Tourist Core Quadplex with Lake
For Sale
$2,200,000
4089 Pine Boulevard, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size3,808 SF
Lot Size0.32 Acres
Price / SF$577.73
Days on Market93
Property Features for 4089 Pine Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi-Family
Parking
6
Window features
Double Pane Windows
Interior features
High Speed Internet
Exterior features
Storage Shed
Fireplace
1
Directions
US Hwy 50 to Park Ave., Right on Pine Blvd.
Subdivision
Stateline
Standard status
Active
APN
029610026000
Size
3,808 SF
Lot size
0.32 Acres
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Space Heater, Fireplace(s)
Amenities
fireplace
back decks
deeded beach access
Building Details
Year built
1975
Building materials
Wood Frame, Wood Siding
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Coldwell Banker Select - LTB · Coldwell Banker Real Estate
(530) 542-5555
Listed By:
Madeleine Gutierrez · License #01324436
(560) 542-5555
Added: Jun 20
Changed: Sep 13
Last Checked: Sep 20 at 1:06AM
MLS# 143093
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 quadplex consists of two townhouse-style duplexes at 4089 Pine Boulevard and 4091 Pine Boulevard, with four matching units totaling 3,808 square feet. Each 952-square-foot residence includes two bedrooms, one full bath, one half bath, a ground-floor living room and kitchen, an individual fireplace, and a private back deck. Three units have undergone upgrades including laminate flooring, carpet, kitchen cabinetry, appliances, granite counters, and bathroom updates. The exterior was repainted in 2021, and the property received a new 40-year composition roof in 2022. One unit has been occupied by the same tenant for more than 20 years, with the tenant serving as caretaker.
The 0.32-acre consolidated parcel is within the Tourist Core Area Plan and is zoned Multi-Family. The Tourist Center-Mixed Use designation allows multifamily, single-family including condominiums, bed and breakfast, hotel, motel, and timeshare uses. The property includes deeded access to Lakeside Beach and Marina and is within walking distance of Stateline casinos, the Heavenly Village gondola, and Lakeside Beach Park. The plan also allows increased ground coverage up to 70% and a maximum building height of 65 feet.
The 0.32-acre consolidated parcel is within the Tourist Core Area Plan and is zoned Multi-Family. The Tourist Center-Mixed Use designation allows multifamily, single-family including condominiums, bed and breakfast, hotel, motel, and timeshare uses. The property includes deeded access to Lakeside Beach and Marina and is within walking distance of Stateline casinos, the Heavenly Village gondola, and Lakeside Beach Park. The plan also allows increased ground coverage up to 70% and a maximum building height of 65 feet.
Key Highlights
- Four 952‑square‑foot units with identical two‑bedroom, 1 1/2‑bath floor plans
- 3,808 square feet on a 0.32‑acre consolidated parcel
- Tourist Center‑Mixed Use area plan allows multifamily, condos, bed and breakfast, hotel, motel, and timeshare uses
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
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Current Use
Lease Details
4
Residential units
25%
Occupancy
Single-tenant
Tenancy
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?
Quadplex - Townhouse-style residences offer matching two-bedroom layouts, fireplaces, and private back decks.
Where is this quadplex located?
The property is located at 4089 Pine Boulevard 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 952‑square‑foot units with identical two‑bedroom, 1 1/2‑bath floor plans; 3,808 square feet on a 0.32‑acre consolidated parcel; Tourist Center‑Mixed Use area plan allows multifamily, condos, bed and breakfast, hotel, motel, and timeshare uses
