Newly Updated
For Sale
$836,000
3695 Primrose Road, South Lake Tahoe, CA 96150
MULTI_FAMILY - South Lake Tahoe, CA
Property Size2,116 SF
Lot Size0.11 Acres
Price / SF$395.09
Days on Market312
Property Features for 3695 Primrose Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi-Family
Window features
Double Pane Windows
Fireplace
1
Directions
Pioneer Trail to Glen Rd., right on Primrose, 1 1/2 blocks to property on the left.
Subdivision
Stateline
Standard status
Active
APN
029371008000
Size
2,116 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
7276
Utilities
Utilities
Cable Available
Heating system
Fireplace(s), Natural Gas, Forced Air
Amenities
fireplaces
Building Details
Year built
1962
Building materials
Wood Frame, Wood Siding
Roof type
Composition, Shingle
Listing Agency:
RE/MAX Gold - SLT · RE/MAX International
(530) 541-0200
Listed By:
Lloyd Aronoff · License #00498929
(530) 541-0200
Added: Sep 29, 2025
Changed: Aug 1
Last Checked: Aug 6 at 3:06PM
MLS# 142233
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 newly updated duplex features two separate residences with well-proportioned living spaces. The upper unit offers a 3-bedroom, 2-bath layout with an expansive living room and an open dining/kitchen area. The lower unit includes 2 bedrooms, 1 bath, a single-car garage, and laundry hookups. Both units are in good condition and include cozy open fireplaces. Comfort systems include natural gas heating with forced air, with fireplaces also providing supplemental heat. Construction is wood frame with wood siding, and the roof is described as composition/shingle.
Set well back from the street, the home provides a long, oversized driveway for ample parking. Recent upgrades include a new roof, along with new flooring, paint, and updated kitchens and bathrooms.
Located in the Stateline area of South Lake Tahoe, the property is described as just minutes from Heavenly Ski Resort and nearby dining, shopping, and entertainment in Stateline.
Set well back from the street, the home provides a long, oversized driveway for ample parking. Recent upgrades include a new roof, along with new flooring, paint, and updated kitchens and bathrooms.
Located in the Stateline area of South Lake Tahoe, the property is described as just minutes from Heavenly Ski Resort and nearby dining, shopping, and entertainment in Stateline.
Key Highlights
- 0.11‑acre duplex property with 2,116 SF total building size
- Upper unit: 3 bedrooms, 2 baths with open dining/kitchen area and expansive living room
- Lower unit: 2 bedrooms, 1 bath plus single‑car garage and laundry hookups
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
$35,165
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
4.21%
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%
$703,300
$703.3K
Cap Rate 7%
$502,357
$502.4K
Cap Rate 9%
$390,722
$390.7K
Market Conditions
NOI Build-Up for 2,116 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
$53.3K $25.20/SF
− Vacancy
−$3.1K −$1.46/SF
EGI
$50.2K $23.74/SF
− OpEx
−$15.1K −$7.12/SF
NOI
$35.2K $16.62/SF
Area
El Dorado County, CA
Vacancy
5.79%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$703,300
Cap Rate 7%
$502,357
Cap Rate 9%
$390,722
Alternative Uses
Best Use
Multifamily LT 5
$502.4K
$439.6K – $586.1K
NOI $35,165 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$449.6K
$393.4K – $524.6K
NOI $31,473 @ 7.0% cap · market cap 3.76%
Theoretical Best
Specialty Retail
$756.5K
$662.0K – $882.6K
NOI $52,956 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
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?
Duplex - Duplex with updated roof, kitchens, and bathrooms, offering an oversized driveway and fireplaces in both units.
Where is this duplex located?
The property is located at 3695 Primrose Road South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $836,000.
What are key features of this property?
This property features: 0.11‑acre duplex property with 2,116 SF total building size; Upper unit: 3 bedrooms, 2 baths with open dining/kitchen area and expansive living room; Lower unit: 2 bedrooms, 1 bath plus single‑car garage and laundry hookups
