Cached Property: Easier way?

In .NET 3.5 or earlier, what you have is a very standard practice, and a fine model.

(Although, I would suggest returning IList<T>, or IEnumerable<T> if possible, instead of List<T> in your public API - List<T> should be an implementation detail...)

In .NET 4, however, there is a simpler option here: Lazy<T>. This lets you do:

private Lazy<IList<Note>> notes;
public IEnumerable<Note> Notes
{
    get
    {
        return this.notes.Value;
    }
}

// In constructor:
this.notes = new Lazy<IList<Note>>(this.CalcNotes);

As far as syntax goes, you can use the null-coalescing operator if you want to be fancy, but it's not necessarily as readable.

get
{
    return notes ?? (notes = CalcNotes());
}

Edit: Updated courtesy of Matthew. Also, I think the other answers are more helpful to the question asker!