13-Unit Multifamily
New
For Sale
$1,790,000
3715 Blackwood Road, South Lake Tahoe, CA 96150
MULTI_FAMILY - South Lake Tahoe, CA
Property Size8,154 SF
Lot Size0.63 Acres
Price / SF$219.52
Days on Market3
Property Features for 3715 Blackwood Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
HDR
Bedrooms
21
Rooms
Bedroom 15, Bedroom 2, Bedroom 8, Bedroom 12, Bedroom 5, Bedroom 18, Bedroom 20, Bedroom 17, Bedroom 7, Bedroom 6, Bedroom 4, Bedroom 21, Bedroom 3, Bedroom 1, Bedroom 9, Bedroom 19, Bedroom 14, Bedroom 11, Bedroom 16, Bedroom 13, Bedroom 10
Parking
12
Lot features
Landscape Front
Elementary school district
Lake Tahoe Unified
Middle school district
Lake Tahoe Unified
High school district
Lake Tahoe Unified
Directions
Pioneer Trail to Blackwood
Subdivision
South Lake Tahoe
Special listing conditions
In Foreclosure, Real Estate Owned
Standard status
Active
APN
027331014000
Size
8,154 SF
Lot size
0.63 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1964
Floors in Building
2
Number of units
13
Building materials
Wood
Listing Agency:
eXp Realty of California, Inc
(888) 832-7179
Listed By:
Russell R Enyart · License #01955187
(916) 524-9733
Added: Aug 9
Last Checked: Aug 11 at 10:06PM
MLS# 226100516
Copyright © 2026 Bay Area Real Estate Information Services, Inc. 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.
Leawood Apartments is a 13-unit multifamily property in South Lake Tahoe with studio, one-, two-, and three-bedroom layouts totaling 21 bedrooms. The 8,154-square-foot property occupies 0.63 acres and was built in 1964 with wood construction. Eight units are currently rented, representing 62% occupancy. Nearly all unit interiors have received updates, while the remaining work centers on one significant main-building upgrade and three moderate repairs or improvements identified by the City for full occupancy. Public water and public sewer serve the property, and the zoning designation is HDR.
The property is minutes from Heavenly Mountain Resort and walkable to the Lake Tahoe Blvd business corridor. It is also close to the lake, casinos, dining, and recreation in South Lake Tahoe. The combination of varied floor plans, existing occupancy, completed interior work, and a defined exterior and building scope provides a clear physical profile for continued multifamily operation.
The property is minutes from Heavenly Mountain Resort and walkable to the Lake Tahoe Blvd business corridor. It is also close to the lake, casinos, dining, and recreation in South Lake Tahoe. The combination of varied floor plans, existing occupancy, completed interior work, and a defined exterior and building scope provides a clear physical profile for continued multifamily operation.
Key Highlights
- 13 units with studio, 1‑bedroom, 2‑bedroom, and 3‑bedroom floor plans
- 21 bedrooms across approximately 8,154 SF on a 0.63‑acre lot
- 8 of 13 units rented at 62% occupancy
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
$121,281
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
6.78%
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%
$2,425,620
$2.4M
Cap Rate 7%
$1,732,586
$1.7M
Cap Rate 9%
$1,347,567
$1.3M
Market Conditions
NOI Build-Up for 8,154 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
$234.8K $28.80/SF
− Vacancy
−$14.3K −$1.76/SF
EGI
$220.5K $27.04/SF
− OpEx
−$99.2K −$12.17/SF
NOI
$121.3K $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%
$2,425,620
Cap Rate 7%
$1,732,586
Cap Rate 9%
$1,347,567
Alternative Uses
Best Use
Apartment 5plus
$1.73M
$1.52M – $2.02M
NOI $121,281 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.92M
$2.55M – $3.40M
NOI $204,064 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
62%
Occupancy
Location Intelligence
Trade Area within ½ mile
577
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Four floor-plan types, updated interiors, and public utilities define this residential income property.
Where is this apartment building located?
The property is located at 3715 Blackwood Road South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: 13 units with studio, 1‑bedroom, 2‑bedroom, and 3‑bedroom floor plans; 21 bedrooms across approximately 8,154 SF on a 0.63‑acre lot; 8 of 13 units rented at 62% occupancy
