The Acorns Village: 5-Unit Multifamily Property For Sale in June Lake, CA
The Acorns Village is a new-construction multifamily property at 25 Howard Ave in June Lake, California — five identical detached cabins completed in 2024 on 0.43 acres, a two-minute walk from Gull Lake and 20 minutes from Mammoth Lakes. The property is 100% leased and operating, which means a buyer takes over an income property that performs from day one: no lease-up period, no permit risk, no deferred maintenance. Seller financing is available.
Investment property of this kind effectively does not come to market in the Eastern Sierra. Roughly 94% of Mono County is publicly owned land, and 125 building permits were issued countywide in 2024 — one of the lowest totals in California. New multifamily near Mammoth Lakes is constrained by geography and entitlement, not by the market cycle. As far as local MLS and broker records show, The Acorns is the only purpose-built multifamily property constructed in June Lake in the past decade.
At a glance
| Address | 25 Howard Ave, June Lake, CA 93529 |
| Price | $2,888,000 |
| Price per unit | $577,600 |
| Price per sq ft | ~$525 |
| Units | 5 identical detached cabins |
| Layout | 2BR + loft, 1.5BA |
| Unit size | ~1,050 sq ft each |
| Building size | 5,500 sq ft total |
| Lot size | 0.43 acres |
| Stories | 2 |
| Year built | 2024 |
| Occupancy | 100% leased |
| Zoning | RMF |
Investment highlights
Five Detached Units on 0.43 Acres
Investors searching for an apartment building for sale near Mammoth Lakes tend to land here, and the first thing worth saying is that this isn’t one. There is no single structure, no shared walls, no common corridors, no shared entry. It is five standalone cabins on one 0.43-acre parcel, each on its own foundation.
The income profile is exactly what a buyer looks for in a small apartment complex — five doors, one parcel, one loan, stabilized rents. The physical asset is better. Because the units are physically separate, the engineered condo map is viable in a way it would not be for a conventional apartment building: individual units can be sold off rather than the asset trading only as a single block. And every unit gets what an attached five-plex structurally cannot offer — a private deck, dedicated parking, no shared walls, and light on all four sides. The tenant experience is a detached home; the ownership economics are multifamily. In a workforce rental market where the competition is older cabins and converted units, that is what keeps this property full.
Finishes and layout
All five units are identical: approximately 1,050 square feet, two bedrooms plus a loft, 1.5 baths. Open-concept great room with vaulted ceilings, stone countertops, stainless appliances, a pellet stove alongside electric heat, in-unit washer and dryer, private deck, and dedicated parking. Total building area is approximately 5,500 square feet across the five structures.
Built for a High-Fire Mountain Market
The build spec is commercial-grade rather than typical wood-frame mountain cabin, and it belongs in the underwriting rather than the amenities list:
- Steel-reinforced concrete foundation with steel posts welded to 40-foot I-beams
- Interior fire sprinklers in every unit
- Hardie board siding
- Fire-rated steel roofing
- R-45 insulation throughout, including under floors
- Dual-glazed windows
In a wildfire-exposed market where insurance availability and pricing have become the deciding factor on a lot of Eastern Sierra transactions, this specification is not a cosmetic detail. In-place insurance is $2,960 annually across all five units. The R-45 envelope and dual glazing also hold operating costs down through Eastern Sierra winters, which is a large part of why tenant-paid utilities are workable here and why the expense ratio sits at 24.4%.
Financials
| Gross income | $150,000 |
| Operating expenses | $36,560 |
| Net operating income | $113,440 |
| Cap rate (in place) | 3.93% |
| GRM | 19.25 |
| Expense ratio | 24.4% |
Expense detail
| Insurance | $2,960 |
| Property taxes | $21,800 |
| Maintenance and repairs | $3,000 |
| Utilities | $0 — tenant paid |
| Landscaping and snow removal | $4,000 |
| Property management | $4,800 |
| Total | $36,560 |
Property taxes reflect the current assessed value of $2,066,307. California reassesses at transfer, so a buyer’s taxes will be based on their purchase price at the prevailing Mono County rate.
Rent upside
In-place rents are $2,500 per month per unit. Comparable cabins in June Lake are leasing at $2,800 to $3,000. That gap was deliberate — rents were set conservatively to stabilize the property quickly after construction wrapped, not because the market wouldn’t bear more.
