$718,000 Active
439 Ala Wai Boulevard #117
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
·
3.0 Baths
·
1,462 Sq Ft
Virtual Tour

About This Property

Waterfront Townhouse in the Tahoe Keys. This 3-bedroom, 3-bath townhouse is a rare corner unit offering beautiful water and mountain views along with abundant natural light. The downstairs living area features updated laminate flooring, open beam ceilings, and a cozy wood-burning fireplace. Just off the living room is a private waterfront patio with a storage area, a spacious grassy lawn, and an easy-to-navigate deep-water boat slip.The main level also includes a bedroom and full bathroom. Upstairs are two bedrooms and two bathrooms including a primary suite with panoramic views and an en-suite bathroom. The suite has a private balcony with southern and western mountain views complete with a hammock to relax in after a day on the lake.Additional features include an oversized dedicated parking space with room for bikes directly out front, a new forced-air heating system, new water heater, and newer double-pane windows.Whether you're looking for a second home, short-term rental opportunity, or full-time residence, this waterfront townhouse offers a great setting in the Tahoe Keys.Tahoe Keys homeowners enjoy access to tennis courts, pickleball and basketball courts, indoor and outdoor pools, private beaches, security, and more.The bulkhead in this cove was recently replaced, and the assessment has already been paid in full!

Listed by Brent Johnson — Chase International - South Lake Tahoe

Listing Details

Status Active
MLS # 142824
Sold Date 1800-01-01
Price/Sq Ft $491

Property History

Apr 29, 2026
Listed for sale
$718,000
Property Overview
Beds 3
Baths 3.0
Sq. Ft. 1,462
Lot Size 0.03 acres
Stories 2
Year Built 1971
Property Type Townhouse
Subdivision Cove South C
County El Dorado
STR Jurisdiction South Lake Tahoe
APN 022361029000
Parking
Parking Features 0.00
Exterior & Lot
Exterior Features Boat Slip
Lot Features Water Front
View Mountains,Lagoon
Construction Wood Frame,Vinyl Siding
Roof Pitched
Foundation Slab
Utilities & Systems
Heating Forced Air,Natural Gas
Cooling Forced Air,Natural Gas
Financial
HOA Fee $5,335 / Quarterly
HOA / Community South Tahoe Association of Realtors
HOA & Community
Community Amenities Pool,Tennis,Hot Tub,Additional Parking,Security,Beach,Dock,Pier,Boat Launch,Park,Other/See Remarks
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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 — 439 Ala Wai Boulevard #117, South Lake Tahoe

Est. Annual Revenue
$58,015
Avg Nightly Rate
$424
Projected Occupancy
38.4%
Cap Rate
3.2%
Structural Score: 54 / 100 (Standard) · 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% ($143,600)
Home price
$718,000
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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