$2,100,000 Active
227 S Martin
Zephyr Cove, NV 89448
✓ STR Allowed — Permit Required
Douglas County NV STR permit required — the county allots only about 600 permits and availability is hit-and-miss, so expect a possible waitlist. Check HOA rules too — 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%

Land Coverage (TRPA)

Tahoe Regional Planning Agency impervious-coverage budget for this parcel

Room to build
46 sq ft covered of 100 sq ft allowed
54 sq ft of coverage still available to add.
Parcel Size
10,028 sq ft
Allowed Coverage
100 sq ft · 1%
Existing Coverage
46 sq ft · 0%
Addable Coverage
54 sq ft
IPES Score
537.0

TRPA caps how much of each Tahoe Basin parcel can be covered by impervious surfaces — buildings, driveways, decks. Figures come from TRPA's public parcel data and are estimates; verify before relying on them for a build or purchase.

Verify on Tahoe Info ↗

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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