Renovated Eight-Unit Apartment
3671 Spruce Avenue South Lake Tahoe, CA 96150
3671 Spruce Avenue, South Lake Tahoe, CA, 96150
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For Sale
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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
Price / SF$343.94
Days on Market9
Property Features for 3671 Spruce Avenue
General Information
- Standard status
- Active
- Size
- 5,088 SF
- Lot size
- 0.23 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1966
Listing Agency
Capital Rivers Commercial
(916) 514-5225
Listed by
Nima Moridi · License #DRE#0150991
Source
Crexi
Added: Jul 9 Checked: Jul 17 at 4:42 am
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
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 | $146.5k | $28.80 |
| − Vacancy | −$8.9k | −$1.76 |
| EGI | $137.6k | $27.04 |
| − OpEx | −$61.9k | −$12.17 |
| NOI | $75.7k | $14.87 |
5,088 SF · lease $28.80/SF/yr · vacancy 6.10% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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
