$648,000 Active
357 Ala Wai Boulevard #191
South Lake Tahoe, CA 96150
✓ STR Allowed — Permit Required
City of South Lake Tahoe requires a Vacation Home Rental (VHR) permit. Permits are available citywide.
2 Beds
·
1.5 Baths
·
1,012 Sq Ft

About This Property

Cove 2 is already one of the best positions in the Tahoe Keys, but this single-level townhome takes it a step further. Set in the 357 block of Ala Wai and about as close to Lake Tahoe as you can get within the Keys, this zero-stair residence offers rare ease, privacy, and immediate access to the water. Its end-unit setting avoids the boxed-in feel of sharing two common walls and opens to an oversized lagoon-front patio with space to dine, lounge, BBQ, store water toys, and actually enjoy the setting. The boat slip is the kind of detail that changes how you use the property. Just roughly 400 feet from the main channel out to Lake Tahoe, it keeps boating simple while framing a direct view toward Heavenly Ski Resort and distant Freel Peak. Tahoe Keys Marina is moments away with fuel, launch services, rentals, charters, and full marina support, while Suntex's planned 2027 renovation adds another layer of upside. The vision is a more polished marina experience with upgraded boating infrastructure, dining, retail, and gathering areas, all directly across the marina waterway and just a short paddleboard ride from this unit. Inside, the residence has been tastefully updated and comes completely turnkey with Restoration Hardware furnishings and elevated decor throughout. Recent improvements include new flooring, fresh paint, RH lighting, a Navien on-demand water heater, high-efficiency furnace, and custom built-in bunks that make the layout even more functional for family and guests. Across the street, Tahoe Keys amenities include the private beach, indoor and outdoor pools, tennis, pickleball, and more. Easy to use, hard to duplicate, and ready the moment you arrive.

Listed by Mark Salmon — Compass

Listing Details

Status Active
MLS # 142844
Sold Date 1800-01-01
Price/Sq Ft $640

Property History

May 03, 2026
Listed for sale
$648,000
Property Overview
Beds 2
Baths 1.5
Sq. Ft. 1,012
Lot Size 0.03 acres
Stories 1
Year Built 1966
Property Type Townhouse
Style Contemporary
Subdivision Cove Townhouses 2 Res
County El Dorado
STR Jurisdiction South Lake Tahoe
APN 022101006000
Parking
Parking Features 0.00
Exterior & Lot
Exterior Features Storage Shed,Boat Dock
Lot Features Backs to Lagoon
View Canal,Mountains,Ski Resort
Construction Wood Frame,Masonry,Rock
Roof Pitched,Tile
Foundation Concrete/Crawl Space
Utilities & Systems
Heating Forced Air,Natural Gas
Cooling Forced Air,Natural Gas
Financial
HOA Fee $1,700 / Monthly
HOA / Community South Tahoe Association of Realtors
HOA & Community
Community Amenities Pool,Tennis,Spa,Hot Tub,Club House,Security,Beach,Pier,Boat Launch,Marina,Park
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STR Investment Analysis

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

STR Investment Analysis

Permitted Zone
STRUCTURAL SCORE Excellent
87
PROJECTED ANNUAL REVENUE
$142,500 ($118K – $167K range)
~$11,875 per month
Avg Nightly
$485
Occupancy
68%
Cap Rate
5.2%

STR Investment Summary — 357 Ala Wai Boulevard #191, South Lake Tahoe

Est. Annual Revenue
$48,670
Avg Nightly Rate
$318
Projected Occupancy
41.5%
Cap Rate
3.0%
Structural Score: 55 / 100 (Premium) · STR Zone: Yellow

Based on comparable vacation rental performance data for South Lake Tahoe. Revenue projections are estimates and may vary.

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

$0 per month
Principal & interest
$0
Property taxes
$0
HOA dues
$0
Home insurance
$0
Estimate only — wildfire zone rates vary. Contact a local broker for an accurate quote.
Down payment
20% ($129,600)
Home price
$648,000
Loan details
30-yr fixed, 6.5%
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Murat Gocmen
Murat Gocmen
Managing Broker
CA DRE# 02235314 NV B.1003327.LLC

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