Duplex With Detached
For Sale
$489,900
3678 Willow Avenue, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size1,467 SF
Lot Size0.17 Acres
Price / SF$333.95
Days on Market44
Property Features for 3678 Willow Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
3
Window features
Double Pane Windows
Exterior features
Storage Shed
Directions
from LTB right on Ski Run, Left on Willow. Property on the right
Subdivision
Bijou 1
Standard status
Active
APN
027163033000
Size
1,467 SF
Lot size
0.17 Acres
Utilities
Utilities
Cable Available
Heating system
Space Heater
Amenities
storage sheds
fenced lot
Building Details
Year built
1947
Building materials
Wood Frame, Wood Siding
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Berkshire Hathaway Home Services Drysdale Properties - South Lake Tahoe · Berkshire Hathaway HomeServices
(530) 543-6676
Listed By:
Shannon Witt
(925) 244-1933
Added: Jul 24
Changed: Aug 19
Last Checked: Sep 5 at 7:06PM
MLS# 143259
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 1,467-square-foot duplex was built in 1947 with wood-frame construction, wood siding, a composition roof, and space-heater heating. The lower residence includes two bedrooms, one bathroom, a living room, dining area, kitchen, and dedicated laundry space. The upper unit is ready for occupancy. A detached one-car garage, three off-street parking spaces, two storage sheds, and a fully fenced lot add practical utility. Cable is available.
The property is across from Ski Run Park and within blocks of Lake Tahoe and the Heavenly California Base Lodge. Restaurants, shopping, recreation, and entertainment are described as walkable from the site. The property carries tourist core zoning; allowable uses should be verified with the City of South Lake Tahoe.
The property is across from Ski Run Park and within blocks of Lake Tahoe and the Heavenly California Base Lodge. Restaurants, shopping, recreation, and entertainment are described as walkable from the site. The property carries tourist core zoning; allowable uses should be verified with the City of South Lake Tahoe.
Key Highlights
- 1,467‑square‑foot duplex on a 0.17‑acre lot
- Lower unit includes 2 bedrooms, 1 bathroom, living room, dining area, kitchen, and dedicated laundry
- Detached one‑car garage plus 3 off‑street parking spaces
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
$24,380
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
4.98%
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%
$487,600
$487.6K
Cap Rate 7%
$348,286
$348.3K
Cap Rate 9%
$270,889
$270.9K
Market Conditions
NOI Build-Up for 1,467 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
$37.0K $25.20/SF
− Vacancy
−$2.1K −$1.46/SF
EGI
$34.8K $23.74/SF
− OpEx
−$10.4K −$7.12/SF
NOI
$24.4K $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%
$487,600
Cap Rate 7%
$348,286
Cap Rate 9%
$270,889
Alternative Uses
Best Use
Multifamily LT 5
$348.3K
$304.8K – $406.3K
NOI $24,380 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$311.7K
$272.8K – $363.7K
NOI $21,820 @ 7.0% cap · market cap 4.45%
Theoretical Best
Specialty Retail
$524.5K
$458.9K – $611.9K
NOI $36,714 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
377
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 - Two residential units occupy a fenced lot within tourist core zoning.
Where is this duplex located?
The property is located at 3678 Willow Avenue South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: 1,467‑square‑foot duplex on a 0.17‑acre lot; Lower unit includes 2 bedrooms, 1 bathroom, living room, dining area, kitchen, and dedicated laundry; Detached one‑car garage plus 3 off‑street parking spaces
