Updated Duplex Near Heavenly
For Sale
$836,000
3695 Primrose Road, South Lake Tahoe, CA 96150
Spacious, updated duplex near Heavenly Ski Resort with income potential.
Property Size2,116 SF
Price / SF$395.09
Days on Market436
Property Features for 3695 Primrose Road
General Information
Standard status
Active
Size
2,116 SF
Property subtype
Multi-Family / Duplex
Zoning
Multi-Family
Lease Type
Net
Amenities
Other/See Remarks
Double Pane, Metal Frame
Composition, Shingle
Wood Frame, Wood Siding
Building Details
Year Built
1962
Listing Agency:
RE/MAX Gold - SLT
(530) 541-0200
Listed By:
Lloyd Aronoff · License #00498929
(530) 541-0200
Source:
Compass
Added: May 31, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:21PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Gold - SLT
Investment Insights
Based on property information with market context.
This updated duplex is located in the Stateline area, near Heavenly Ski Resort and Stateline's dining, shopping, and entertainment. The property generates a monthly income of $6,300. The upper unit features 3 bedrooms and 2 bathrooms, with a living room and an open dining/kitchen area. The lower unit includes 2 bedrooms, 1 bathroom, and a single-car garage with laundry hookups. Both units are in good condition and have fireplaces. Recent upgrades include a new roof, flooring, paint, kitchens, and bathrooms. The home is set back from the street and has a long, oversized driveway providing ample parking. The property size is 2116 square feet.
Key Highlights
- High monthly income of $6,300 from a well‑maintained duplex.
- Prime location in the desirable Stateline area, close to Heavenly Ski Resort and amenities.
- Newly updated with a new roof, flooring, paint, kitchens, and bathrooms.
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
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 - Spacious, updated duplex near Heavenly Ski Resort with income potential.
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: High monthly income of $6,300 from a well‑maintained duplex.; Prime location in the desirable Stateline area, close to Heavenly Ski Resort and amenities.; Newly updated with a **new roof, flooring, paint, kitchens, and bathrooms.**
