Four-Unit Duplex
For Sale
Contact for pricing
4089-4091 Pine Blvd, South Lake Tahoe, CA 96150
Townhouse-style duplexes in the Tourist Core with deeded access to Lakeside Beach and Marina.
Property Size3,808 SF
Lot Size0.32 Acres
Price / SF$577.73
Days on Market9
Property Features for 4089-4091 Pine Blvd
General Information
Standard status
Active
Size
3,808 SF
Total Parking Spaces
6
Lot size
0.32 Acres
Property subtype
Multifamily
Zoning
Multi-Family
Occupancy
25%
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Amenities
fireplace
deck
deeded beach access
Building Details
Year Built
1975
Buildings
2
Stories
2
Units
4
Tenancy
Multi
Construction
townhouse style
Listing Agency:
Coldwell Banker Select Real Estate
(530) 545-1029
Listed By:
Madeleine Gutierrez · License #01324436
Source:
Crexi
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 12:26PM
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 Coldwell Banker Select Real Estate
Investment Insights
Based on property information with market context.
This multifamily property comprises two townhouse-style duplex buildings containing four identical units. Each unit measures 952 SF and offers two bedrooms, 1 1/2 baths, a living room, kitchen, and half bath on the ground floor, with two bedrooms and one bath upstairs. Individual fireplaces and rear decks serve each residence. Three units are vacant following upgrades that include laminate flooring, carpet, kitchen cabinetry, appliances, granite countertops, and bathroom improvements; one unit has a long-term tenant who also serves as caretaker. The exterior was repainted in 2021, and the property received a new 40-year composition roof in 2022.
The 13,932 SF consolidated parcel is located in the Tourist Core Area Plan and is zoned Multi-Family. The Tourist Center-Mixed Use designation allows multifamily and single-family residential uses, along with bed and breakfast, hotel, motel, and timeshare uses. The plan also identifies 40 units/acre, a maximum building height of 65 feet, and 70% maximum ground coverage. Deeded access to Lakeside Beach and Marina is included.
The 13,932 SF consolidated parcel is located in the Tourist Core Area Plan and is zoned Multi-Family. The Tourist Center-Mixed Use designation allows multifamily and single-family residential uses, along with bed and breakfast, hotel, motel, and timeshare uses. The plan also identifies 40 units/acre, a maximum building height of 65 feet, and 70% maximum ground coverage. Deeded access to Lakeside Beach and Marina is included.
Key Highlights
- Four units totaling 3,808 SF across two townhouse‑style duplex buildings
- Each unit is 952 SF with 2 bedrooms, 1 1/2 baths, a fireplace, and a rear deck
- 13,932 SF consolidated parcel with potential to separate into two lots, each with one duplex
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
$63,284
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
2.88%
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%
$1,265,680
$1.3M
Cap Rate 7%
$904,057
$904.1K
Cap Rate 9%
$703,156
$703.2K
Market Conditions
NOI Build-Up for 3,808 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
$96.0K $25.20/SF
− Vacancy
−$5.6K −$1.46/SF
EGI
$90.4K $23.74/SF
− OpEx
−$27.1K −$7.12/SF
NOI
$63.3K $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%
$1,265,680
Cap Rate 7%
$904,057
Cap Rate 9%
$703,156
Alternative Uses
Best Use
Multifamily LT 5
$904.1K
$791.1K – $1.05M
NOI $63,284 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$809.1K
$708.0K – $944.0K
NOI $56,639 @ 7.0% cap · market cap 2.57%
Theoretical Best
Specialty Retail
$1.36M
$1.19M – $1.59M
NOI $95,300 @ 7.0% cap · market cap 4.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
25%
Occupancy
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
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 - Townhouse-style duplexes in the Tourist Core with deeded access to Lakeside Beach and Marina.
Where is this duplex located?
The property is located at 4089-4091 Pine Blvd South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Four units totaling 3,808 SF across two townhouse‑style duplex buildings; Each unit is 952 SF with 2 bedrooms, 1 1/2 baths, a fireplace, and a rear deck; 13,932 SF consolidated parcel with potential to separate into two lots, each with one duplex
