Apartments for Sale in Mammoth Lakes
Three highly sought-after multi-family opportunities centrally located in the heart of Mammoth Lake’s Sierra Valley Sites. These three complexes consist of 13-units over three buildings and reflect first rate accommodations for residential apartment living in Mammoth Lakes.
The interior and exterior of the apartments have been maintained according to a regimented replacement schedule with recent capital expenditures and other improvements on all buildings. These properties reflect ideal investment opportunities for the investors looking for long term stable income in Mammoth Lakes. The location of the complexes is perfect for tenants as they are close to public transportation, government offices, shopping, local restaurants, and employment.
This is an ideal long-term opportunity for the investor looking to acquire a turnkey multi-family asset.
Investment Highlights
- 13 Doors in three Buildings
- 2 x Fourplexes with private garages
- 1 x Five Unit Building
- Well Maintained
- No Vacancies
Property Descriptions
The properties being offered are three building, situated on three separate parcels in the Sierra Valley Sites Subdivision.
168 Mono and 169 Lupin: Two contiguous properties, each with four units per property. Both properties were built by John Hooper in 1990. Each consists of three, two-bedroom, one-bath units and a one, two-bedroom, two-bath unit. Each individual unit has its own laundry, woodstove, and garage. There two additional tandem garages within each building currently occupied by the owner or rented separately from the apartments. Click here for a 3-D image of one of the units
Actual rents in these buildings $1,550 to $1,800 for the two-bedroom, one bath units, and $1,623 to $1,750 for the two-bedroom, two bath units. Given the strong rental market and rates based on recent leases, $1,800 would be a reasonable rent for the two-bedroom, one bath units and $1,900 would be reasonable for the two-bedroom, two bath units. Increasing current rents to “market” to would be subject to recent changes in California Law AB 1482. See rent summary herein.
Owner has intentionally kept rents below market during the Covid-19 pandemic to remain compliant with Covid-19 laws, accommodate good paying tenants and to ensure timely payment of rents during a period in which tenant permitted to defer rents
Either property could be an opportunity for an appropriate buyer to live in one unit while renting the remainder, while taking advantage of owner occupied financing.
363 Manzanita: A five-unit complex built in 1975 by John Hooper and consisting of five, two-bedroom and one-bath units. The building has common on-site laundry facilities consisting of two, coin operated washers and dryers.
Unlike the four-unit properties above, these units do not have individual garages. The property has been remodeled since its original construction and reflects a good condition in comparison to competing buildings in the area.
A new roof was installed in 2012 and the exterior was painted in 2018. Actual rents for the property range from $1,428 to $1,550 per month, with market support for rents at $1,800 as demonstrated by a recent rental 169 Lupin and a competing property on Joaquin Road. Because this property consists of more than four units, lending guidelines will be slightly different than the other two properties. Here is a 3-D tour of one of the units
363 Manzanita is zoned Residential Multi-Family or RMF-1, which does not permit transient rentals.
Residential Real Estate Market – Mammoth Lakes
The single family residential real estate market plays an important role in multi-family market for a variety of reasons:
- As single-family housing and condominium prices increase in Mammoth Lakes, market rents tend to follow suit as new owners find the need to cover expenses.
- The COVID-19 Pandemic has increased the demand for housing in semi-rural communities like Mammoth Lakes
- Second homeowners are finding nightly rentals to be a convenient method of using their new home/condo when its not being rented on a nightly basis
- With the evolution of Airbnb, VRBO and other nightly rental services, owners are finding transient rentals to be more profitable than long term rentals, as a result the supply of long-term housing is diminishing, and rates have been increasing.
Single Family Homes (Shown above)
The Mammoth Lakes single family home market has been experiencing strong increases since 2011, with the most notable increases in 2021. The most recent increase is attributed to low interest rates and increasing demand for semi-rural living (quality of life). For more detailed information, please visit our Mammoth Lakes Market Report as of March 2021.
Condominium Market
The condominium market is the largest residential market for Mammoth Lakes. Prices for condominiums have been increasing over the same period as the single-family home market, however increases have been more gradual. Because most condominium projects encourage nightly rentals, the nightly rental market for these property types has been the primary contributor to the increase demand for multi-family housing.
