4-Unit Multifamily
New
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 Market6
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
Space Heater, Electric (Heating), Fireplace(s)
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: Aug 27
Last Checked: Aug 31 at 7:06AM
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 = 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
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
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
