5-Unit Multifamily For Sale, June Lake CA

$2,888,000 | Fully Leased | 20 Minutes from Mammoth Lakes

25 Howard Ave, June Lake, CA 93529

If you’re searching for a 5-unit multifamily property in the Eastern Sierra, this is very likely the only one that fits that description right now. The Acorns is a purpose-built, 2024-construction five-plex on 0.43 acres, a short walk from Gull Lake, and about 20 minutes from Mammoth Lakes — close enough to draw on Mammoth’s tourism and workforce housing demand, without the price tag that usually comes with owning something inside Mammoth’s town limits.

At a glance

Why June Lake, and why 20 minutes from Mammoth matters

Most multifamily inventory that comes up near Mammoth Lakes is either inside Mammoth itself — where prices run considerably higher — or older construction that needs work. The Acorns splits the difference: it’s brand new, fully stabilized, and it’s positioned close enough to Mammoth that it benefits from the same tourism and workforce demand without competing on Mammoth’s price-per-unit.

Mammoth Mountain draws more than 2.5 million visitors a year, and Mammoth Lakes now employs over 6,000 full-time service and hospitality workers — many of them looking for housing in exactly the price range and unit type this property offers. June Lake picks up a meaningful share of that overflow demand, at a fraction of what a comparable property inside Mammoth would cost per door.

It’s about a 3-minute drive to June Mountain Ski Area, 5 minutes to June Lake Village, and roughly 20-25 minutes to Mammoth Lakes’ shopping, dining, and the Mammoth Yosemite Airport.

What’s included

Each of the five units is identical: 2 bedrooms, a loft, 1.5 bathrooms, stone countertops, stainless appliances, a pellet stove plus electric heat, in-unit washer and dryer, and a private deck. Construction is genuinely built for the climate here rather than a typical wood-frame cabin — steel-reinforced concrete foundations, interior fire sprinklers, Hardie board siding, and R-45 insulation throughout, including under the floors.

The financial case, briefly

Rents are currently $2,500 a month per unit. Comparable units in June Lake are leasing for $2,800 to $3,000 or more, which means there’s a fairly direct path to another $18,000-$30,000 in annual NOI as leases turn over — without any capital improvements. Expenses run lean, around 24% of gross income, since the construction is new and tenants cover their own utilities. A condo map has also been engineered for the property, pending Mono County and DRE approval, which could open the door to selling units individually down the line.

See the full investment breakdown, financials, and underwriting details →

Get in touch

Joey Head Balboa Real Estate | DRE #02236414 (760) 709-8070