Updated Duplex with Private
For Sale
$685,000
3338 Treehaven Drive, South Lake Tahoe, CA 96150
MULTI_FAMILY - South Lake Tahoe, CA
Property Size1,792 SF
Lot Size0.14 Acres
Price / SF$382.25
Days on Market377
Property Features for 3338 Treehaven Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi-Family
Parking
4
Window features
Single Pane Window(s)
Directions
Hwy 50 to Johnson, right on Treehaven.
Subdivision
Bijou 2
Standard status
Active
APN
027364006000
Size
1,792 SF
Lot size
0.14 Acres
Utilities
Utilities
Cable Available
Heating system
Forced Air, Natural Gas
Amenities
shared laundry room
deck
Building Details
Year built
1976
Building materials
Wood Frame, Wood Siding
Roof type
Composition
Listing Agency:
Compass
(530) 645-2777
Listed By:
Michelle Keck
(310) 230-5478
Added: Aug 21, 2025
Changed: Aug 4
Last Checked: Sep 1 at 10:06AM
MLS# 142099
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 updated duplex features two units, each offering 2 bedrooms and 1 bathroom. Both interiors have been refreshed with new interior paint, laminate flooring, lighting fixtures, smoke and carbon monoxide detectors, updated kitchen cabinetry and countertops, and new appliances. Each unit also includes one side of the carport, access to a shared laundry room with a new washer and dryer, and a private fenced backyard for outdoor space.
The property is located in South Lake Tahoe and is described as being about three blocks from Lake Tahoe, with proximity to a new recreation center, restaurants, bike trails, public transportation, shopping, and everyday conveniences. Public remarks also note nearby destinations including Bijou Park, MacDuff’s Pub, Elements Eatery, grocery stores, and Lake Tahoe Community College.
Additional exterior improvements include a spacious deck above the carport, recently resurfaced with a durable waterproof coating. The public remarks note that the carport could be converted to a two-car garage, providing flexibility for future use under the Multi-Family zoning.
The property is located in South Lake Tahoe and is described as being about three blocks from Lake Tahoe, with proximity to a new recreation center, restaurants, bike trails, public transportation, shopping, and everyday conveniences. Public remarks also note nearby destinations including Bijou Park, MacDuff’s Pub, Elements Eatery, grocery stores, and Lake Tahoe Community College.
Additional exterior improvements include a spacious deck above the carport, recently resurfaced with a durable waterproof coating. The public remarks note that the carport could be converted to a two-car garage, providing flexibility for future use under the Multi-Family zoning.
Key Highlights
- Updated 2‑unit duplex built in 1976, with wood frame and wood siding construction
- Each unit offers 2 beds and 1 bath with new interior paint, laminate flooring, and updated lighting fixtures
- Kitchen updates in both units include new cabinetry and countertops plus new appliances
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
$29,781
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
4.35%
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%
$595,620
$595.6K
Cap Rate 7%
$425,443
$425.4K
Cap Rate 9%
$330,900
$330.9K
Market Conditions
NOI Build-Up for 1,792 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
$45.2K $25.20/SF
− Vacancy
−$2.6K −$1.46/SF
EGI
$42.5K $23.74/SF
− OpEx
−$12.8K −$7.12/SF
NOI
$29.8K $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%
$595,620
Cap Rate 7%
$425,443
Cap Rate 9%
$330,900
Alternative Uses
Best Use
Multifamily LT 5
$425.4K
$372.3K – $496.4K
NOI $29,781 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$380.8K
$333.2K – $444.2K
NOI $26,654 @ 7.0% cap · market cap 3.89%
Theoretical Best
Specialty Retail
$640.7K
$560.6K – $747.5K
NOI $44,847 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
626
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Refreshed 2-bedroom, 1-bath duplex with new appliances, shared laundry, fenced yards, and a deck above the carport.
Where is this duplex located?
The property is located at 3338 Treehaven Drive South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Updated 2‑unit duplex built in 1976, with wood frame and wood siding construction; Each unit offers 2 beds and 1 bath with new interior paint, laminate flooring, and updated lighting fixtures; Kitchen updates in both units include new cabinetry and countertops plus new appliances
