Remodeled Triplex With
For Sale
$999,000
629 James Avenue, South Lake Tahoe, CA 96150
Three residential units offer updated kitchens, upgraded baths, fenced yards, and shared laundry.
Property Size2,544 SF
Price / SF$392.69
Days on Market535
Property Features for 629 James Avenue
General Information
Standard status
Active
Size
2,544 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,704
Amenities
individually fenced yards
covered porch
storage shed
bear box
bike trail
Building Details
Year Built
1961
Tenancy
Multi
Listing Agency:
Ascent Property Group
(530) 416-2779
Listed By:
Nicole Zaborsky · License #02043717
(530) 416-2779
Source:
Exitrealty
Added: Feb 20, 2025
Changed: Aug 8
Last Checked: Aug 9 at 6:31AM
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 Ascent Property Group
Investment Insights
Based on property information with market context.
This remodeled triplex contains 2,544 square feet across two downstairs units with two bedrooms and one bathroom each, plus an upstairs one-bedroom, one-bath unit. Unit improvements include gourmet kitchens with custom wood cabinetry, stainless steel appliances, and granite slab countertops. Bathrooms feature travertine natural stone flooring and showers, dark wood vanities, designer lighting, and upgraded trim. Additional features include hand-scraped hardwood flooring, recessed lighting, upgraded electrical and plumbing, forced-air heat, heated towel rails, wardrobe lighting, and surround sound in Unit 1.
The property at 629 James Avenue in South Lake Tahoe includes a common-area laundry room, individually fenced yards, a covered porch, an 8x12 Tuff Shed storage shed, a bear box, ample driveway parking, and an oversized two-car garage. Built in 1961, it is located on a bike trail leading directly to Lake Tahoe beaches, with restaurants, amenities, and trails nearby.
The property at 629 James Avenue in South Lake Tahoe includes a common-area laundry room, individually fenced yards, a covered porch, an 8x12 Tuff Shed storage shed, a bear box, ample driveway parking, and an oversized two-car garage. Built in 1961, it is located on a bike trail leading directly to Lake Tahoe beaches, with restaurants, amenities, and trails nearby.
Key Highlights
- Three‑unit layout: two 2‑bedroom, 1‑bath downstairs units and one 1‑bedroom, 1‑bath upstairs unit
- 2,544 square feet on a 1961‑built property
- Remodeled kitchens with custom wood cabinetry, stainless steel appliances, and granite slab countertops
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
$42,278
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
4.23%
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%
$845,560
$845.6K
Cap Rate 7%
$603,971
$604.0K
Cap Rate 9%
$469,756
$469.8K
Market Conditions
NOI Build-Up for 2,544 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
$64.1K $25.20/SF
− Vacancy
−$3.7K −$1.46/SF
EGI
$60.4K $23.74/SF
− OpEx
−$18.1K −$7.12/SF
NOI
$42.3K $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%
$845,560
Cap Rate 7%
$603,971
Cap Rate 9%
$469,756
Alternative Uses
Best Use
Multifamily LT 5
$604.0K
$528.5K – $704.6K
NOI $42,278 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$540.6K
$473.0K – $630.7K
NOI $37,839 @ 7.0% cap · market cap 3.79%
Theoretical Best
Specialty Retail
$909.5K
$795.8K – $1.06M
NOI $63,667 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,282
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?
Triplex - Three residential units offer updated kitchens, upgraded baths, fenced yards, and shared laundry.
Where is this triplex located?
The property is located at 629 James Avenue South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Three‑unit layout: two 2‑bedroom, 1‑bath downstairs units and one 1‑bedroom, 1‑bath upstairs unit; 2,544 square feet on a 1961‑built property; Remodeled kitchens with custom wood cabinetry, stainless steel appliances, and granite slab countertops
