June Lake Multifamily Investment: The Acorns Village, 20 Minutes from Mammoth Lakes
There aren’t many places left in the Eastern Sierra where you can buy a brand-new, fully leased multifamily property. The Acorns is one of them — five identical cabins built in 2024 on Howard Ave in June Lake, a few minutes’ walk from Gull Lake and about 20 minutes from Mammoth Lakes.
Asking price: $2,888,000 In-place cap rate: 3.93% on $113,440 NOI Address: 25 Howard Ave, June Lake, CA 93529
The property is fully leased right now, which means whoever buys it starts collecting rent on day one. No lease-up period, no waiting on permits, no guessing about whether the units will fill. That’s a different kind of deal than most of what comes up in this market, where inventory tends to be raw land or older cabins that need work.
What’s actually there
Five cabins, each built to the same 2-bedroom-plus-loft, 1.5-bath layout, roughly 1,050 square feet apiece — about 5,500 square feet total on a 0.43-acre lot. Every unit has its own washer and dryer, a pellet stove plus electric heat for the cold months, stone countertops, and a private deck. The kind of things that make winter in the Eastern Sierra livable rather than something tenants tolerate.
The construction itself is worth pausing on, because it’s not typical mountain-cabin building. Each cabin sits on a steel-reinforced concrete foundation with steel I-beams underneath — commercial-grade, not the usual wood-frame approach. Every unit has an interior fire sprinkler system and Hardie board siding, which matters a lot in a wildfire-prone region and should keep insurance costs down over time. Insulation is rated to R-45 throughout, including under the floors, which is the difference between a cabin that’s comfortable in January and one that isn’t.
There’s also a condo map already engineered for the property — it still needs sign-off from Mono County and the DRE, but once that’s in place it opens up the option to sell the units individually down the road instead of only as a single package.
The numbers
The property currently brings in $150,000 a year in gross rent and nets $113,440 after expenses — a lean operating profile, with total expenses running around $36,560 a year, or about 24% of gross income. That’s low for multifamily, mostly because the construction is new (nothing’s broken yet) and tenants pay their own utilities.
Here’s the part that matters most for anyone underwriting this deal: rents are currently $2,500 a month per unit, and comparable cabins in June Lake are leasing for $2,800 to $3,000 or more. That gap wasn’t an oversight — rents were set conservatively to get the property leased up fast after construction wrapped. As leases turn over, there’s a realistic path to $18,000–$30,000 in additional annual NOI without touching a single wall, just by bringing rents to where the rest of the market already sits.
| Gross Income | $150,000/year |
| NOI | $113,440/year |
| Cap Rate (in-place) | 3.93% |
| Price/Unit | ~$577,600 |
| Price/SF | ~$525 |
| GRM | ~19.25x |
| Operating Expense Ratio | ~24.4% |
Why the location does a lot of the work here
June Lake sits about 20 minutes from Mammoth Lakes — close enough to draw on Mammoth’s tourism economy and workforce housing demand, without carrying Mammoth’s price tag. Mammoth Mountain alone pulls in over 2.5 million visitors a year, and Mammoth Lakes and the surrounding area now employ more than 6,000 full-time service and hospitality workers, a lot of whom are looking for exactly this kind of housing and not finding much of it.
That’s really the core of the opportunity: Mono County is almost entirely public land — about 94% of it — which means new construction is rare almost by law rather than by market cycle. Only 125 building permits were issued countywide in 2024, one of the lowest totals in California. The Acorns is, as far as we can tell from local MLS and broker records, the only newly built, purpose-constructed multifamily property in June Lake, and one of very few anywhere in Mono County over the past decade. When supply is constrained like that, a property that already exists and already works tends to hold its value differently than one you’d have to build yourself.
From the property, it’s about a 2-minute walk to Gull Lake, 5 minutes to June Lake Village, and 3 minutes by car to June Mountain Ski Area. Mammoth Lakes — with its shopping, dining, and the Mammoth Yosemite Airport — is roughly 20-25 minutes away, and Yosemite’s east entrance is about 30 minutes further.
Who this fits
This is a good fit for a few different kinds of buyers: someone doing a 1031 exchange who wants new construction and low near-term capital needs rather than a value-add project, someone looking for a straightforward income property in a market that isn’t getting any more supply, or a smaller multifamily investor who wants exposure to a resort economy without paying Mammoth Lakes prices. Buyers should independently verify local rent regulation exemptions given the newer construction date, and treat the condo conversion as a potential upside rather than a guaranteed one, since county and DRE approval hasn’t been finalized.
Get the full package
The financials above are the summary version. If you want the full underwriting package — unit-by-unit breakdown, expense detail, and photos — reach out and we’ll send it over.
Joey Head Balboa Real Estate | DRE #02236414 (949) 285-6047
