Five-Unit Apartment
For Sale
$688,000
3686 Primrose Road, South Lake Tahoe, CA 96150
MULTI_FAMILY - South Lake Tahoe, CA
Property Size2,206 SF
Lot Size0.11 Acres
Price / SF$311.88
Days on Market48
Property Features for 3686 Primrose Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
6
Window features
Vinyl Frames, Double Pane Windows
Subdivision
Stateline
Standard status
Active
APN
029372023000
Size
2,206 SF
Lot size
0.11 Acres
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Space Heater
Amenities
storage area
Building Details
Year built
1970
Building materials
Wood Frame
Roof type
Composition
Listing Agency:
Chase International - South Lake Tahoe
(530) 544-2121
Listed By:
Brent Johnson · License #01474921
(530) 544-2121
Added: Jun 26
Changed: Aug 2
Last Checked: Aug 12 at 7:06AM
MLS# 143119
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.
Five-unit apartment building located in the Stateline area of South Lake Tahoe, with a unit mix of two one-bedroom, one-bath apartments and three studio apartments. All five units are currently tenant occupied. Covered parking is available for four of the units, providing added convenience year-round.
The property includes a spacious basement/storage area, offering room for owner storage, maintenance supplies, or potential future utility use. Construction is wood frame, with a composition roof. Heating is provided via natural gas and space heaters, and cable is available.
Set on 0.1148 acres with a total property size of 2,206 square feet, the building was constructed in 1970. The location is described as walkable to the bus route, Heavenly Village, casinos, restaurants, shopping, and one of the area’s largest employment centers, supporting a consistently strong rental market and historically low vacancy rate.
The property includes a spacious basement/storage area, offering room for owner storage, maintenance supplies, or potential future utility use. Construction is wood frame, with a composition roof. Heating is provided via natural gas and space heaters, and cable is available.
Set on 0.1148 acres with a total property size of 2,206 square feet, the building was constructed in 1970. The location is described as walkable to the bus route, Heavenly Village, casinos, restaurants, shopping, and one of the area’s largest employment centers, supporting a consistently strong rental market and historically low vacancy rate.
Key Highlights
- Two one‑bedroom, one‑bath units plus three studio apartments
- All five units are currently tenant occupied
- Covered parking for four of the five units
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
$32,812
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
4.77%
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%
$656,240
$656.2K
Cap Rate 7%
$468,743
$468.7K
Cap Rate 9%
$364,578
$364.6K
Market Conditions
NOI Build-Up for 2,206 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
$63.5K $28.80/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$59.7K $27.04/SF
− OpEx
−$26.8K −$12.17/SF
NOI
$32.8K $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 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%
$656,240
Cap Rate 7%
$468,743
Cap Rate 9%
$364,578
Alternative Uses
Best Use
Apartment 5plus
$468.7K
$410.2K – $546.9K
NOI $32,812 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$788.7K
$690.1K – $920.1K
NOI $55,208 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
631
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 - Five tenant-occupied units with two one-bedroom layouts and three studios, plus covered parking for four units.
Where is this apartment building located?
The property is located at 3686 Primrose Road South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $688,000.
What are key features of this property?
This property features: Two one‑bedroom, one‑bath units plus three studio apartments; All five units are currently tenant occupied; Covered parking for four of the five units
