Five-Unit Apartment
For Sale
$1,450,000
3685 Tamarack Avenue, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size5,400 SF
Lot Size0.23 Acres
Price / SF$268.52
Days on Market52
Property Features for 3685 Tamarack Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Window features
Double Pane Windows, Vinyl Frames
Directions
Take Ski Run to Tamarack
Subdivision
Bijou 1
Standard status
Active
APN
027153027000
Size
5,400 SF
Lot size
0.23 Acres
Utilities
Heating system
Natural Gas, Space Heater
Building Details
Year built
1965
Building materials
Wood Frame, Vinyl Siding
Roof type
Composition
Listing Agency:
RE/MAX Gold - SLT · RE/MAX International
(530) 541-0200
Listed By:
Kadmiel Alfeld
(530) 721-7726
Added: Jul 31
Changed: Sep 13
Last Checked: Sep 20 at 2:06PM
MLS# 143277
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.
This 5,400-square-foot apartment property contains five units and 11 bedrooms on a 0.23-acre parcel. The unit mix includes four two-bedroom, 1.5-bath residences and one three-bedroom, two-bath residence with laundry hookups. Each unit has backyard outdoor space, and the property includes a parking lot with off-street parking. Construction is wood frame with vinyl siding, the roof is composition, and heating includes natural gas and space heaters.
Built in 1965, the property has received several recent improvements, including a brand-new roof and updates to three units with fresh finishes. Balcony work is currently underway. A dedicated common area could accommodate shared laundry facilities for the four two-bedroom units. The property is located in South Lake Tahoe near Lake Tahoe, Heavenly Ski Resort, downtown, Stateline casinos, shopping, restaurants, hiking, and biking destinations.
Built in 1965, the property has received several recent improvements, including a brand-new roof and updates to three units with fresh finishes. Balcony work is currently underway. A dedicated common area could accommodate shared laundry facilities for the four two-bedroom units. The property is located in South Lake Tahoe near Lake Tahoe, Heavenly Ski Resort, downtown, Stateline casinos, shopping, restaurants, hiking, and biking destinations.
Key Highlights
- Five‑unit apartment property with 11 bedrooms
- Unit mix includes four 2‑bedroom, 1.5‑bath residences and one 3‑bedroom, 2‑bath unit
- 5,400 square feet on 0.23 acres
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
$80,318
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
5.54%
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%
$1,606,360
$1.6M
Cap Rate 7%
$1,147,400
$1.1M
Cap Rate 9%
$892,422
$892.4K
Market Conditions
NOI Build-Up for 5,400 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
$155.5K $28.80/SF
− Vacancy
−$9.5K −$1.76/SF
EGI
$146.0K $27.04/SF
− OpEx
−$65.7K −$12.17/SF
NOI
$80.3K $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%
$1,606,360
Cap Rate 7%
$1,147,400
Cap Rate 9%
$892,422
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,318 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.93M
$1.69M – $2.25M
NOI $135,142 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
421
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 - Updated residences with private outdoor areas and off-street parking in South Lake Tahoe.
Where is this apartment building located?
The property is located at 3685 Tamarack Avenue South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Five‑unit apartment property with 11 bedrooms; Unit mix includes four 2‑bedroom, 1.5‑bath residences and one 3‑bedroom, 2‑bath unit; 5,400 square feet on 0.23 acres
