Two-Cabin Duplex with Expansion
For Sale
$750,000
705 Eloise Avenue, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size1,396 SF
Lot Size0.54 Acres
Price / SF$537.25
Days on Market191
Property Features for 705 Eloise Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi-Family
Window features
Vinyl Frames
Patio and Porch features
Patio
Exterior features
Storage Shed, Patio/Balcony
Directions
From 12th street turn right on Eloise. Duplex is on the left
Subdivision
Tahoe Island Drive
Standard status
Active
APN
023271025000
Size
1,396 SF
Lot size
0.54 Acres
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Forced Air
Building Details
Year built
1957
Building materials
Wood Frame, Wood Siding
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Sierra Sotheby's International Realty
(530) 494-7600
Listed By:
Karen Grant · License #01970498
(530) 412-2645
Added: Mar 6
Changed: Sep 13
Last Checked: Sep 13 at 5:06PM
MLS# 142568
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 duplex comprises two separate cabins on a 0.54-acre parcel, with 1,396 square feet of total property size. The front cabin contains one bedroom and one bathroom and has been occupied by the same long-term tenant for 12 years. The rear cabin provides two bedrooms and two bathrooms following a full renovation, with a covered workshop and porch area for storage or hobbies.
The property includes off-street parking and Multi-Family zoning. Up to two additional units are permitted, and a TRPA Land Use Verification documents 3,228 square feet of remaining coverage. A previously existing well is currently inoperable but may be restored, subject to buyer verification with the appropriate agencies. Located on Eloise Avenue in South Lake Tahoe, the property is near beaches, trails, and public transportation, including bus lines.
The property includes off-street parking and Multi-Family zoning. Up to two additional units are permitted, and a TRPA Land Use Verification documents 3,228 square feet of remaining coverage. A previously existing well is currently inoperable but may be restored, subject to buyer verification with the appropriate agencies. Located on Eloise Avenue in South Lake Tahoe, the property is near beaches, trails, and public transportation, including bus lines.
Key Highlights
- Two separate cabins on a 0.54‑acre parcel
- 1,396 square feet of total property size
- Front cabin: 1 bedroom and 1 bathroom with a tenant in place for 12 years
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
$23,200
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
3.09%
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%
$464,000
$464.0K
Cap Rate 7%
$331,429
$331.4K
Cap Rate 9%
$257,778
$257.8K
Market Conditions
NOI Build-Up for 1,396 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
$35.2K $25.20/SF
− Vacancy
−$2.0K −$1.46/SF
EGI
$33.1K $23.74/SF
− OpEx
−$9.9K −$7.12/SF
NOI
$23.2K $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%
$464,000
Cap Rate 7%
$331,429
Cap Rate 9%
$257,778
Alternative Uses
Best Use
Multifamily LT 5
$331.4K
$290.0K – $386.7K
NOI $23,200 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$296.6K
$259.6K – $346.1K
NOI $20,764 @ 7.0% cap · market cap 2.77%
Theoretical Best
Specialty Retail
$499.1K
$436.7K – $582.3K
NOI $34,937 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two separate cabins include a renovated two-bedroom residence, a long-term tenant unit, and covered workshop space.
Where is this duplex located?
The property is located at 705 Eloise Avenue South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two separate cabins on a 0.54‑acre parcel; 1,396 square feet of total property size; Front cabin: 1 bedroom and 1 bathroom with a tenant in place for 12 years
