$4,395,000 Active
120 State Route 28 #24
Crystal Bay, NV 89402
✓ STR Allowed
Washoe County has no STR permit caps. No HOA restrictions found — single-family homes are generally allowed.
2 Beds
·
2.5 Baths
·
1,810 Sq Ft
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About This Property

At the highest point within Stillwater Cove, Residence #24 commands elevated waterfront views across the northern edge of Lake Tahoe, framing Incline Village and Diamond Peak in the distance. From this vantage, the marina and shoreline sit below while mountain ridgelines rise beyond, creating a layered perspective that feels private and composed. This generously scaled two-bedroom is designed for year-round comfort, balancing gathering spaces upstairs with quiet retreat below. The main living area is anchored by a wood-burning fireplace and wrapped in rich Tahoe textures. Dark wood floors, warm tones, grass cloth walls, granite countertops, and custom built-ins give the home depth and presence. Subtle architectural detail in the ironwork reinforces the alpine aesthetic without competing with the view. The upper deck functions as a true outdoor dining area, oriented toward the same expansive water views. It reads as a natural extension of the great room, with lake and ridgeline as the backdrop. Downstairs, the primary suite offers its own fireplace and private patio overlooking the lake, along with a walk-in closet and oversized bath that enhance the sense of scale. The secondary bedroom features custom built-ins and generous proportions consistent with the home’s footprint. A generous half bath for guests on the main floor. Full laundry room with dedicated storage supports practical, long-term use. Stillwater Cove is a gated lakefront enclave defined by privacy, architectural consistency, and resort-level amenities. Residents enjoy a private sandy beach, full-service marina with buoy field and gas dock, heated lakefront pool and spa, fitness center, tennis courts, and a seasonal lakeside restaurant. The grounds are professionally managed and meticulously maintained, setting this community apart from typical lakefront condominium offerings. With Nevada tax advantages and access to Incline Village recreation amenities, Residence #24 offers elevated lake living within one of North Lake Tahoe’s most exclusive waterfront settings.

Listed by Camille Duvall-Hero — Sierra Sotheby's Int - Rock

Listing Details

Status Active
MLS # 20260256
Days on Market 32
Price/Sq Ft $2,428

Property History

Mar 01, 2026
Listed for sale
$4,395,000
Property Overview
Beds 2
Baths 2.5
Sq. Ft. 1,810
Stories 2
Year Built 1980
Property Type Residential
Style Old Tahoe
Subdivision SurroundingArea
County Washoe
STR Jurisdiction Washoe County
APN 123-272-17
Parking
Parking Features Two
Financial
HOA Fee $2,200
HOA / Community https://stillwatercovehoa.com/
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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%

STR Investment Summary — 120 State Route 28 #24, Crystal Bay

Est. Annual Revenue
$181,818
Avg Nightly Rate
$1554
Projected Occupancy
32.0%
Cap Rate
1.7%
Structural Score: 55 / 100 (Premium) · STR Zone: Green

Based on comparable vacation rental performance data for Crystal Bay. Revenue projections are estimates and may vary.

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
Home insurance
$0
Estimate only — wildfire zone rates vary. Contact a local broker for an accurate quote.
Down payment
20% ($879,000)
Home price
$4,395,000
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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