5-Unit Apartment Building with New
New
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 Market4
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
Space Heater, Natural Gas
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) 541-0200
Added: Jul 31
Changed: Aug 3
Last Checked: Aug 3 at 7:06AM
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-unit apartment building offers 11 bedrooms across five units, including four 2-bedroom, 1.5-bath residences and one larger 3-bedroom, 2-bath unit. The property has backyard outdoor space tied to each unit, and a parking lot providing off-street parking. Heating is provided by natural gas along with space heaters. Construction is wood frame with vinyl siding, and the roof is composition.
Recent capital improvements include a brand-new roof and updates to three units with fresh, modern finishes. A brand-new balcony is currently being rebuilt. The building also includes laundry hookups, and there is a dedicated common area that presents an opportunity to add shared laundry facilities for the four 2-bedroom units.
Built in 1965 on a 0.23-acre lot, the property is approximately 5,400 square feet and includes a configuration well-suited for tenants seeking longer-term rentals and outdoor space.
Recent capital improvements include a brand-new roof and updates to three units with fresh, modern finishes. A brand-new balcony is currently being rebuilt. The building also includes laundry hookups, and there is a dedicated common area that presents an opportunity to add shared laundry facilities for the four 2-bedroom units.
Built in 1965 on a 0.23-acre lot, the property is approximately 5,400 square feet and includes a configuration well-suited for tenants seeking longer-term rentals and outdoor space.
Key Highlights
- Five units totaling 11 bedrooms: four 2‑bedroom 1.5‑bath units plus one 3‑bedroom 2‑bath unit
- 0.23‑acre lot with approximately 5,400 square feet
- Brand‑new roof plus three units updated with fresh, modern finishes
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 | $155.5k | $28.80 |
| − Vacancy | −$9.5k | −$1.76 |
| EGI | $146.0k | $27.04 |
| − OpEx | −$65.7k | −$12.17 |
| NOI | $80.3k | $14.87 |
5,400 SF · lease $28.80/SF/yr · vacancy 6.10% · expense 45.00%
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
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
498
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 - 5-unit wood-frame building with natural gas heat, off-street parking, and three recently updated units.
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 units totaling 11 bedrooms: four 2‑bedroom 1.5‑bath units plus one 3‑bedroom 2‑bath unit; 0.23‑acre lot with approximately 5,400 square feet; Brand‑new roof plus three units updated with fresh, modern finishes
