Four-Unit Multifamily Property with
New
For Sale
Contact for pricing
937 3rd St, South Lake Tahoe, CA 96150
Two-story multifamily building with mixed unit layouts, a garage component, and individually metered apartments.
Property Size2,228 SF
Price / SF$437.61
Days on Market7
Property Features for 937 3rd St
General Information
Standard status
Active
Size
2,228 SF
Class
C
Property subtype
Multifamily
Zoning
GC1
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$39,400
Building Details
Year Built
1949
Year Renovated
1960
Units
5
Tenancy
Multi
Listing Agency:
NAI Tahoe Sierra
(530) 525-2304
Listed By:
Scott Fair · License #CA 01761504
Source:
Crexi
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 9:03AM
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 NAI Tahoe Sierra
Investment Insights
Based on property information with market context.
Built in 1949, this two-story multifamily property contains 2,228 square feet and four apartments on approximately 0.50 acre. The unit mix includes one two-bedroom/one-bath apartment and three one-bedroom/one-bath apartments. A garage component and a rented commercial yard add functional and income-producing components beyond the residential units.
The property is located in South Lake Tahoe and is zoned GC1. Each apartment has its own electric meter, while three units include washer/dryer hookups. Three apartments are occupied under month-to-month arrangements, and the one-bedroom unit associated with the garage is leased annually. The property also includes existing residential occupancy and a commercial yard use.
The property is located in South Lake Tahoe and is zoned GC1. Each apartment has its own electric meter, while three units include washer/dryer hookups. Three apartments are occupied under month-to-month arrangements, and the one-bedroom unit associated with the garage is leased annually. The property also includes existing residential occupancy and a commercial yard use.
Key Highlights
- Four‑unit multifamily property with one two‑bedroom/one‑bath and three one‑bedroom/one‑bath apartments
- 2,228‑square‑foot, two‑story building on approximately 0.50 acre
- Rented commercial yard and garage component included
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
$37,026
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
3.80%
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%
$740,520
$740.5K
Cap Rate 7%
$528,943
$528.9K
Cap Rate 9%
$411,400
$411.4K
Market Conditions
NOI Build-Up for 2,228 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
$56.1K $25.20/SF
− Vacancy
−$3.3K −$1.46/SF
EGI
$52.9K $23.74/SF
− OpEx
−$15.9K −$7.12/SF
NOI
$37.0K $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%
$740,520
Cap Rate 7%
$528,943
Cap Rate 9%
$411,400
Alternative Uses
Best Use
Multifamily LT 5
$528.9K
$462.8K – $617.1K
NOI $37,026 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$473.4K
$414.2K – $552.3K
NOI $33,139 @ 7.0% cap · market cap 3.40%
Theoretical Best
Specialty Retail
$796.6K
$697.0K – $929.3K
NOI $55,759 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,282
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 - Two-story multifamily building with mixed unit layouts, a garage component, and individually metered apartments.
Where is this quadplex located?
The property is located at 937 3rd St South Lake Tahoe, CA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Four‑unit multifamily property with one two‑bedroom/one‑bath and three one‑bedroom/one‑bath apartments; 2,228‑square‑foot, two‑story building on approximately 0.50 acre; Rented commercial yard and garage component included
