169 Lupin Mammoth Lakes, CA 93546

$1,205,000 N/A N/A
Price Bedrooms Bathrooms
Price has dropped 7.7% since 3/15/2021 Price History
Status: Active

MLS #: 210224

Fourplex Sq. Feet: N/A
On Site: 30 Days Lot Size: N/A
Neighborhood: See All Properties for Sale in Sierra Valley Sites I
DESCRIPTION
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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 168 Mono Street (nearly identical project) being sold for the same price. 168 Mono is contiguous to 169 Lupin Street and would be a great opportunity to take advantage of economies of scale. The owner is also selling 363 Manzanita (5 units). Owner prefers to sell all three properties to one buyer, but negotiable. 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.
ARCHITECTURE
Year Built: 1990
Construction: frame, metal siding, t1-11
Number of Units: 4
Roof: metal
FEATURES / AMENITIES
Unit 2: Bedrooms: 2 / Baths: 1 / Approx. Sq. Ft.: 820 / Furnished: NoUnit 3: Bedrooms: 2 / Baths: 1 / Approx. Sq. Ft.: 820 / Furnished: No
Interior Features: carpet, smoke detector
Features Exterior: covered balcony
Appliances: dishwasher, garbage disposal, refrigerator, microwave
Woodstove / Fireplace: wood stove, in living room
Heat: forced airUnit 1: Bedrooms: 2 / Baths: 2 / Approx. Sq. Ft.: 863 / Furnished: No
PROPERTY FEATURES
Lot: covered balcony, level
Garage: 4 + spaces, Attached Garage
Lot Access: paved driveway
Zoning: RMF-1
COMMUNITY, TAX AND RELATED INFO
Area: Mammoth Lakes
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Listing Information Last Updated 4/13/2021
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