8-Unit Apartment Building with
For Sale
$1,350,000
1222 Sierra Boulevard, South Lake Tahoe, CA 96150
MULTI_FAMILY - South Lake Tahoe, CA
Property Size3,600 SF
Lot Size0.12 Acres
Price / SF$375
Days on Market423
Property Features for 1222 Sierra Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Window features
Double Pane Windows
Interior features
High Speed Internet
Exterior features
Storage Shed
Directions
From highway 50 turn on to Sierra Blvd, building is at the corner of Sierra and Rose. Parking area is located on Rose ave
Subdivision
Tahoe-Sierra
Standard status
Active
APN
031212002000
Size
3,600 SF
Lot size
0.12 Acres
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Space Heater
Amenities
in-unit laundry hookups
private parking lot
Building Details
Year built
1960
Building materials
Wood Frame, Wood Siding
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Berkshire Hathaway Home Services Drysdale Properties - South Lake Tahoe · Berkshire Hathaway HomeServices
(530) 543-6676
Listed By:
Michelle Blue-Benedict
(925) 244-1933
Added: Jun 16, 2025
Changed: Aug 12
Last Checked: Aug 12 at 2:06PM
MLS# 141797
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 8-unit apartment property includes a combination of studio and one-bedroom residences within a 3,600-square-foot building. Select units have in-unit laundry hookups. The property was built in 1960 with wood-frame construction, wood siding, composition roofing, natural-gas heating, and space heaters. A storage shed and cable availability are also included.
The sale combines the apartment building at 1222 Sierra Boulevard with a separate adjacent parcel at 2544 Rose Avenue. The additional 0.12-acre parcel is used for private tenant parking and is identified by a separate APN. Both parcels are offered together, with Multi-Family zoning applying to the property information provided. Current occupancy is 100%.
The sale combines the apartment building at 1222 Sierra Boulevard with a separate adjacent parcel at 2544 Rose Avenue. The additional 0.12-acre parcel is used for private tenant parking and is identified by a separate APN. Both parcels are offered together, with Multi-Family zoning applying to the property information provided. Current occupancy is 100%.
Key Highlights
- 8‑unit apartment building with 3,600 square feet of property size
- Studio and 1‑bedroom unit mix
- Fully occupied multifamily property
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
$53,546
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
3.97%
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%
$1,070,920
$1.1M
Cap Rate 7%
$764,943
$764.9K
Cap Rate 9%
$594,956
$595.0K
Market Conditions
NOI Build-Up for 3,600 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
$103.7K $28.80/SF
− Vacancy
−$6.3K −$1.76/SF
EGI
$97.4K $27.04/SF
− OpEx
−$43.8K −$12.17/SF
NOI
$53.5K $14.87/SF
Area
El Dorado County, CA
Vacancy
6.10%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,070,920
Cap Rate 7%
$764,943
Cap Rate 9%
$594,956
Alternative Uses
Best Use
Apartment 5plus
$764.9K
$669.3K – $892.4K
NOI $53,546 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.29M
$1.13M – $1.50M
NOI $90,095 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
749
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?
Apartment building - Fully occupied multifamily property with studio and one-bedroom units, tenant parking, and Multi-Family zoning.
Where is this apartment building located?
The property is located at 1222 Sierra Boulevard South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 8‑unit apartment building with 3,600 square feet of property size; Studio and 1‑bedroom unit mix; Fully occupied multifamily property
