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168 Mono Street

Mammoth Lakes, CA 93546
  • $1,205,000
  • STATUS: Active Under Contract
  • ON SITE: 93 days
  • MLS #: 210223
Under Contract
UPDATED: 10 min ago
$1,205,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1990

School Ratings & Info

Description

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). 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. The owner is also selling 363 Manzanita (5 units). Selling as a package, or not, is negotiable. Income does not include potential rent for owner occupied tandem garage, for which market rent is estimated at $500 per month. Net income provided herein reflects current taxes and doesn't incorporate Capital Improvements over the past 3 years. Actual Expenses in 2020 were $30,451. Gross Annual Market Rents are estimated to be $93,600. Call for detailed Offering Package. https://youtu.be/1L2Fp

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© 2021 Mammoth Lakes Board of Realtors. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Rebecca Garrett - Mammoth Realty Group. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Data last updated: 2021-06-18T20:51:23.63.

Licensed in the State of California.
www.rebeccagarrett.com/homes/115132981
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168 Mono Street Mammoth Lakes, CA 93546

  • Price: $1,205,000
  • Status: Active Under Contract
  • Updated: 10 min ago
  • MLS #: 210223
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1990
Built
Neighborhood:
Sierra Valley Sites I
Area:
Mammoth Lakes
Property Description
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). 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. The owner is also selling 363 Manzanita (5 units). Selling as a package, or not, is negotiable. Income does not include potential rent for owner occupied tandem garage, for which market rent is estimated at $500 per month. Net income provided herein reflects current taxes and doesn't incorporate Capital Improvements over the past 3 years. Actual Expenses in 2020 were $30,451. Gross Annual Market Rents are estimated to be $93,600. Call for detailed Offering Package. https://youtu.be/1L2Fp
Exterior Features

Exterior FrameWood SidingT1-11 Exterior Amenities Paved Driveway Garage Capacity Four + Garage Type Attached Garage Landscaping None Lot Description Level Porch Patio Covered Balcony Roof Metal

Interior Features

Appliances DishwasherGarbage DisposalRefrigeratorMicrowave Cooling None Fireplace Wood StoveIn Living Room Heating Forced Air Interior Amenities Smoke Detector Laundry Main Level Unit1 Approx Sq Ft 863 Unit1 Baths 2 Unit1 Bedrooms 2 Unit1 Furnished No Unit2 Approx Sq Ft 820 Unit2 Baths 1 Unit2 Bedrooms 2 Unit2 Furnished No Unit3 Approx Sq Ft 820 Unit3 Baths 1 Unit3 Bedrooms 2 Unit3 Furnished No Unit4 Approx Sq Ft 820 Unit4 Baths 1 Unit4 Bedrooms 2 Unit4 Furnished No Water Heater Electric Windows Double Pane

Property Features

Gas Propane Gross Annual Income 78885 Hoa Amount 0 List Type CommercialResidential Income & Vacant Land Listing Agreement Lot Unit Parcel 18 Orientation North Sewer Public Sewer Terms CashConventional Type Fourplex Unit1 Rent 1624 Unit2 Rent 1750 Unit3 Rent 1550 Unit4 Rent 1650 Water Public Water Zoning Rmf-1

Listing provided courtesy of Cynthia Fleming of Mammoth Lakes Resort Realty.
© 2021 Mammoth Lakes Board of Realtors.


© 2021 Mammoth Lakes Board of Realtors. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Rebecca Garrett - Mammoth Realty Group. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Data last updated: 2021-06-18T20:51:23.63.

Licensed in the State of California.
 
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Rebecca Garrett - Mammoth Realty Group
501 Old Mammoth Road PO Box 100 - PBM #574
Mammoth Lakes CA, 93546