Commercial Real Estate in Mammoth Lakes
While the commercial sector of the real estate market in Mammoth Lakes has been relatively slow over the past 7 years, the first quarter of 2014 is certainly bucking the trend. Over the past three months alone there have been three significant sales in the Mammoth Lakes area, all of which begin to define capitalization rates for the area.
The Mammoth Mall closed escrow in March 2014, for a rumored price of roughly $4,000,000 +/-. This 33,000 square foot building has been a key office and retail location for many locals over the years and under its new ownership, lease rates are being converted to gross lease rates free of fluctuating Common Area and Maintenance charges. The new owner is determined to fill the center with quality local offices and shops over the next 12 months.
The Tavern Road Property is three contiguous properties made up of 30 residential apartments, 12 storage units, 8 garages, and 7 commercial warehouse spaces. The three properties combined sit on 1.67 acres of land and generated an NOI of $292,000 and yielded a cap rate of 6.5%. This project sold on April 2, 2014 for $4,500,000 by Matthew Lehman Real Estate.
436 Old Mammoth Road also sold on April 2, 2014 at a sales price of $347,000, by Matthew Lehman Real Estate. This commercial condominium is located on a prime corner, Old Mammoth Road and Meridian Blvd.. The 1,850 square feet of space is occupied by an ATT retailer. This commercial condominium helps establish a capitalization rate of 7.3% for commercial condominium retail space in the immediate area.
In addition to the sales provided above, our office is seeing an increase commercial real estate activity, particularly with regard to larger development parcels.
Matthew Lehman Real Estate for residential and Commercial Real Estate in Mammoth Lakes. 760-934-1110. To search for Commercial or Industrial property on your own, just visit Search Commercial/Industrial