Updated Duplex with Mountain
For Sale
$736,000
3695 Primrose Road, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size2,116 SF
Lot Size0.11 Acres
Price / SF$347.83
Days on Market360
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
fireplace
laundry hookups
Building Details
Year built
1962
Building materials
Wood Frame, Wood Siding
Roof type
Shingle, Composition
Listing Agency:
RE/MAX Gold - SLT · RE/MAX International
(530) 541-0200
Listed By:
Lloyd Aronoff · License #00498929
(530) 545-0811
Added: Sep 29, 2025
Changed: Sep 13
Last Checked: Sep 23 at 1:06PM
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 2,116-square-foot duplex contains two residential units with distinct layouts. The upper residence offers three bedrooms, two bathrooms, a large living area, and an open kitchen and dining arrangement. The lower residence includes two bedrooms, one bathroom, a single-car garage, and laundry hookups. Both units have open fireplaces, and recent improvements include a roof, flooring, paint, kitchens, and bathrooms. The building was constructed in 1962 with wood-frame construction and wood siding, and heating is provided by forced air, natural gas, and fireplaces.
The property occupies 0.11 acres in South Lake Tahoe’s Stateline area, with the building positioned back from the street and an oversized driveway providing parking. Heavenly Ski Resort, along with Stateline dining, shopping, and entertainment, is described as minutes away. Zoning is Multi-Family.
The property occupies 0.11 acres in South Lake Tahoe’s Stateline area, with the building positioned back from the street and an oversized driveway providing parking. Heavenly Ski Resort, along with Stateline dining, shopping, and entertainment, is described as minutes away. Zoning is Multi-Family.
Key Highlights
- Duplex totaling 2,116 Square Feet
- Upper unit: 3 bedrooms and 2 bathrooms
- Lower unit: 2 bedrooms, 1 bathroom, 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
4.78%
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 4.78%
Second Best
Apartment 5plus
$449.6K
$393.4K – $524.6K
NOI $31,473 @ 7.0% cap · market cap 4.28%
Theoretical Best
Specialty Retail
$756.5K
$662.0K – $882.6K
NOI $52,956 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
659
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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Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Two separately configured residences offer refreshed interiors, fireplaces, and practical parking in South Lake Tahoe’s Stateline area.
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 $736,000.
What are key features of this property?
This property features: Duplex totaling 2,116 Square Feet; Upper unit: 3 bedrooms and 2 bathrooms; Lower unit: 2 bedrooms, 1 bathroom, single‑car garage, and laundry hookups
