Garden-Style Apartment
For Sale
$1,790,000
3715 Blackwood Road, South Lake Tahoe, CA 96150
Thirteen-unit garden-style multifamily property with surface parking, courtyard, and on-site laundry.
Property Size8,154 SF
Price / SF$219.52
Days on Market68
Property Features for 3715 Blackwood Road
General Information
Standard status
Active
Size
8,154 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
13
Building Details
Year Built
1964
Listing Agency:
J.Peter Realtors
(209) 566-9500
Listed By:
The Jamison Team
(408) 465-4899
Source:
Tuscanaproperties
Added: Jul 3
Changed: Sep 8
Last Checked: Sep 8 at 8:03AM
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 J.Peter Realtors
Investment Insights
Based on property information with market context.
Leawood Apartments is a 13-unit garden-style multifamily community offered for sale, consisting of two primary residential buildings set on a landscaped parcel. The property includes a common courtyard, surface parking, and on-site laundry. The offering also includes five vacant units available for lease-up, creating an immediate occupancy-focused path for a new owner.
The community is located at 3715 Blackwood Rd in South Lake Tahoe, California, with direct access to US-50 and nearby dining and services. The property is positioned minutes from the Heavenly gondola base and the lake, supporting year-round relevance for residential renters in the resort market area.
This asset is well-suited for investors or operators looking for a small, manageable apartment community with existing on-site amenities and an opportunity to stabilize occupancy through lease-up of available units. With two building configuration, shared courtyard space, and on-site laundry, it supports practical day-to-day property management while providing straightforward residential layouts for tenant use.
The community is located at 3715 Blackwood Rd in South Lake Tahoe, California, with direct access to US-50 and nearby dining and services. The property is positioned minutes from the Heavenly gondola base and the lake, supporting year-round relevance for residential renters in the resort market area.
This asset is well-suited for investors or operators looking for a small, manageable apartment community with existing on-site amenities and an opportunity to stabilize occupancy through lease-up of available units. With two building configuration, shared courtyard space, and on-site laundry, it supports practical day-to-day property management while providing straightforward residential layouts for tenant use.
Key Highlights
- 13‑unit garden‑style multifamily property on Blackwood Rd in South Lake Tahoe, CA
- Two primary residential buildings with landscaped grounds, common courtyard, and surface parking
- On‑site laundry available for residents
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
Location Intelligence
Trade Area within ½ mile
366
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 - Thirteen-unit garden-style multifamily property with surface parking, courtyard, and on-site laundry.
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‑unit garden‑style multifamily property on Blackwood Rd in South Lake Tahoe, CA; Two primary residential buildings with landscaped grounds, common courtyard, and surface parking; On‑site laundry available for residents
