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    Property profile & analytics

    212 Elks Pt Rd, Unit 38C Zephyr Cove, NV 89448-8003

    • Commercial real estate
    • 123,255 SF
    • 10.20 lot acres
    OFF-MARKET
    Last Sale
    Jul 24, 2025
    $32,750,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-0908190
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Bobby Page's Dry Cleaners / Clothing Alteration Service / Leather Cleaning Service
    • Mind Body Physical Therapy / Physical Therapist / Pilates Studio
    • Trendwest Resorts / Resort Hotel
    • Anytime Fitness / Gym
    • Los Mexicanos / Mexican Restaurant

    Property Details for 212 Elks Pt Rd

    Year built
    1998
    Lot size
    10.20 lot acres
    Property size
    123,255 SF
    Property type
    Commercial real estate
    APN
    1318-15-802-010
    APU
    131815802010

    Description

    Round Hill Square, located at 212 Elks Point Rd, Zephyr Cove, NV 89448, presents a compelling investment opportunity. This 115,984 square foot, multi-tenant storefront property boasts a 99.67% occupancy rate and a strong NOI of $2,341,946, yielding a 6.61% cap rate. Anchored by a Safeway, this retail center sits on a 10.2-acre lot and benefits from a General Commercial zoning designation. Built in 1998, the property enjoys a prime location adjacent to popular beaches and less than two miles from Stateline's major hotel concentration, making it the closest retail to Zephyr Cove on the lake's southeast side. The asking price for this exceptional investment is $35,400,000. This strategically positioned asset offers significant potential for long-term growth and strong returns in a highly desirable tourist destination. The property's high occupancy and established tenant base provide immediate cash flow and stability. Its location near popular beaches and major hotels ensures consistent foot traffic and customer base. This is a rare opportunity to acquire a well-established, high-performing retail property in a thriving Nevada market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Zephyr Cove
    County
    Douglas
    State
    Nevada
    Longitude
    -119.943
    Latitude
    38.9857
    CBSA code
    23820
    CBSA name
    GARDNERVILLE RANCHOS, NV MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $157,019
    $647,500
    $4,235,490
    $4,882,990
    -
    $1,850,000
    $12,101,400
    $13,951,400

    Comparable in this City

    • Value Estimation
      $740,000
      119,065 SF

      240 Warrior Way

      COMMERCIAL (GENERAL) • 119,065 SF
      240 Warrior Way, Zephyr Cove, NV 89448
      View Details
    • Value Estimation
      $2,585,000
      13,298 SF

      215 Elks Pt Rd

      COMMERCIAL (GENERAL) • 13,298 SF
      215 Elks Pt Rd, Zephyr Cove, NV 89448-9802
      View Details
    • Value Estimation
      $710,000
      26,422 SF

      308 Dorla Ct

      COMMERCIAL (GENERAL) • 26,422 SF
      308 Dorla Ct, Zephyr Cove, NV 89448
      View Details
    • Value Estimation
      $250,000
      7,680 SF

      307 Dorla Ct

      COMMERCIAL (GENERAL) • 7,680 SF
      307 Dorla Ct, Zephyr Cove, NV 89448
      View Details
    • Value Estimation
      $290,000
      6,618 SF

      875 Us Hwy 50

      COMMERCIAL (GENERAL) • 6,618 SF
      875 Us Hwy 50, Zephyr Cove, NV 89448
      View Details
    • Value Estimation
      $240,000
      2,522 SF

      611 Hwy 50

      COMMERCIAL (GENERAL) • 2,522 SF
      611 Hwy 50, Zephyr Cove, NV 89448
      View Details

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      500 SF

      Zephyr Cove Executive Office Space

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    • $2.00 SF/Yr
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      Professional Office Space Near Tahoe

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      Modern Office Building For Lease

      Exceptional office building with modern amenities in Zephyr Cove, NV.
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      Zephyr Cove Office Space

      Prime NV Office Suites Available
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    212 Elks Pt Rd, Unit 38C
    Zephyr Cove, NV 89448-8003
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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