363 Manzanita

Description

Highly sought after and well maintained Residential Income Opportunity! Five units with 2 garages. There are five, 2 Bed/1 Bath units with common laundry. Rent for Unit #5 includes the use of one garage. All tenants have paid rents in full, even during Covid 19. The owners of this five unit project have maintained this property to a strict maintenance schedule with $32,422 in capital improvements over past 3 years; The great condition of this property is what separates it from most other income properties in Mammoth Lakes. Remodeled right before owner's purchase, nice kitchens, new roof June 2012-inspected every summer, exterior paint 2019, Rents have been kept below market during Covid-19 ensuring timely rent payments. freestanding woodstoves and wall heaters. 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. Most rents renewable 10/31/21. In addition to this property being offered for sale, the owner also has two fourplex units at 168 Mono Street and 169 Lupin street available for purchase. Great opportunity to take advantage of economies of scale. Owner prefers to sell all three properties to one buyer, but they are negotiable. Net income provided herein reflects current taxes and doesn't incorporate Capital Improvements over the past 3 years. Actual Expenses in 2020 were $32,595. Gross Annual Rents for 2021 are estimated to be $94,692 based on current rents. Expenses include 11% of gross for professional management costs, self-managing could increase Net Income substantially.