Updated Duplex with Private
For Sale
$660,000
920 Lapham Drive, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size1,350 SF
Lot Size0.14 Acres
Price / SF$488.89
Days on Market19
Property Features for 920 Lapham Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi-Family
Window features
Double Pane Windows, Vinyl Frames
Interior features
High Speed Internet
Exterior features
Storage Shed
Fireplace
1
Directions
Tahoe Keys, left on Washington onto to Dunlap right on Lapham.
Subdivision
Tahoe Island Drive
Standard status
Active
APN
023783004000
Size
1,350 SF
Lot size
0.14 Acres
Utilities
Utilities
Cable Available
Heating system
Wood, Space Heater, Fireplace(s)
Water source
Well
Amenities
woodstove
private backyard
parking area
Building Details
Year built
1961
Building materials
Wood Frame, Wood Siding
Roof type
Composition, Shingle
Additional Structures
Storage
Listing Agency:
Chase International - South Lake Tahoe
(530) 544-2121
Listed By:
Jill Moffett
530494
Added: Aug 17
Changed: Sep 4
Last Checked: Sep 4 at 10:06AM
MLS# 143413
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 1,350-square-foot duplex contains two one-bedroom, one-bathroom residences on a 0.14-acre parcel. Each unit has a private backyard, an EPA-compliant woodstove, and access to a spacious parking area. The property also includes a storage shed, wood-frame construction with wood siding, composition and shingle roofing, cable availability, and a well water source. Built in 1961, the building uses wood and space-heater systems, with fireplaces also present.
The first residence is tenant occupied and maintained, while the second has received interior improvements including fresh paint, luxury vinyl plank flooring, a renovated bathroom, quartz countertops, new cabinetry, and new appliances. The property is near bike trails, shopping, dining, public transportation, and Lake Tahoe beaches. Multi-Family zoning supports the duplex configuration.
The first residence is tenant occupied and maintained, while the second has received interior improvements including fresh paint, luxury vinyl plank flooring, a renovated bathroom, quartz countertops, new cabinetry, and new appliances. The property is near bike trails, shopping, dining, public transportation, and Lake Tahoe beaches. Multi-Family zoning supports the duplex configuration.
Key Highlights
- Two‑unit duplex with 1,350 square feet on a 0.14‑acre parcel
- Each residence includes 1 bedroom, 1 bathroom, a private backyard, and an EPA‑compliant woodstove
- Unit #2 updated with luxury vinyl plank flooring, renovated bathroom, quartz countertops, cabinetry, and 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
$22,435
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
3.40%
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%
$448,700
$448.7K
Cap Rate 7%
$320,500
$320.5K
Cap Rate 9%
$249,278
$249.3K
Market Conditions
NOI Build-Up for 1,350 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
$34.0K $25.20/SF
− Vacancy
−$2.0K −$1.46/SF
EGI
$32.1K $23.74/SF
− OpEx
−$9.6K −$7.12/SF
NOI
$22.4K $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%
$448,700
Cap Rate 7%
$320,500
Cap Rate 9%
$249,278
Alternative Uses
Best Use
Multifamily LT 5
$320.5K
$280.4K – $373.9K
NOI $22,435 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$286.9K
$251.0K – $334.7K
NOI $20,080 @ 7.0% cap · market cap 3.04%
Theoretical Best
Specialty Retail
$482.7K
$422.3K – $563.1K
NOI $33,786 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,225
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 - Two separate residences offer private outdoor areas and a remodeled unit with contemporary finishes.
Where is this duplex located?
The property is located at 920 Lapham Drive South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,350 square feet on a 0.14‑acre parcel; Each residence includes 1 bedroom, 1 bathroom, a private backyard, and an EPA‑compliant woodstove; Unit #2 updated with luxury vinyl plank flooring, renovated bathroom, quartz countertops, cabinetry, and appliances
