$739,000 Active
357 Ala Wai Boulevard #209
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.
3 Beds
·
2.0 Baths
·
1,400 Sq Ft

About This Property

At the very end of the Tahoe Keys, the water feels less like an amenity and more like the setting. This townhome sits in the last cove before open water, where the walk to your boat slip comes with a view of Heavenly and the marina fuel dock is right on the way out. The slip is protected by a rip rap stone wall rather than the steel bulkhead system, removing one of the biggest assessment unknowns for waterfront buyers. Inside, the home has the warmth people hope for in Tahoe without feeling overdone. The main level is reached without stairs and opens to a comfortable living area with exposed beams, pine ceilings, walnut-finish LVP flooring, and a brick surround gas fireplace. The kitchen opens naturally to the living and dining areas, with knotty alder cabinetry, slab granite counters, stainless appliances, and an elevated bar for extra seating. The back deck carries the living space outside with room to barbecue and a small view of the lake. Upstairs, the main bedroom has its own private balcony and lake view, with two additional bedrooms and a second bath nearby. The property is offered fully furnished and ready to use, down to the linens. Across the street, the Tahoe Keys amenities bring the private beach, pool, pier, courts, dog park, and marina lifestyle within easy reach. Add in the upcoming Suntex marina improvements and the City's updated VHR ordinance allowing condo and townhome STR permits, and the upside is hard to ignore.

Listed by Mark Salmon — Compass

Listing Details

Status Active
MLS # 142992
Sold Date 1800-01-01
Price/Sq Ft $528

Property History

May 28, 2026
Listed for sale
$739,000
Property Overview
Beds 3
Baths 2.0
Sq. Ft. 1,400
Lot Size 0.02 acres
Year Built 1966
Property Type Townhouse
Style Contemporary
Subdivision Cove Townhouses 2
County El Dorado
STR Jurisdiction South Lake Tahoe
APN 022101024000
Exterior & Lot
Exterior Features Boat Slip
Lot Features Backs to Lagoon
View Mountains, Lake, Filtered
Construction Wood Frame, Wood Siding
Roof Flat
Foundation Concrete/Crawl Space
Utilities & Systems
Heating Forced Air, Natural Gas
Financial
HOA Fee $1,700 / Monthly
HOA & Community
Community Amenities Pool, Tennis, Spa, Hot Tub, Club House, Security, Beach, Dock, Pier, Boat Launch, Marina, Park
📊

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 #209, South Lake Tahoe

Est. Annual Revenue
$53,641
Avg Nightly Rate
$395
Projected Occupancy
38.0%
Cap Rate
2.9%
Structural Score: 59 / 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
From MLS listing data.
Home insurance
$0
Insurance estimate only — Tahoe wildfire-zone rates vary; get a local broker quote for accuracy.
Down payment
20% ($147,800)
Home price
$739,000
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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