Here is a commercial/investment property in Mammoth Lakes. The original owner/developer of the property is retiring……In the 1980’s I thought I would partially focus on commercial real estate in Mammoth Lakes. I liked particular aspects of that segment of the market. But I soon learned that there wasn’t enough commercial turnover to warrant putting that much energy into it. I’ve watched several brokers over the decades try to make it a specialty and fail. But I have kept my finger on the pulse of the commercial market and have been involved in a variety of commercial transactions over the years. And I have sat through numerous commercial property tax appeals from all over Mono County.
Based on the low interest rate environment of the last couple of years, the “investment” segment of the Mammoth market has seen substantial demand and activity. Apartment project values have increased substantially despite the fact that rents have not risen during the same period. Commercial properties that have stable tenants have also performed well (and those with plenty of vacancies haven’t).
So here is a property that was built/developed in 1989. It is a combination of retail (major glass company, a small shop and small market), office space and warehouse. The location on Sierra Manor Road is just behind Old Mammoth Road and just down from VONS. The lumber yard/hardware store is across the street. There are similar buildings on the street. It currently a small “contractor’s row” but there are tech-based companies moving into the vicinity. The building has excellent solar aspect and frontage. It is a total of 9,483 square feet and currently generates ~$8,500 per month in rents. The expenses are low. Priced at $1,299,000