1222 Sierra Blvd · South Lake Tahoe, CA 96150

$1,350,000

64 bd · 64.0 ba · 3,600 sqft · MultiFamily public records · 331 Days on market

Built 1960 5,227 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Rent growth +3.4/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Multi-Family Investment Opportunitywith Bonus Lot!Fully occupied and ideally located, this 8-unit apartment building at 1222 Sierra Blvd presents a strong income opportunity with room for long-term value growth. The property includes a mix of studio and 1-bedroom units, some with in-unit laundry hookups, and is well-suited for long-term tenants seeking central access to all South Lake Tahoe has to offer. Included in the sale is the adjacent lot at 2544 Rose Ave (separate APN), currently used as a private parking lot exclusively for tenant usean added amenity rarely available in multifamily offerings. Both parcels are being sold together, providing expanded utility and future potential.

Key facts

• Private parking lot
• Future potential
• Expanded utility

Tags

• 8-UNIT APARTMENT BUILDING
• IN-UNIT LAUNDRY HOOKUPS
• PRIVATE PARKING LOT
• EXPANDED UTILITY
• FUTURE POTENTIAL

Property features AI

Finance

• Other: Possession: other (see remarks); Property information subject to verification and change
• Financial info: Gross income reported: $115,040; Gross income source: Manager; Rent schedule and rental agreement on file

Exterior

• Parking: Parking area located on Rose Ave
• Utilities: City water; City sewer; Natural gas service; Cable TV available; Telephone service; Natural gas water heater
• Home design: Multifamily property (mixed 1-bed and studio units); Corner lot location (Sierra Blvd & Rose Ave)
• Construction: Wood-frame construction with wood siding; Composition roof; Concrete slab foundation; Year built source: Assessor
• Exterior features: Storage shed

Interior

• Bedrooms: Two 1-bedroom units; Four studio units
• Bathrooms: Each 1-bedroom unit has 1 bath; Each studio unit has 1 bath
• Heating & cooling: Natural gas heating; Wall/space heaters; Cooling: other (see remarks)
• Interior features: High-speed internet; Double-pane windows
• Laundry & utility: Laundry: other (see remarks)

What this means for you Summary

Snapshot

• This is a 8 × 4-bed/8.0-bath units multifamily listed at $1.35M.

Deal economics

• At list price, monthly cash flow is $7k ($90k/yr) — positive. Per door: $935/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.35M).
• Recommended offer: $1.19M (12.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 2.6% in South Lake Tahoe — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 65/100 on livability (#371 in CA) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: crime F, commute F, cost of living F.
• Lake Tahoe Unified (town): math 33% / reading 43% proficiency, ranked #786 of 1,400 in CA (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tahoe Valley Elementary (414 students, 57% FRL); South Tahoe Middle (798 students, 52% FRL); South Tahoe High (1,141 students, 42% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: Rents rising (+3.6%/yr); 316 active listings in the ZIP; solid renter incomes; 437 units permitted in El Dorado County in 2024 (0 in 5+ unit buildings).
• At $20,345/mo this rent would consume 264% of the median local household income ($93k/yr) (locally 1109% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $40k of value loss. Plan a longer hold.
• El Dorado County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $378k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 331 days — a 12% lower offer ($1.19M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $950k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,188,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 331 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.51% ✓
• Cap rate: 12.94%
• Cash-on-cash: 23.74%
• DSCR: 2.06
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.56% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 1.71×
• Total profit: $268,898
• Equity at exit: $201,289

10-year hold

• IRR: 26.3%
• Equity multiple: 3.37×
• Total profit: $894,685
• Equity at exit: $116,723

Cash invested: $378,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 96150

• Rents YoY: 3.6%
• Active inventory: 316
• Price-to-rent: 44.2×

Monthly cashflow live

• Estimated rent: $20,345 medium
• Mortgage (P&I): −$7,080
• Tax from tax record: −$953 /mo · $11,431/yr
• Insurance: −$562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,272
• Net cashflow: $7,478

Break-even live

Break-even rent $10,879

Max offer price $1,350,000

Occupancy floor 58%

Sensitivity live

Price	-10% $8,242	-5% $7,860	+0% $7,478	+5% $7,096	+10% $6,714
Rent	-10% $5,871	-5% $6,674	+0% $7,478	+5% $8,282	+10% $9,085
Rate	-1.0pp $8,158	-0.5pp $7,821	base $7,478	+0.5pp $7,128	+1.0pp $6,772

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	4	8	$20,344
Total (8 units)			$20,345

