$2,100,000 Active
227 S Martin
Zephyr Cove, NV 89448
✓ STR Allowed — Permit Required
Douglas County NV STR permit required. Check HOA rules — many communities in this area restrict short-term rentals.

About This Property

This rare vacant lot located in Zephyr Heights boasts a breathtaking panoramic lake view and comes with TRPA-approved plans for a brand-new mountain modern home. The home will span three levels of luxurious living, beginning with a dramatic street-level entrance that includes an elevator for ease of access. The main level will feature two spacious bedroom suites, a large great room with a cozy living area with fireplace, a powder bathroom, a fully equipped designer kitchen, and a convenient laundry room—each space designed to showcase the stunning southwest lake views. On the second level, two additional lake-view bedroom suites will provide the perfect private retreats, along with a versatile family/theatre/game room designed for relaxation and entertainment. The third level is dedicated to a separate bedroom suite, offering the potential for a lock-off design with private outside access—ideal for guests or as an independent living space. With its exceptional design and awe-inspiring views, this property is set to become the ultimate mountain retreat. Legal Disclaimer: Property photos may include digital enhancements and/or virtual staging. Actual property condition may differ.

Listed by Craig Zager — Coldwell Banker Select ZC

Listing Details

Status Active
MLS # 250004253
Days on Market 398

Property History

Jan 02, 2026
Listed for sale
$2,100,000
Property Overview
Lot Size 0.21 acres
Property Type Land
Subdivision Zephyr Heights
County Douglas
STR Jurisdiction Douglas County
APN 1318-10-417-054
Exterior & Lot
Lot Features Sloped Down, Steep Slope, Corners Marked
View Mountain(s), Trees/Woods
Financial
Annual Tax $206
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

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%

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% ($420,000)
Home price
$2,100,000
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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