Flex Space with Private Well and
For Sale
$1,488,000
2205 Lake Tahoe Boulevard, South Lake Tahoe, CA 96150
COMMERCIAL - South Lake Tahoe, CA
Property Size4,220 SF
Lot Size0.50 Acres
Price / SF$352.61
Days on Market409
Property Features for 2205 Lake Tahoe Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
RV
Window features
Double Pane Windows
Exterior features
Storage Shed
Directions
Property is on US Hwy 50, between 3rd St and Tahoe Keys Blvd and runs from Lake Tahoe Blvd to James Ave.
Subdivision
Y Area
Standard status
Active
APN
023211021000
Size
4,220 SF
Lot size
0.50 Acres
Utilities
Utilities
Cable Available
Heating system
Forced Air, Space Heater, Natural Gas
Water source
Well
Amenities
private well
Building Details
Year built
1951
Flooring type
Concrete, Tile
Building materials
Wood Frame, Wood Siding
Additional Structures
Outbuilding, Storage
Listing Agency:
Compass
(530) 645-2777
Listed By:
Mark Salmon · License #01485376
(310) 230-5478
Added: Jul 10, 2025
Changed: Aug 5
Last Checked: Aug 22 at 7:06PM
MLS# 141952
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.
Three-building flex space on a 0.5-acre parcel in the Tahoe Valley Area Plan. The site includes a primary building of approximately 3,895 square feet occupied by Pet Station, with a pet supply storefront on the lower level and second-floor space with dog wash bays, private offices, storage, and a full bathroom. Pet Station also uses a detached 536-square-foot storage building on the property.
A second tenant, a commercial laundry operator, occupies a 1,116-square-foot structure suited for service-based or light industrial uses. The property is supported by extensive on-site parking, including RV parking. The site’s utilities include cable available, and the water source is an on-site well.
Built in 1951 with wood-frame, wood-siding construction, the property is heated with a mix of space heaters, forced air, and natural gas. Existing leases are in place, producing a 5.8% cap rate based on stable tenancy across retail, industrial, and storage uses. Tahoe Valley Area Plan zoning supports a broad range of uses including general retail, office, industrial services, light manufacturing, and mixed-use development.
A second tenant, a commercial laundry operator, occupies a 1,116-square-foot structure suited for service-based or light industrial uses. The property is supported by extensive on-site parking, including RV parking. The site’s utilities include cable available, and the water source is an on-site well.
Built in 1951 with wood-frame, wood-siding construction, the property is heated with a mix of space heaters, forced air, and natural gas. Existing leases are in place, producing a 5.8% cap rate based on stable tenancy across retail, industrial, and storage uses. Tahoe Valley Area Plan zoning supports a broad range of uses including general retail, office, industrial services, light manufacturing, and mixed-use development.
Key Highlights
- 0.5‑acre three‑building flex space in the Tahoe Valley Area Plan
- Private well for on‑site water service
- Pet Station occupies ~3,895 SF plus a detached 536 SF storage building
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
$75,707
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
5.09%
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%
$1,514,140
$1.5M
Cap Rate 7%
$1,081,529
$1.1M
Cap Rate 9%
$841,189
$841.2K
Market Conditions
NOI Build-Up for 4,220 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
$126.6K $30.00/SF
− Vacancy
−$10.1K −$2.40/SF
EGI
$116.5K $27.60/SF
− OpEx
−$40.8K −$9.66/SF
NOI
$75.7K $17.94/SF
Area
El Dorado County, CA
Vacancy
8.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,514,140
Cap Rate 7%
$1,081,529
Cap Rate 9%
$841,189
Alternative Uses
Best Use
Flex RnD
$1.08M
$946.3K – $1.26M
NOI $75,707 @ 7.0% cap · market cap 5.09%
Second Best
Retail
$857.7K
$750.5K – $1.00M
NOI $60,042 @ 7.0% cap · market cap 4.04%
Theoretical Best
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,611 @ 7.0% cap · market cap 7.10%
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
1,317
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Three-building flex space on a 0.5-acre parcel with an on-site private well and parking for customers and RVs.
Where is this flex space located?
The property is located at 2205 Lake Tahoe Boulevard South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $1,488,000.
What are key features of this property?
This property features: 0.5‑acre three‑building flex space in the Tahoe Valley Area Plan; Private well for on‑site water service; Pet Station occupies ~3,895 SF plus a detached 536 SF storage building
