Apartments for Sale in Mammoth Lakes
- 168 Mono Street
- 169 Lupin Street
- 363 Manzanita Street
168 Mono Street:
Highly sought after and well maintained Residential Income Opportunity! Four units with 6 garages(1 garage for each unit and 2 tandem garages currently rented separately). Three 2 Bed/1 Bath units, one 2 Bed/2 Bath unit.
Each unit has its own private laundry, woodstove and forced air heating. Exterior was painted in the summer of 2020, new metal roof installed 2018 and all tenants have paid rents in full, even during Covid 19.
The owners of this fourplex have maintained this property to a strict maintenance schedule with $69,187 in capital improvements the past 3 years alone; includes replacement of the roof, new appliances, new woodstoves, exterior painting, replacement of stairs, and much more.
The great condition of this property is what separates it from most other income properties in Mammoth Lakes. Rents have been kept below market during Covid-19 in an effort to ensure timely rent payments; all tenants have stayed current during the pandemic.
Market rents are higher than actual rents and can be increase as each short term lease expires. Rents are renewable under State AB-1482 can meet current market rents within 2 years. (assumes 5% increases under the law with only a 1% CPI increase).
Call for detailed Offering Package with Income and Operating Statement.
169 Lupin Street:
In addition to this subject property being offered for sale, the owner also has 169 Lupin Street (nearly identical project) being sold for the same price. 169 Lupin is contiguous to 168 Mono Street and would be a great opportunity to take advantage of economies of scale.
353 Manzanita:
The owner is also selling 363 Manzanita (5 units). Owner prefers to sell all three properties to one buyer. Income does not include potential rent for owner occupied garage, for which market rent is approximately $500 per month.
Make sure you are familiar with the woodstove ordinances in Mammoth Lakes.
Stay up to date on the Mammoth Lakes Real Estate Market with our Monthly Market Report.
Here is a link to California Assembly Bill 1482. All apartment owners should make sure they are familiar with the laws and regulations as they relate to residential rental property.
