South Lake Tahoe Duplex
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 Market156
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
Forced Air, Natural Gas
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: Jul 29
Last Checked: Aug 9 at 11:06AM
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 South Lake Tahoe duplex features two separate cabins on a single parcel, offering rental income, development potential, and flexible living options. The property is located in a desirable, walkable neighborhood near beaches and public transportation. The front cabin has one bedroom and one bathroom and is currently occupied by a long-term tenant of 12 years, providing immediate rental income. Behind it, the fully renovated cabin has two bedrooms and two bathrooms, offering modern comfort and privacy, along with a covered workshop/porch area suitable for storage, hobbies, or gear. The property features ample off-street parking and is zoned for up to two additional units, creating potential for future development or expansion. A TRPA Land Use Verification is on file, confirming 3,228 square feet of remaining coverage, offering flexibility for building additional cabins or a primary residence. A previously existing well is currently inoperable but may be resurrected and used again, offering potential utility savings for future improvements. The property is located in a walkable South Lake Tahoe neighborhood close to beaches, trails, and bus lines, making it suitable for tenants, owner-occupants, or investors seeking a multi-unit income property with future build potential. The lot size is 0.54 acres, and the property size is 1396 square feet.
Key Highlights
- South Lake Tahoe duplex on one parcel with two separate cabins and ample off‑street parking
- Front cabin is a 1 bed, 1 bath with a long‑term tenant in place for 12 years
- Rear cabin is fully renovated with 2 beds, 2 baths plus a covered workshop/porch area
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
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
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?
Duplex - Duplex with rental income and development potential near beaches.
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: South Lake Tahoe duplex on one parcel with two separate cabins and ample off‑street parking; Front cabin is a 1 bed, 1 bath with a long‑term tenant in place for 12 years; Rear cabin is fully renovated with 2 beds, 2 baths plus a covered workshop/porch area
