Value-Add 6-Unit Apartment
For Sale
$799,000
3121 Pasadena Avenue, South Lake Tahoe, CA 96150
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$277.53
Days on Market175
Property Features for 3121 Pasadena Avenue
General Information
Standard status
Active
Size
2,879 SF
Lot size
0.12 Acres
Property subtype
Multi Family
Additional Details
Cap Rate
6%
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$11,018
Building Details
Year Built
1959
Listing Agency:
Blue Moon Realty
Listed By:
Moon Choe · License #01217391
(408) 359-7070
Source:
Exitrealty
Added: Apr 16
Changed: Sep 1
Last Checked: Sep 15 at 5:21AM
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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,822
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$856,440
$856.4K
Cap Rate 7%
$611,743
$611.7K
Cap Rate 9%
$475,800
$475.8K
Market Conditions
NOI Build-Up for 2,879 SF
Gross rent
$82.9K $28.80/SF
− Vacancy
−$5.1K −$1.76/SF
EGI
$77.9K $27.04/SF
− OpEx
−$35.0K −$12.17/SF
NOI
$42.8K $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 Rate 5%
$856,440
Cap Rate 7%
$611,743
Cap Rate 9%
$475,800
Alternative Uses
Best Use
Apartment 5plus
$611.7K
$535.3K – $713.7K
NOI $42,822 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.03M
$900.6K – $1.20M
NOI $72,051 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
608
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
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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?
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 Avenue South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $799,000.
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
