$739,000 Active
357 Ala Wai Boulevard #209
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.
3 Beds
·
2.0 Baths
·
1,400 Sq Ft

About This Property

At the very end of the Tahoe Keys, the water feels less like an amenity and more like the setting. This townhome sits in the last cove before open water, where the walk to your boat slip comes with a view of Heavenly and the marina fuel dock is right on the way out. The slip is protected by a rip rap stone wall rather than the steel bulkhead system, removing one of the biggest assessment unknowns for waterfront buyers. Inside, the home has the warmth people hope for in Tahoe without feeling overdone. The main level is reached without stairs and opens to a comfortable living area with exposed beams, pine ceilings, walnut-finish LVP flooring, and a brick surround gas fireplace. The kitchen opens naturally to the living and dining areas, with knotty alder cabinetry, slab granite counters, stainless appliances, and an elevated bar for extra seating. The back deck carries the living space outside with room to barbecue and a small view of the lake. Upstairs, the main bedroom has its own private balcony and lake view, with two additional bedrooms and a second bath nearby. The property is offered fully furnished and ready to use, down to the linens. Across the street, the Tahoe Keys amenities bring the private beach, pool, pier, courts, dog park, and marina lifestyle within easy reach. Add in the upcoming Suntex marina improvements and the City's updated VHR ordinance allowing condo and townhome STR permits, and the upside is hard to ignore.

Listed by Mark Salmon — Compass

Listing Details

Status Active
MLS # 142992
Days on Market 88
Sold Date 1800-01-01
Price/Sq Ft $528

Property History

May 28, 2026
Listed for sale
$739,000

Sale History · changed hands 1×

Sold Price Listing agent (sell side) Buyer agent (buy side)
Jul 2006 · county record $570,000 Deed record — brokerage sides not reported

MLS closed sales, with duplicate ingestions collapsed and lease records excluded, so each row is a distinct transaction. Rows marked county record come from the assessor's deed data, which reaches back further than the MLS feed.

Property Overview
Beds 3
Baths 2.0
Sq. Ft. 1,400
Lot Size 0.02 acres
Year Built 1966
Property Type Townhouse
Style Contemporary
Subdivision Cove Townhouses 2
County El Dorado
STR Jurisdiction South Lake Tahoe
APN 022101024000
Exterior & Lot
Exterior Features Boat Slip
Lot Features Backs to Lagoon
View Mountains, Lake, Filtered
Construction Wood Frame, Wood Siding
Roof Flat
Foundation Concrete/Crawl Space
Utilities & Systems
Heating Forced Air, Natural Gas
Financial
HOA Fee $1,700 / Monthly
HOA & Community
Community Amenities Pool, Tennis, Spa, Hot Tub, Club House, Security, Beach, Dock, Pier, Boat Launch, Marina, Park
📊

STR Investment Analysis

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

STR Investment Analysis

Yellow Zone
STRUCTURAL SCORE Premium
59
PROJECTED GROSS ANNUAL REVENUE
$30K – $50K typically ~$38,315
~$3,193 per month
Avg Nightly
$202
Occupancy
52%
Cap Rate
2.1%

STR Investment Summary — 357 Ala Wai Boulevard #209, South Lake Tahoe

Est. Gross Annual Revenue
$30K – $50K
typically ~$38,315
Avg Nightly Rate
$202
Projected Occupancy
52.2%
Cap Rate
2.1%
Structural Score: 59 / 100 (Premium) · STR Zone: Yellow

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
1,039 sq ft covered of 247 sq ft allowed
This parcel exceeds its TRPA coverage allowance. New building typically requires removing existing coverage or acquiring transferable coverage rights.
Parcel Size
1,039 sq ft
Allowed Coverage
247 sq ft · 24%
Existing Coverage
1,039 sq ft · 100%
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% ($147,800)
Home price
$739,000
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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