Duplex with Separate
For Sale
$1,340,000
848 Glorene Avenue, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size3,061 SF
Lot Size0.51 Acres
Price / SF$437.77
Days on Market61
Property Features for 848 Glorene Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Window features
Double Pane Windows, Vinyl Frames
Exterior features
Storage Shed
Directions
Take Hwy 50 to the Y go north on Emerald Bay Rd. Left on 8th St at 7-11, go to the end of the street.
Subdivision
Gardner Mountain
Standard status
Active
APN
023341007000
Size
3,061 SF
Lot size
0.51 Acres
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1954
Building materials
Wood Frame, Wood Siding
Roof type
Composition, Tar/Gravel
Additional Structures
Storage
Listing Agency:
RE/MAX Gold - SLT · RE/MAX International
(530) 541-0200
Listed By:
Lloyd Aronoff · License #00498929
(530) 541-0200
Added: Jul 1
Changed: Aug 19
Last Checked: Aug 30 at 3:06AM
MLS# 143176
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 3,061-square-foot duplex property includes a four-bedroom, three-bath primary residence and a separate three-bedroom, two-bath accessory dwelling unit. The interior is being remodeled under approved plans, with two kitchens and five bathrooms included in the improvement scope. Planned work also includes new windows, sheetrock, finishing, and paint, allowing a purchaser or contractor to complete the property according to the permitted design.
Set on 0.51 acres, the building sits back from the street and is served by a large circular driveway. The rear yard includes a substantial open area and a storage shed. The property is currently vacant. Wood-frame construction, wood siding, natural-gas forced-air heating, and a composition and tar/gravel roof are documented. Originally built in 1954, the property was formerly used as a Montessori school.
Set on 0.51 acres, the building sits back from the street and is served by a large circular driveway. The rear yard includes a substantial open area and a storage shed. The property is currently vacant. Wood-frame construction, wood siding, natural-gas forced-air heating, and a composition and tar/gravel roof are documented. Originally built in 1954, the property was formerly used as a Montessori school.
Key Highlights
- 3,061‑square‑foot duplex with a 4‑bedroom, 3‑bath primary residence and 3‑bedroom, 2‑bath ADU
- 0.51‑acre parcel with a large rear yard and storage shed
- Approved remodeling plans convey with the property
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
$50,870
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
3.80%
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%
$1,017,400
$1.0M
Cap Rate 7%
$726,714
$726.7K
Cap Rate 9%
$565,222
$565.2K
Market Conditions
NOI Build-Up for 3,061 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
$77.1K $25.20/SF
− Vacancy
−$4.5K −$1.46/SF
EGI
$72.7K $23.74/SF
− OpEx
−$21.8K −$7.12/SF
NOI
$50.9K $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%
$1,017,400
Cap Rate 7%
$726,714
Cap Rate 9%
$565,222
Alternative Uses
Best Use
Multifamily LT 5
$726.7K
$635.9K – $847.8K
NOI $50,870 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$650.4K
$569.1K – $758.8K
NOI $45,529 @ 7.0% cap · market cap 3.40%
Theoretical Best
Specialty Retail
$1.09M
$957.6K – $1.28M
NOI $76,606 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
573
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 - Vacant two-unit property undergoing permitted interior improvements with substantial yard area and on-site storage.
Where is this duplex located?
The property is located at 848 Glorene Avenue South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $1,340,000.
What are key features of this property?
This property features: 3,061‑square‑foot duplex with a 4‑bedroom, 3‑bath primary residence and 3‑bedroom, 2‑bath ADU; 0.51‑acre parcel with a large rear yard and storage shed; Approved remodeling plans convey with the property