Leases are 6-month and month-to-month, so the gap is reachable on a normal renewal cycle rather than a multi-year hold: roughly $18,000 to $30,000 in additional annual NOI, with no capital improvements and no repositioning. Expenses are already lean at 24.4% of gross, so that lift drops close to fully through to NOI.
Seller financing is available.
Location: June Lake, 20 Minutes from Mammoth Lakes
| Destination | Distance | Travel time |
| Gull Lake | 0.2 miles | 2 minute walk |
| June Lake Village | 0.5 miles | 5 minute walk |
| June Mountain Ski Area | 1 mile | 3 minute drive |
| Mammoth Lakes | 20 miles | 20 minute drive |
| Mammoth Yosemite Airport | 25 miles | 25 minute drive |
| Yosemite East Gate | 24 miles | 30 minute drive |
Market
June Lake sits 20 miles from Mammoth Lakes — close enough to draw directly on the Mammoth workforce, without Mammoth’s price per door. The supply picture is most of the story:
- Approximately 94% of Mono County land is publicly owned
- 125 building permits issued countywide in 2024, among the lowest totals in California
- 4–5% rental vacancy
- Mammoth Mountain and June Mountain together draw more than 2.5 million visitors annually, and Mammoth Lakes and Mono County together employ over 6,000 full-time service and hospitality workers
The demand this property serves is long-term workforce housing. Mono County restricted short-term rentals in December, and the underwriting here does not depend on nightly rates or seasonal occupancy. It depends on year-round employees at Mammoth Mountain, June Mountain, and the surrounding hospitality economy who need somewhere to live and have very little to choose from. That is what supports the rents, and it is why the property leased to full occupancy without a marketing push.
About June Lake
June Lake anchors the June Lake Loop, a 16-mile scenic route linking June, Gull, Silver, and Grant lakes. June Mountain Ski Area is three minutes away. The Pacific Crest Trail runs through the area, and trailheads to Parker, Fern, and Yost lakes start within a few miles of the property. Gull Lake, two minutes on foot, holds a healthy trout population and public docks. Mono Lake’s tufa formations are a short drive east; Yosemite’s east entrance is about 30 minutes past that. Mammoth Lakes adds Mammoth Mountain, Devil’s Postpile National Monument, hot springs, and the region’s main shopping and dining.
For an owner, this matters for one specific reason: it is why people take year-round jobs here and stay in them. Tenant retention in a resort-economy rental market tracks closely with whether the location is somewhere people actually want to live through a winter. June Lake is.
Investor FAQ
Is this an apartment building or apartment complex for sale?
No, and that distinction is most of the reason to look at it. The Acorns Village is a five-unit detached multifamily property — five standalone cabins on a single 0.43-acre parcel, no shared walls, no common structure. Buyers searching for an apartment building for sale in June Lake, or an apartment complex for sale near Mammoth Lakes, generally end up here because no such building exists in this market and this is the closest equivalent: five doors, one parcel, one loan, fully stabilized. What it adds over an attached building is an engineered condo map, a private deck and dedicated parking for every unit, and a fire-resilient detached construction spec.
Are individual units available to rent?
No. All five units are currently leased, and this listing is the sale of the entire property. The Acorns Village does not lease units individually to the public and is not accepting rental applications.
Is seller financing available?
Yes. Seller financing is available on this property. Structure, rate, and term are detailed in the offering memorandum, which downloads directly with no form required.
Does this work for a 1031 exchange?
The Acorns Village is a stabilized, income-producing commercial property, and it is commonly considered by buyers completing a 1031 exchange — new construction, no near-term capital needs, and immediate income on close. Whether it qualifies for any particular exchange depends on the buyer’s circumstances and should be confirmed with a qualified intermediary and tax advisor.
What is the status of the condo map?
A condo map has been engineered for the property and is pending approval from Mono County and the California DRE. Because the five units are detached structures rather than a single apartment building, the map is considerably more straightforward than a conventional condo conversion. Buyers should treat it as potential upside rather than a certainty until approvals are final.
Can the units be operated as short-term rentals?
No. Mono County restricted short-term rentals in December. The property is underwritten on long-term workforce housing rather than nightly rates, and in-place leases are 6-month and month-to-month.
How far is the property from Mammoth Lakes?
20 miles, roughly a 20-minute drive. June Mountain Ski Area is a 3-minute drive, June Lake Village is a 5-minute walk, and Mammoth Yosemite Airport is about 25 minutes.
Request the Offering Memorandum or Schedule a Tour
Joey Head
Balboa Real Estate | DRE #02236414
(760) 709-8070
