Triplex with Storage
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 Market37
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: Aug 4
Last Checked: Sep 6 at 10:06PM
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 triplex at 1129 Martin Avenue offers a compact multi-family setup on a 0.11-acre lot with 1,253 square feet of space. Built in 1958, the property features wood frame construction with wood siding and a metal roof. Heating is provided via space heater(s), and there is a storage shed on site.
The current configuration supports rental use, and the property also presents an indicated option to combine the front two units into a larger single-family residence while keeping the rear unit as a guest house or income-producing unit. Any change in configuration should be verified with the city of South Lake Tahoe.
Zoned Multi-Family, this is a versatile ownership opportunity for buyers looking for an income-producing triplex and the flexibility to reconfigure, subject to local approval.
The current configuration supports rental use, and the property also presents an indicated option to combine the front two units into a larger single-family residence while keeping the rear unit as a guest house or income-producing unit. Any change in configuration should be verified with the city of South Lake Tahoe.
Zoned Multi-Family, this is a versatile ownership opportunity for buyers looking for an income-producing triplex and the flexibility to reconfigure, subject to local approval.
Key Highlights
- Triplex on a 0.11‑acre lot
- 1,253 SF multi‑family building
- Built in 1958 with wood‑frame construction and wood siding
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Triplex zoned Multi-Family with 0.11 acres, built in 1958, featuring wood-frame construction and a metal roof.
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 on a 0.11‑acre lot; 1,253 SF multi‑family building; Built in 1958 with wood‑frame construction and wood siding
