$495,000 Active
439 Ala Wai Boulevard #104
South Lake Tahoe, CA 96150
✓ STR Allowed — Permit Required
City of South Lake Tahoe requires a Vacation Home Rental (VHR) permit — capped at roughly 900 permits citywide (residential zones), so availability varies. Verify current permit availability before counting on rental income.
2 Beds
·
1.5 Baths
·
916 Sq Ft

About This Property

A charming and updated single story, end unit in the Tahoe Keys. Step through the rear sliding doors onto a lush lawn that stretches down to your boat dock - perfect for enjoying endless summer days out on the lake. The property offers sweeping water and mountain views, including Heavenly Ski Resort. Open beam ceilings create a warm mountain ambiance, while the living room is centered by a character-rich wood burning stove, and the kitchen has been tastefully remodeled. Down the hall sits two bedrooms, a full bathroom and a powder room. The Tahoe Keys POA features two pools, private beaches, hot tubs, tennis courts, a playground, security and so much more. Just minutes to world-class-skiing, the casinos and all that South Shore has to offer - your Tahoe escape awaits!

Listed by Chris Hernandez — Compass

Listing Details

Status Active
MLS # 143332
Sold Date 1800-01-01
Price/Sq Ft $540

Property History

Aug 07, 2026
Listed for sale
$495,000
Property Overview
Beds 2
Baths 1.5
Sq. Ft. 916
Lot Size 0.03 acres
Year Built 1970
Property Type Condominium
Subdivision Cove South 3
County El Dorado
STR Jurisdiction South Lake Tahoe
APN 022281020000
Exterior & Lot
Exterior Features Bear-Proof Trash Can, Boat Dock
Lot Features Water Front
View Canal, Mountains, Meadow, Forest, Ski Resort
Construction Wood Frame, Rock
Roof Flat
Foundation Slab
Utilities & Systems
Heating Forced Air, Natural Gas
Financial
HOA Fee $5,896 / Quarterly
HOA & Community
Community Amenities Pool, Tennis, Hot Tub, Club House, Additional Parking, Security, Beach, Dock, 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 — 439 Ala Wai Boulevard #104, South Lake Tahoe

Est. Annual Revenue
$37,234
Avg Nightly Rate
$194
Projected Occupancy
52.7%
Cap Rate
3.0%
Structural Score: 53 / 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
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% ($99,000)
Home price
$495,000
Loan details
30-yr fixed, 6.5%
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