Prime Development Opportunity: 3721 Main Street, Mammoth Lakes
Hello, Mammoth Lakes enthusiasts! I’m Matthew Lehman from Matthew Lehman Real Estate, and I’m excited to share this outstanding new land listing, co-listed with Eric Leach of NextHome. If you’re looking to develop in one of California’s premier mountain destinations, 3721 Main Street delivers an exceptional combination of prime location, strong zoning potential, and immediate market momentum. Priced at $1,325,000 for 0.73 acres, this parcel is ready for mixed-use vision in the heart of town. Let’s explore why this is such a compelling opportunity.
Why We Love Living in Mammoth Lakes 2026 | Mammoth Lakes Real Estate
Property Overview: Prime Positioning and Accessibility
Located at the southern end of Main Street, this 0.73-acre parcel sits just east of the North Village Specific Plan area and under 500 feet from the renowned Sierra Star Golf Course. It features gently down-sloping topography with a convenient level building pad, and primary access via a northern frontage road off Main Street. The site enjoys free public transportation routes and offers 200 feet of frontage along Main Street for maximum visibility and traffic exposure.
This parcel bridges Mammoth’s central commercial corridor and The Village at Mammoth, the town’s top hub for dining, shopping, lodging, and year-round events. Its below-grade topography supports cost-effective under-building parking, while future development can capitalize on panoramic mountain vistas for enhanced appeal.
Key highlights:
| Feature | Details |
| Price | $1,325,000 |
| Acres | 0.73 |
| Price/Acre | $1,815,068 |
| FAR | 2.0 |
Zoning and Development Potential
Zoned Mixed Lodging Residential (MLR) per the Town of Mammoth Lakes’ current code, the property allows a Floor Area Ratio (FAR) of 2.0, enabling substantial mixed residential, lodging, and complementary uses like hotels, homes, and retail.
Development must account for height, setbacks, snow storage, parking, stepbacks, and other standards, but the site’s level pad and attributes make it highly feasible. For complete zoning or general plan details, visit the Town of Mammoth Lakes website. While the maximum FAR is 2.0, actual buildable area depends on compliance, nothing waives design requirements, ensuring balanced, high-quality growth.
Sierra Star Golf Course | Mammoth Mountain
Thriving Market: Recent Sales Insights
Mammoth Lakes’ development land market remains strong, fueled by tourism growth. Recent comparable sales along key corridors show robust demand:
| Property | Sale Date | Price | Acres | Price/Acre | Price/Foot |
| Village East Property | 9/28/2018 | $15,000,000 | 4.74 | $3,164,557 | $72.64 |
| Mammoth Crossing | 11/20/2024 | $21,500,000 | 9.02 | $2,383,592 | $54.72 |
| 3789 Main Street | 1/21/2021 | $2,075,000 | 0.96 | $2,161,458 | $49.62 |
| 5699 Minaret (Woodsite) | 10/31/2025 | $6,100,000 | 4.34 | $1,405,529 | $32.26 |
| Berner Property | 10/15/2019 | $3,025,000 | 2.1 | $1,440,476 | $33.06 |
| Nevados Site | 9/2/2018 | $5,750,000 | 2.58 | $2,228,682 | $51.16 |
| Rockspring/Nevados Site | 11/15/2022 | $7,750,000 | 2.58 | $3,003,876 | $68.96 |
| Limelight | 9/19/2019 | $7,900,000 | 6.23 | $1,268,058 | $29.11 |
| 5781 Minaret Road | 10/31/2025 | $3,000,000 | 3.21 | $934,579 | $21.45 |
| Mammoth View | 12/20/2025 | $8,000,000 | 5.50 | $1,454,545 | $33.39 |
These sales reflect proximity premiums, with the Village East Property’s reported $13,000,000 sale (pending verification in September 2025) highlighting ongoing upward trends. Note that Mammoth View, a recent comparable sale across the street, sold for $8,000,000 on 5.50 acres.
Peak Mammoth: A Benchmark Nearby
Peak Mammoth (formerly Mammoth Crossing), sold for $21,500,000 across 9.02 acres with 721 allowable rooms, sits just one block west. This premium transaction exemplifies the town’s pedestrian-oriented vision, with easy access to the Village Ski Gondola, transit hub, events plaza, shopping, and ski-back trails. It boosts values for nearby parcels like 3721 Main Street.
Current Developments: Momentum All Around
The immediate area is transforming rapidly, underscoring prime market potential:
- Rock Springs: Half a block west, under construction as a 5-story resort condo with 118 units, 198 bedrooms, and a 2,200 sq ft restaurant. Sold at $51.16/sq ft due to level topography and pre-mitigated housing.
- Minaret Parcel: 3.21 acres under contract, permitting 48 rooms/acre, adjacent to Peak Mammoth.
- Mammoth Hotel (Marriott): 101-room boutique hotel under construction two blocks north, with ground-floor retail and dining.
- Mammoth Mountain’s Main Lodge: 35.72-acre year-round redevelopment including a 250-key hotel, 209 residential units, retail, and recreation amenities.
Additional nearby projects include the Village East Property (reported $13M sale, prime gondola location), Limelight (151-room luxury hotel plus residences completing December 2025), and Woodsite Parcel (under contract, similar density potential near Sierra Star Golf Cours).
The Village at Mammoth- First Class Mammoth Lakes, CA Hotels- Business Travel Hotels in Mammoth Lakes | Business Travel News
Why Mammoth Lakes? Year-Round Appeal
Mammoth Lakes, in Mono County, serves as the gateway to the Eastern Sierras, just 40 minutes from Yosemite’s eastern entrance. Bordered by national forests with limited new supply, the market thrives on supply and demand principles. Mammoth Mountain Ski Area draws massive winter crowds (35,000–40,000 on peak weekends) and summer adventurers, enhanced by the IKON Pass and Alterra ownership. Air access via United to Bishop and seasonal flights supports growing tourism.
The Tourism Business Improvement District (TBID) drives marketing and subsidies, fueling sustained growth.
Ready to Develop Your Vision?
3721 Main Street offers rare, high-potential land in a dynamic area. Whether mixed lodging, residential, or retail, this parcel positions you for success. Contact me, Matthew Lehman, at Matthew Lehman Real Estate (760.934.1110), or Eric Leach at NextHome (949.690.5555) to discuss, view the site, or explore options. Let’s turn your Mammoth Lakes vision into reality!
The nearby Limelight project is completing in December 2025 as a 151-room luxury hotel with residential components, further elevating the hospitality profile of the community.
Why Mammoth Lakes?
Mammoth Lakes is one of California’s most unique resort towns. Located in Mono County along the Eastern Sierra and roughly 40 minutes from Yosemite’s eastern entrance, the town is surrounded by protected federal land, limiting supply and preserving its alpine character.
Year-round recreation, expanding air service into Bishop, and sustained tourism marketing through the Tourism Business Improvement District all contribute to a strong long-term growth trajectory.
In a market where developable land is limited and barriers to entry are high, well-located parcels like 3721 Main Street are increasingly rare.
Build Your Vision on Main Street
3721 Main Street represents an opportunity to participate in the next chapter of Mammoth’s evolution. Whether your vision includes boutique lodging, residential units, or a thoughtfully designed mixed-use project, this site offers flexibility, visibility, and momentum.
For more information or to discuss development potential in detail, contact:
Matthew Lehman
Matthew Lehman Real Estate
760.934.1110
Eric Leach
NextHome
949.690.5555
