$975,000 Active

937 3rd Street

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.

5 Beds

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About This Property

937 3rd Street is a four-unit multifamily investment property in South Lake Tahoe featuring a diversified unit mix of one two-bedroom/one-bath apartment, three one-bedroom/one-bath apartments, and a rented commercial yard. The property's current residential rents are well below prevailing market levels, offering investors meaningful potential income upside. Three apartments are occupied on month-to-month terms, while the one-bedroom unit associated with the garage is on an annual lease. All units are individually metered, and three of the four units feature washer/dryer hookups. Built in 1949, the two-story, 2,228-square-foot building sits on approximately 0.50 acre and provides existing in-place income, a garage component, and additional revenue from the yard.

Listed by Thomas Fair — NAI Tahoe Sierra

Listing Details

Status Active

MLS # 143408

Days on Market 48

Property History

Aug 26, 2026

Listed for sale

$975,000

Property Overview

Beds 5

Year Built 1949

Property Type Quadruplex

Subdivision Unavail

County El Dorado

STR Jurisdiction South Lake Tahoe

APN 023311030000

Exterior & Lot

Construction Wood Frame

Roof Composition

Foundation Concrete/Crawl Space

Utilities & Systems

Heating Electric, Wall or Space Heater, Fireplace

Cooling None

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STR Investment Analysis

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

STR Investment Analysis

Red Zone

STRUCTURAL SCORE Standard

No revenue projection. Short-term rental permits are not currently obtainable here — the local jurisdiction has reached its permit cap or is waitlisting all new applications.

STR Investment Analysis

STRUCTURAL SCORE

PROJECTED GROSS ANNUAL REVENUE

Avg Nightly

Occupancy

Cap Rate

Est. NOI Net Operating Income = annual gross rental revenue minus operating expenses (cleaning, property management, taxes, insurance, HOA, utilities, maintenance, supplies) — but before mortgage payments.

We estimate it as NOI = Projected Annual Revenue × 40%, assuming ~60% of gross goes to operating expenses on a typical Tahoe STR.

NOI feeds the cap rate below: Cap Rate = NOI ÷ List Price.

MONTHLY REVENUE

AVERAGE DAILY RATE

ADJUSTED OCCUPANCY

Estimates based on 2024-2025 comparable rental performance. Actual results vary.

STR Investment Summary — 937 3rd Street, South Lake Tahoe

No revenue projection. Short-term rental permits are not currently obtainable here — the local jurisdiction has reached its permit cap or is waitlisting all new applications.

Structural Score: 52 / 100 (Standard) · STR Zone: Red

Land Coverage (TRPA)

Tahoe Regional Planning Agency impervious-coverage budget for this parcel

Room to build

5,756 sq ft covered of 6,566 sq ft allowed

810 sq ft of coverage still available to add.

Parcel Size

21,886 sq ft

Allowed Coverage

6,566 sq ft · 30%

Existing Coverage

5,756 sq ft · 26%

Addable Coverage

810 sq ft

Existing Units

TRPA caps how much of each Tahoe Basin parcel can be covered by impervious surfaces — buildings, driveways, decks. Estimated coverage — data: TRPA GIS / Tahoe Open Data. The only authoritative determination of coverage and land capability is a Land Capability Verification through TRPA; actual allowable coverage can differ due to verifications, transfers, banked coverage, or deed restrictions.

TRPA parcel fact sheet ↗ How the Basin compares

Home Insurance Estimate

California FAIR Plan fire policy + a DIC wrap policy, the usual Tahoe setup

$3,200 – $3,800/yr

about $292/mo

Est. Rebuild Cost (Coverage A)

$585,000

FAIR Plan (fire)

$2,700/yr

DIC wrap (theft, water, liability)

$500 – $1,100/yr

Estimate from this ZIP's California FAIR Plan rates (Plan data as of 6/30/2026, with the 29.1% increase effective 10/15/2026) on an estimated rebuild cost, plus a DIC policy at 20–40% of the FAIR premium. Not a bindable quote; a local broker quote depends on the home's age, roof, defensible space and claims history.

See it in the monthly payment Tahoe wildfire insurance costs

Cost Segregation Tax Savings

Estimated first-year bonus depreciation savings

Estimated First-Year Tax Savings

via bonus depreciation

Land Value

Improvement Basis

5-Year Property (18%)

15-Year Property (10%)

Tax Bracket:

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

$6,111 per month

Principal & interest

$4,930/mo

Property taxes

$889/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

$292/mo

CA FAIR Plan + DIC estimate, ~$3,200–$3,800/yr — wildfire-zone rates vary; not a bindable quote.

Down payment

20% ($195,000)

Home price

$975,000

Loan details

30-yr fixed, 6.5%

Start Time

End Time

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