$495,000 Active
439 Ala Wai Boulevard #104
South Lake Tahoe, CA 96150
⏳ STR — New Permits Waitlisted
City of South Lake Tahoe VHR permit required — and as of August 21, 2026 ALL new permit applications are automatically waitlisted as the city approaches its 900-permit residential cap. There is no guarantee a new owner will obtain a permit, and permits do NOT transfer on sale. Do not count on rental income without a permit in hand.
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
Days on Market 31
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
📊

STR Investment Analysis

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

STR Investment Analysis

Red Zone
STRUCTURAL SCORE Standard
53
PROJECTED GROSS ANNUAL REVENUE
$25K – $60K typically ~$35,000
~$2,917 per month
Avg Nightly
$182
Occupancy
53%
Cap Rate
2.8%

STR Investment Summary — 439 Ala Wai Boulevard #104, South Lake Tahoe

No revenue projection. Short-term rental permits are not currently obtainable here — the local jurisdiction has reached its permit cap or is waitlisting all new applications.
Est. Gross Annual Revenue
$25K – $60K
typically ~$35,000
Avg Nightly Rate
$182
Projected Occupancy
52.7%
Cap Rate
2.8%
Structural Score: 53 / 100 (Standard) · STR Zone: Red

Based on comparable vacation rental performance data for South Lake Tahoe. Gross of management, cleaning and platform fees. Assumes full-year availability, professional management and dynamic pricing; owner use reduces it. Revenue projections are estimates and may vary.

Land Coverage (TRPA)

Tahoe Regional Planning Agency impervious-coverage budget for this parcel

Over coverage limit
902 sq ft covered of 372 sq ft allowed
This parcel exceeds its TRPA coverage allowance. New building typically requires removing existing coverage or acquiring transferable coverage rights.
Parcel Size
1,300 sq ft
Allowed Coverage
372 sq ft · 29%
Existing Coverage
902 sq ft · 69%
Addable Coverage
0 sq ft
Existing Units
1

TRPA caps how much of each Tahoe Basin parcel can be covered by impervious surfaces — buildings, driveways, decks. Estimated coverage — data: TRPA GIS / Tahoe Open Data. 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 ↗

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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