Four-Unit Multifamily with Development
1212 Melba Drive South Lake Tahoe, CA 96150
1212 Melba Drive, South Lake Tahoe, CA, 96150
$675,000
For Sale
$675,000
MULTI_FAMILY - South Lake Tahoe, CA
Property Size2,204 SF
Lot Size1.00 Acre
Price / SF$306.26
Days on Market53
Property Features for 1212 Melba Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Multi-Family
- Parking
- 8
- Window features
- Wood Frames, Vinyl Frames
- Exterior features
- Storage Shed
- Fireplace
- 1
- Standard status
- Active
- APN
- 032201017000
- Size
- 2,204 SF
Utilities
- Utilities
- Cable Available
- Heating system
- Fireplace(s), Natural Gas
Building Details
- Year built
- 1960
- Building materials
- Wood Frame
- Roof type
- Metal
- Additional Structures
- Storage
Listing Agency
Dickson Realty
CA
Listed by
Jason Lococo
Added: May 26 Checked: Jul 17 at 5:06 am
MLS# 142951
Listing URL
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 multifamily property includes four rental units across three separate structures. The unit mix consists of two 1-bedroom, 1-bath residences, one 2-bedroom, 2-bath residence, and a studio apartment above Unit C. All units are currently occupied by long-term month-to-month tenants.
The City of South Lake Tahoe has indicated redevelopment possibilities with potential for up to 25 units per acre. The listing also references coverage allowances, including a base allowable coverage of 13,104 square feet and approximately 16,251 square feet of banked coverage that may be utilized onsite, with a maximum allowable coverage of approximately 30,492 square feet. The current coverage is approximately 6,875 square feet, and additional land coverage may be purchased, with up to 70% site coverage referenced by the seller.
Zoning is listed as Multi-Family. The buyer should verify all development potential, coverage allowances, and land use opportunities with the City of South Lake Tahoe, and the listing states short-term vacation rentals are not permitted.
The City of South Lake Tahoe has indicated redevelopment possibilities with potential for up to 25 units per acre. The listing also references coverage allowances, including a base allowable coverage of 13,104 square feet and approximately 16,251 square feet of banked coverage that may be utilized onsite, with a maximum allowable coverage of approximately 30,492 square feet. The current coverage is approximately 6,875 square feet, and additional land coverage may be purchased, with up to 70% site coverage referenced by the seller.
Zoning is listed as Multi-Family. The buyer should verify all development potential, coverage allowances, and land use opportunities with the City of South Lake Tahoe, and the listing states short-term vacation rentals are not permitted.
Key Highlights
- Approx. 1‑acre South Lake Tahoe property with four rental units across three structures
- Unit mix includes two 1 bed/1 bath units, one 2 bed/2 bath unit, and a studio apartment above Unit C
- All units are occupied by long‑term month‑to‑month tenants
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $55.5k | $25.20 |
| − Vacancy | −$3.2k | −$1.46 |
| EGI | $52.3k | $23.74 |
| − OpEx | −$15.7k | −$7.12 |
| NOI | $36.6k | $16.62 |
2,204 SF · lease $25.20/SF/yr · vacancy 5.79% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$523.2K
$457.8K – $610.5K
NOI $36,627 @ 7.0% cap · market cap 5.43%
Second Best
Apartment 5plus
$468.3K
$409.8K – $546.4K
NOI $32,782 @ 7.0% cap · market cap 4.86%
Theoretical Best
Specialty Retail
$788.0K
$689.5K – $919.3K
NOI $55,158 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four rental units across three structures, with long-term month-to-month occupancy and reported redevelopment coverage allowances.
Where is this quadplex located?
The property is located at 1212 Melba Drive South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Approx. 1‑acre South Lake Tahoe property with four rental units across three structures; Unit mix includes two 1 bed/1 bath units, one 2 bed/2 bath unit, and a studio apartment above Unit C; All units are occupied by long‑term month‑to‑month tenants
