4-Unit Multifamily
For Sale
$975,000
937 3rd Street, South Lake Tahoe, CA 96150
Multi-Family, South Lake Tahoe, CA
Property Size2,228 SF
Lot Size0.50 Acres
Price / SF$437.61
Days on Market51
Property Features for 937 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Window features
Double Pane Windows
Fireplace
1
Subdivision
Tahoe Island Park
Standard status
Active
APN
023311030000
Utilities
Heating system
Fireplace(s), Electric (Heating), Space Heater
Amenities
washer/dryer hookups
Building Details
Year built
1949
Building materials
Wood Frame
Roof type
Composition
Listing Agency:
NAI Tahoe Sierra
Listed By:
Thomas Fair
Added: Aug 26
Changed: Sep 17
Last Checked: Oct 15 at 9:06AM
MLS# 143408
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.
Located at 937 3rd Street in South Lake Tahoe, this 1949 wood-frame property contains four apartments within a two-story, 2,228-square-foot building. 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 elements beyond the residential units.
Three apartments are occupied under month-to-month arrangements, while the one-bedroom apartment connected to the garage carries an annual lease. Each unit has separate metering, and three apartments include washer and dryer hookups. Building systems include electric heating with space heaters, fireplaces, and a composition roof.
Three apartments are occupied under month-to-month arrangements, while the one-bedroom apartment connected to the garage carries an annual lease. Each unit has separate metering, and three apartments include washer and dryer hookups. Building systems include electric heating with space heaters, fireplaces, and a composition roof.
Key Highlights
- Four‑unit configuration with one two‑bedroom apartment and three one‑bedroom apartments
- 2,228‑square‑foot, two‑story building constructed in 1949
- Rented commercial yard provides an additional property component
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,026
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
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
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?
Quadplex - Two-story building with mixed apartment layouts, garage space, individual metering, and a rented commercial yard.
Where is this quadplex located?
The property is located at 937 3rd Street 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 configuration with one two‑bedroom apartment and three one‑bedroom apartments; 2,228‑square‑foot, two‑story building constructed in 1949; Rented commercial yard provides an additional property component
