Value-Add 6-Unit Apartment
3121 Pasadena Ave South Lake Tahoe, CA 96150
3121 Pasadena Ave, South Lake Tahoe, CA, 96150
$850,000
For Sale
$850,000
Six-unit apartment property on a small lot, sold as-is and requiring heavy renovation and substantial repairs.
Property Size2,879 SF
Lot Size0.12 Acres
Price / SF$295.24
Days on Market97
Property Features for 3121 Pasadena Ave
General Information
- Standard status
- Active
- Size
- 2,879 SF
- Lot size
- 0.12 Acres
Listing agency
Blue Moon Realty
(408) 359-7070
Listed by
Moon Choe · License #01217391
(408) 359-7070
Source
Exprealty
Added: Apr 16 Updated: Jul 20 at 9:53PM Checked: Jul 20 at 9:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Blue Moon Realty
Investment Insights
Based on property information with market context.
This South Lake Tahoe multifamily property is a 6-unit apartment building with approximately 2,879 SF situated on a 5,227 SF lot. The offering is positioned as a value-add opportunity, with the property described as requiring heavy renovation and substantial repair work. The sale is strictly AS-IS, and buyers are expected to independently verify property information, unit count, permits, condition, and any redevelopment potential.
The building is described as being approximately three blocks from Lake Tahoe in the Al Tahoe area. Public remarks also cite a walkable setting near Lake Tahoe beaches, restaurants, shopping, and recreation, along with convenient access to Heavenly Ski Resort and the Stateline entertainment area.
Because the property requires significant work, it may be best suited to buyers prepared for a major rehab and repositioning effort. Seller financing is noted as available to qualified buyers.
The building is described as being approximately three blocks from Lake Tahoe in the Al Tahoe area. Public remarks also cite a walkable setting near Lake Tahoe beaches, restaurants, shopping, and recreation, along with convenient access to Heavenly Ski Resort and the Stateline entertainment area.
Because the property requires significant work, it may be best suited to buyers prepared for a major rehab and repositioning effort. Seller financing is noted as available to qualified buyers.
Key Highlights
- 6‑unit apartment property in the Al Tahoe area, about three blocks from Lake Tahoe
- Approximately 2,879 SF on a 5,227 SF lot
- Sold strictly AS‑IS and requires heavy renovation and substantial repair work
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $82.9k | $28.80 |
| − Vacancy | −$5.1k | −$1.76 |
| EGI | $77.9k | $27.04 |
| − OpEx | −$35.0k | −$12.17 |
| NOI | $42.8k | $14.87 |
2,879 SF · lease $28.80/SF/yr · vacancy 6.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$611.7K
$535.3K – $713.7K
NOI $42,822 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.03M
$900.6K – $1.20M
NOI $72,051 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Six-unit apartment property on a small lot, sold as-is and requiring heavy renovation and substantial repairs.
Where is this apartment building located?
The property is located at 3121 Pasadena Ave South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 6‑unit apartment property in the Al Tahoe area, about three blocks from Lake Tahoe; Approximately 2,879 SF on a 5,227 SF lot; Sold strictly AS‑IS and requires heavy renovation and substantial repair work
