$998,000 Active
1041 Fern Road
South Lake Tahoe, CA 96150
⏳ STR — New Permits Waitlisted
City of South Lake Tahoe VHR permit required — the city's 900-permit residential cap was reached on August 21, 2026; new applications outside the Tourist Core are waitlisted. There is no guarantee a new owner will obtain a permit, and permits do NOT transfer on sale. Do not count on rental income without a permit in hand.
10 Beds
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About This Property

Four-unit multifamily investment property at 1039 & 1041 Fern, South Lake Tahoe, CA, offering four fully leased units walking distance to Stateline casinos and the new Target-anchored Heavenly Village shopping center. This turnkey fourplex generates $6,720 in monthly gross rent across a mix of 2- and 3-bedroom floor plans, ideal for an investor seeking immediate cash flow near Heavenly Mountain Resort.Unit 1039 #1 is a 2-bedroom, 1-bath layout. Unit 1039 #2 offers 3 bedrooms and 1 bath. Unit 1041 #1 is the largest of the four, a 3-bedroom, 2-bath unit. Unit 1041 #2 rounds out the property with 2 bedrooms and 1 bath. All four units include ranges and refrigerators that convey with the sale, and three of the four units include in-unit washers and dryers that convey as well.Located minutes from Lake Tahoe Boulevard, the property sits within walking distance of Stateline, NV, and the area's newest retail and grocery development, putting tenants close to dining, casinos, and daily conveniences without a car. Heavenly Mountain Resort's gondola and base facilities are a short drive away, a consistent draw for year-round tenant demand.Current rents are largely at market with clear upside for a new owner to capture rent growth across the unit mix. Offered at a 6.17% cap rate on current income, this is an attractive setup for a 1031 exchange buyer seeking a stabilized, income-producing asset in one of Tahoe's tightest rental markets. With gross rents of $6,720 per month against modest fixed operating costs, this fourplex offers a straightforward path to consistent cash flow just steps from Stateline and Heavenly.

Listed by Ryan Smith — Compass

Listing Details

Status Active
MLS # 143502
Days on Market 23

Property History

Sep 17, 2026
Listed for sale
$998,000
Property Overview
Beds 10
Lot Size 0.23 acres
Year Built 1945
Property Type Quadruplex
Subdivision Pinewood Park
County El Dorado
STR Jurisdiction South Lake Tahoe
APN 029331004000
Exterior & Lot
Construction Wood Frame, Wood Siding
Roof Pitched, Metal
Foundation Concrete/Crawl Space
Utilities & Systems
Heating Natural Gas, Wall or Space Heater
Cooling None
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STR Investment Analysis

See projected rental revenue, occupancy rates, and investment scores.

STR Investment Analysis

STR analysis
STRUCTURAL SCORE —
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PROJECTED GROSS ANNUAL REVENUE
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Avg Nightly
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Occupancy
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Cost Segregation Tax Savings

Estimated first-year bonus depreciation savings

Estimated First-Year Tax Savings
$0
via bonus depreciation
Land Value
$0
Improvement Basis
$0
5-Year Property (18%)
$0
15-Year Property (10%)
$0
Estimates are for informational purposes only and do not constitute tax advice. Consult a qualified CPA or tax professional for your specific situation. Actual savings depend on individual tax circumstances.

Payment calculator

$6,260 per month
Principal & interest
$5,046/mo
Property taxes
$910/mo
1.0946% of the price, El Dorado County's 2025-26 rate, plus direct charges: California re-assesses a home at its sale price.
HOA dues
$0/mo
From MLS listing data.
Home insurance
$304/mo
CA FAIR Plan + DIC estimate, ~$3,400–$3,900/yr — wildfire-zone rates vary; not a bindable quote.
Down payment
20% ($199,600)
Home price
$998,000
Loan details
30-yr fixed, 6.5%
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