex located?
The property is located at 1129 Martin Avenue South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $649,950.
What are key features of this property?
This property features: Triplex with 1,253 square feet of building area; Situated on a 0.11‑acre lot in South Lake Tahoe; Wood‑frame construction with wood siding and a metal roof