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $337,500
• Closing costs: $40,500
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $1,350,000 Active 331 DOM
2. 2026-06-18
   days on market $1,350,000 Active 328 DOM
3. 2026-06-17
   days on market $1,350,000 Active 327 DOM
4. 2026-06-16
   days on market $1,350,000 Active 326 DOM
5. 2026-06-15
   days on market $1,350,000 Active 325 DOM
6. 2026-06-13
   days on market $1,350,000 Active 323 DOM
7. 2026-06-09
   days on market $1,350,000 Active 319 DOM
8. 2026-06-08
   days on market $1,350,000 Active 318 DOM
9. 2026-06-07
   days on market $1,350,000 Active 317 DOM
10. 2026-06-03
    days on market $1,350,000 Active 313 DOM
11. 2026-06-02
    days on market $1,350,000 Active 312 DOM
12. 2026-06-01
    days on market $1,350,000 Active 311 DOM
13. 2026-05-31
    days on market $1,350,000 Active 310 DOM
14. 2026-05-21
    status Active
15. 2026-01-09
    status Active
16. 2025-10-23
    status Active
17. 2025-06-16
    listed $1,350,000 Active
18. 2025-03-22
    historical $1,200
19. 2025-03-13
    listed $1,200
20. 2025-02-26
    historical $1,200
21. 2025-02-26
    listed $1,200
22. 2016-07-15
    soldstatus $950,000
23. 2016-05-01
    historical Expired
24. 2016-03-05
    status Pending
25. 2015-06-16
    listed $998,000 Active
26. 2012-09-06
    soldstatus $430,000
27. 1982-11-17
    soldstatus $74,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $11,431 · $953/mo
• Projected year-2 tax: $11,431 · $953/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 5 d/yr ≥85°F today · 11 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $244,140
• − Mortgage interest: −$75,621
• − Property taxes: −$11,431
• − Insurance: −$6,750
• − Repairs & maintenance: −$19,531
• − Management: −$19,531
• − Depreciation: −$39,273
• Taxable income: $72,003
• Est. tax owed @ 24.0%: −$17,281
• After-tax cash flow: $72,455/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lake Tahoe Unified
• NCES district ID: 0620640
• Math proficiency: 33% ▼ -1.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $49,114
• Composite: 35.24/100
• National rank: #9844
• State rank: #786 of 1400 in CA

Livability — South Lake Tahoe

• Score: 65/100
• State rank: #371
• US rank: #12667

Category grades

Amenities C Commute F Cost of living F Crime F Employment C Housing C Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Lake Tahoe, CA
• County: El Dorado County · 144,198 people
• City population: 29,646
• Metro: Sacramento-Roseville-Folsom, CA
• Population (ZIP): 29,646
• Household income: $92,517
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 1109.0

Population outlook (El Dorado County) Hauer SSP2

• Today (2025): 191,666 people
• By 2030: 193,662 · +1.0%
• By 2040: 192,583 · +0.5%
• By 2050: 185,904 · -3.0%
• By 2075: 169,543 · -11.5%
• By 2100: 139,623 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 24% Two or more races 11% Asian 5%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Lithuanian 3% Slovak 3% Romanian 2%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 76% English-only · Spanish 17% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · El Dorado

• 2024 margin: R (+12.0) · D 42.6% · R 54.6% · Other 2.8%
• 2008→2024 swing: -1.5pp toward R · 2008: -10.5pp · 2024: -12.0pp
• All cycles: 2024: R+12.0 2020: R+8.8 2016: R+13.9 2012: R+18.2 2008: R+10.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -571.55%
• Current HPI: 316.6411
• Rent YoY: ▲ 3.56%
• Metro: Sacramento-Roseville-Folsom, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+1724.3% since first listed

14 events — show timeline

• 2026-05-21 Relisted — STARMLS
• 2026-01-09 Relisted — STARMLS
• 2025-10-23 Relisted — STARMLS
• 2025-06-16 Listed $1,350,000 STARMLS
• 2025-03-22 Rental Removed $1,200 LEASESTAR
• 2025-03-13 Listed for Rent $1,200 LEASESTAR
• 2025-02-26 Rental Removed $1,200 LEASESTAR
• 2025-02-26 Listed for Rent $1,200 LEASESTAR
• 2016-07-15 Sold (Public Records) $950,000 Public Records
• 2016-05-01 Delisted — STARMLS
• 2016-03-05 Pending — STARMLS
• 2015-06-16 Listed $998,000 STARMLS
• 2012-09-06 Sold (Public Records) $430,000 Public Records
• 1982-11-17 Sold (Public Records) $74,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $11,431 · +5.4% YoY. Source: county tax records.