Four-Unit Quadplex
New
For Sale
$1,249,000
2240 Eloise, South Lake Tahoe, CA 96150
Townhouse and freestanding unit mix with separately fenced rear yards and on-site laundry.
Property Size10,890 SF
Price / SF$275.84
Days on Market4
Property Features for 2240 Eloise
General Information
Standard status
Active
Size
10,890 SF
Property subtype
Investment
Units
Unit Mix
3 x 2BR/1.5BA, 1 x 3BR/2BA
Multifamily Units
4
Amenities
on-site coin-operated laundry
Building Details
Building Size
10,890 SF
Year Built
1960
Buildings
2
Stories
2
Units
4
Listing Agency:
Balboa Real Estate
(562) 326-1116
Listed By:
Joseph King · License #01428983
(562) 326-1116
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 5:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Balboa Real Estate
Investment Insights
Based on property information with market context.
This quadplex comprises two residential buildings on one lot at 2240 Eloise in South Lake Tahoe. The 4,528-square-foot property was built in 1960 and contains four units: three two-bedroom townhouses and one freestanding three-bedroom residence. Each townhouse places two bedrooms and one bathroom upstairs, with a kitchen, living area, and half bathroom on the lower level. The separate residence spans two stories and includes three bedrooms and two bathrooms.
On-site coin-operated laundry serves the property. The location has a bike score of 52, classified as Bikeable, and a walk score of 51, classified as Somewhat Walkable. The unit mix combines attached townhouse layouts with a detached residential configuration, while the townhouses also provide individually fenced rear yards.
On-site coin-operated laundry serves the property. The location has a bike score of 52, classified as Bikeable, and a walk score of 51, classified as Somewhat Walkable. The unit mix combines attached townhouse layouts with a detached residential configuration, while the townhouses also provide individually fenced rear yards.
Key Highlights
- 4,528‑square‑foot multifamily property built in 1960
- Four units across two residential buildings on one lot
- Three 2‑bedroom townhouses plus one 3‑bedroom freestanding unit
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
$75,249
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
6.02%
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%
$1,504,980
$1.5M
Cap Rate 7%
$1,074,986
$1.1M
Cap Rate 9%
$836,100
$836.1K
Market Conditions
NOI Build-Up for 4,528 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
$114.1K $25.20/SF
− Vacancy
−$6.6K −$1.46/SF
EGI
$107.5K $23.74/SF
− OpEx
−$32.2K −$7.12/SF
NOI
$75.2K $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%
$1,504,980
Cap Rate 7%
$1,074,986
Cap Rate 9%
$836,100
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$940.6K – $1.25M
NOI $75,249 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$962.1K
$841.9K – $1.12M
NOI $67,348 @ 7.0% cap · market cap 5.39%
Theoretical Best
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,319 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
945
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?
Quadplex - Townhouse and freestanding unit mix with separately fenced rear yards and on-site laundry.
Where is this quadplex located?
The property is located at 2240 Eloise South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: 4,528‑square‑foot multifamily property built in 1960; Four units across two residential buildings on one lot; Three 2‑bedroom townhouses plus one 3‑bedroom freestanding unit
