1212 Melba Drive South Lake Tahoe CA 96150 MLS #142951

Rare South Lake Tahoe investment and development opportunity situated on approximately one acre in one of the area’s most desirable locations. Just minutes from Camp Richardson, Lake Tahoe beaches, bike trails, shopping, dining, and year-round recreation, this unique property offers immediate rental income along with exceptional future development potential.The existing income-producing property consists of four rental units across three separate structures, including two 1-bedroom, 1-bath residences, one 2-bedroom, 2-bath residence, and a studio apartment above Unit C. All units are currently occupied by long-term month-to-month tenants, providing flexibility for future plans while generating steady cash flow.According to the City of South Lake Tahoe, the site offers outstanding redevelopment possibilities with the potential for up to 25 units per acre. Additional land coverage may be purchased, allowing up to 70% site coverage. Current coverage is approximately 6,875 square feet with a base allowable coverage of 13,104 square feet. The property also includes approximately 16,251 square feet of banked coverage that may be utilized onsite for future development or potentially sold separately. Maximum allowable coverage is approximately 30,492 square feet, creating a rare opportunity for a developer, investor, or builder seeking a premier multifamily project in the heart of South Lake Tahoe.Surrounded by towering pines and conveniently located near Camp Richardson Marina, Emerald Bay, Fallen Leaf Lake, Heavenly Ski Resort, and countless outdoor amenities, this property combines an unbeatable location with significant upside potential. Whether you’re looking to expand your investment portfolio, develop multifamily housing, or hold for future appreciation, opportunities of this size and scale are increasingly rare in South Lake Tahoe.Please do not disturb tenants. Showings are available only with proper notice, and some units may not be accessible until an accepted offer is in place. Buyer to verify all development potential, coverage allowances, and land use opportunities with the City of South Lake Tahoe. Short-term vacation rentals are not permitted.