Renovated Eight-Unit Apartment
For Sale
Contact for pricing
Pending
3671 Spruce Avenue, South Lake Tahoe, CA 96150
Eight one-bedroom, one-bath units in a single building, renovated in 2022 with on-site parking.
Property Size5,088 SF
Lot Size0.23 Acres
Days on Market56
Property Features for 3671 Spruce Avenue
General Information
Standard status
Pending
Size
5,088 SF
Class
C
Lot size
0.23 Acres
Property subtype
Multifamily
Net Operating Income
$99,771
Additional Details
Multifamily Units
8
Building Details
Year Built
1966
Year Renovated
2022
Buildings
1
Units
8
Tenancy
Multi
Listing Agency:
Capital Rivers Commercial
Listed By:
Victor-Manuel Saldana · License #CA 02160998
(916) 514-5225
Source:
Crexi
Added: Jul 9
Changed: Aug 25
Last Checked: Aug 29 at 10:25PM
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 Capital Rivers Commercial
Investment Insights
Based on property information with market context.
This apartment building offers eight one-bedroom, one-bath units within a single structure totaling approximately 15,088 rentable square feet. Originally built in 1966, the property was extensively renovated in 2022. The current configuration provides on-site parking, and the property is generating approximately $13,700 in monthly rental income (approximately $164,400 in annual gross rental income).
Located just off Ski Run Boulevard in South Lake Tahoe, the property offers convenient access to U.S. Highway 50 and the Lake Tahoe area, including Heavenly Ski Resort and year-round recreation, dining, and shopping destinations. The surrounding neighborhood includes a mix of residential and commercial uses, with nearby employers, outdoor amenities, and everyday services.
Located just off Ski Run Boulevard in South Lake Tahoe, the property offers convenient access to U.S. Highway 50 and the Lake Tahoe area, including Heavenly Ski Resort and year-round recreation, dining, and shopping destinations. The surrounding neighborhood includes a mix of residential and commercial uses, with nearby employers, outdoor amenities, and everyday services.
Key Highlights
- 8‑unit multifamily in a single building totaling approx. 15,088 rentable SF
- Each unit is a 1‑bedroom, 1‑bath apartment (8 total)
- Renovated in 2022; property originally built in 1966
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
$75,678
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
4.32%
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%
$1,513,560
$1.5M
Cap Rate 7%
$1,081,114
$1.1M
Cap Rate 9%
$840,867
$840.9K
Market Conditions
NOI Build-Up for 5,088 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
$146.5K $28.80/SF
− Vacancy
−$8.9K −$1.76/SF
EGI
$137.6K $27.04/SF
− OpEx
−$61.9K −$12.17/SF
NOI
$75.7K $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%
$1,513,560
Cap Rate 7%
$1,081,114
Cap Rate 9%
$840,867
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$946.0K – $1.26M
NOI $75,678 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.82M
$1.59M – $2.12M
NOI $127,334 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
433
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight one-bedroom, one-bath units in a single building, renovated in 2022 with on-site parking.
Where is this apartment building located?
The property is located at 3671 Spruce Avenue South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $1,749,950.
What are key features of this property?
This property features: 8‑unit multifamily in a single building totaling approx. 15,088 rentable SF; Each unit is a 1‑bedroom, 1‑bath apartment (8 total); Renovated in 2022; property originally built in 1966
