$4,350,000 Active
225 S Martin Drive Drive
Zephyr Cove, NV 89448
⚠ No New VHR Permits — Zephyr Heights/Knolls at Cap
All 38 of Zephyr Heights/Knolls's vacation-rental permits are issued (county data, Oct 1, 2026). New applicants join Douglas County's waitlist, and permits don't transfer with a sale.
📋 STR Permit on File
Douglas County's public short-term-rental registry shows a permit on file for this home.
5 Beds
·
6.5 Baths
·
5,773 Sq Ft

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About This Property

Experience the grandeur of this extraordinary Tudor-style Tahoe estate, where Old World character meets modern luxury against one of Lake Tahoe's most spectacular backdrops. Perched on a premier cul-de-sac in desirable Zephyr Heights, the residence commands sweeping, unobstructed southwest-facing views stretching from the slopes of Heavenly to the distant North Shore. Recently revitalized with extensive improvements, including a new roof, this distinctive residence encompasses nearly 5,800 square feet of refined mountain living. A dramatic castle-inspired entry introduces an interior rich in character, with custom stonework, exposed-beam ceilings, warm wood finishes, and expansive walls of glass framing Lake Tahoe like a living work of art. The upper-level primary suite is a private sanctuary unto itself, featuring two fireplaces, central air conditioning, a private office, oversized walk-in closet, and an impressive spa-inspired bath. A soaking tub occupies a turreted alcove overlooking the lake, complemented by a glass-enclosed shower with panoramic views. Step onto the private deck for a front-row seat to Tahoe's legendary sunsets. An adjacent loft-style sixth suite with its own bath provides additional flexibility for guests, an office, or private retreat. At the heart of the home, the updated chef's kitchen features quartz countertops, dual center islands, stainless steel appliances, and beautifully crafted cabinetry. An octagonal formal dining room creates a memorable setting for entertaining, while the lakeview living room is anchored by a dramatic stone fireplace and complemented by a built-in wet bar and distinctive sunken conversation area. Expansive glass doors extend the living space onto a generous lakeview deck. The lower level is designed for recreation and extended stays, offering a second full kitchen, spacious family and game areas, art studio, dry sauna, 300-bottle wine cellar, and direct access to the spa patio. Multiple additional bedroom suites create exceptional flexibility for family, guests, or multigenerational living. Outside, newly installed pavers, tiered stone patios, and professional landscaping complement the home's storybook architecture. Relax in the hot tub while taking in a remarkable panorama of Lake Tahoe and the surrounding Sierra. Additional features include forced-air heating, multiple split-system air-conditioning zones, a two-car garage with additional driveway parking, a private stone stairway providing access to the lower level, and a separate off-street parking area accommodating two additional vehicles—a particularly valuable amenity in Tahoe's hillside communities. Despite its private setting, the property is just minutes from Stateline, Heavenly, Edgewood Tahoe, and the renowned beaches and recreation of Lake Tahoe's Nevada East Shore. Whether envisioned as a full-time residence, an exceptional Tahoe retreat, or a legacy estate for generations to come, this is a rare opportunity to own a truly distinctive home with an unforgettable view. Owner financing may be available to qualified buyers. The seller also owns the adjacent buildable lot, which is currently offered separately—presenting a unique opportunity for additional privacy, expansion, or a complementary future residence. Property photographs may include digital enhancements and/or virtual staging. Actual property condition may vary.

Listed by Craig Zager — Coldwell Banker Select ZC

Listing Details

Status Active
MLS # 260012674
Price/Sq Ft $754

Property History

Oct 02, 2026
Listed for sale
$4,350,000
Property Overview
Beds 5
Baths 6.5
Sq. Ft. 5,773
Lot Size 0.24 acres
Stories 3
Year Built 1980
Property Type Single Family Residence
Subdivision Zephyr Heights
County Douglas
STR Jurisdiction Douglas County
APN 1318-10-417-055
Parking
Garage Spaces 2
Total Parking 2
Parking Features Attached, Garage, Garage Door Opener, Under Building
Attached Garage Yes
Exterior & Lot
Exterior Features Dog Run, None
Lot Features Artificial Turf, Cul-De-Sac, Landscaped, Sloped Down, Sprinklers In Front, Sprinklers In Rear
View City, Mountain(s), Ski Resort, Trees/Woods
Construction Stone Veneer, Stucco, Other
Roof Composition, Pitched, Shingle
Foundation Crawl Space, Full Perimeter, Pillar/Post/Pier, Slab, Stone
Utilities & Systems
Heating Electric, Forced Air, Natural Gas
Cooling Electric, Wall/Window Unit(s)
Financial
Annual Tax $14,768
Schools
Elementary School Zephyr Cove
Middle School Whittell High School - Grades 7 + 8
High School Whittell - Grades 9-12
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STR Investment Analysis

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

STR Investment Analysis

STR analysis
STRUCTURAL SCORE —
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PROJECTED GROSS ANNUAL REVENUE
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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

$24,340 per month
Principal & interest
$21,996/mo
Property taxes
$1,231/mo
The seller's current bill, from the MLS: a Nevada bill doesn't reset when a home sells.
HOA dues
$0/mo
From MLS listing data.
Home insurance
$1,113/mo
Estimated ~$10,800–$15,900/yr — get a local broker quote for accuracy.
Down payment
20% ($870,000)
Home price
$4,350,000
Loan details
30-yr fixed, 6.5%
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