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About This Property
Steps from Heavenly Ski Resort, this South Lake Tahoe triplex is a rare multifamily investment property in one of Tahoe's most in demand rental markets. Whether you're searching for a Lake Tahoe investment property, a South Lake Tahoe multifamily home for sale, or your next long-term rental income property, this triplex delivers location, upside, and flexibility.Positioned just down the hill from Heavenly's Ski Resort base areas, this basecamp property puts owners and tenants minutes from world class skiing, snowboarding, and year round mountain recreation. Over 10 acres of protected Conservancy and Forest Service land sit directly across the street, preserving a true mountain cabin feel rarely found this close to the action. Stateline's casinos, restaurants, and shops are just down the road, keeping this property in constant demand from long-term renters, which means low vacancy risk for investors.The triplex includes three distinct living spaces:* A spacious 3 bedroom, 1.5 bath chalet style home, ready for a new owner's renovation vision* A private 1 bedroom, 1 bath unit with its own separate entrance off Larch Avenue, ideal for house hacking or standalone rental income* A studio unit, not currently habitable, offering the option to rebuild, expand, or potentially bank and sell the unit with TRPA approvalThis flexible layout supports multiple investment strategies: live in one unit while renting the others for passive income, or hold all three as a pure buy and hold rental property. With South Lake Tahoe's well documented shortage of long-term rental housing, this property answers real local demand while offering an attractive entry point for investors seeking value add real estate near a major ski resort.This is a rare opportunity to acquire a multi-unit property near Heavenly Village, add value through renovation or redevelopment, and capture long-term rental income in one of the Sierra Nevada's most resilient real estate markets. Bring your vision and take advantage of this South Lake Tahoe value add investment before it's gone.
Listing Details
Property History
STR Investment Summary — 1151 Keller Road, South Lake Tahoe
Land Coverage (TRPA)
Tahoe Regional Planning Agency impervious-coverage budget for this parcel
TRPA caps how much of each Tahoe Basin parcel can be covered by impervious surfaces — buildings, driveways, decks. Existing coverage is TRPA's satellite estimate; allowed coverage uses TRPA's verified land class when one is on file, otherwise TRPA's estimate — data: TRPA GIS / Tahoe Open Data, LT Info. 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 comparesHome Insurance Estimate
California FAIR Plan fire policy + a DIC wrap policy, the usual Tahoe setup
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
