3781 W Line St, Bishop, CA 93514
9 Units in Eastern Sierra Nevadas | All-Cash Buyer w/ Federal Grant
Sold: $2,400,000
Property Highlights
9 Units sitting on 1.81 Acres just outside of Bishop
Client purchased the property for $1.7 million less than two years ago and successfully sold it for $2.4 million
All-cash buyer, government grant for Dept of Health & Human Services
Large, beautiful property with multiple creeks and a large pond
Strong Day 1 Cashflow, currently sitting at 6.34% Cap Rate
Majority of units recently remodeled and re-rented
Property has received $300K - $400K of recent capital improvements including interior remodels, new exterior paint, concrete driveway / walkways, automatic sprinkler system and newer copper water lines
Property features 8 separate “single family” style structures, comprising 9 units in total
Oversized 1.81 acre lot dotted with old growth trees and 1,000 SqFt trout pond; Backdrop of the Eastern Sierra Nevadas.
Supply constrained Bishop home and rental market; nearby to Mammoth Lakes ski resort and recreation area
Delivered with 5 vacant units
New buyer may be able to build 1-3 ADUs on the vacant back portion of the lot
Record-breaking sale achieved for the property
The Deal Story
The Glaser Group is please to announce the successful closing of 3781 W Line St, a remarkable 9-unit investment property located in Bishop, CA. This picturesque property spans a 1.81-acre lot featuring a 1,000-square-foot trout pond, mature trees, and multiple creeks running through the grounds. The site comprises 8 separate “single-family” style structures, offering 9 units with a total of 4,937 square feet of living area. The front 4-bedroom main house includes a spacious private garage.
This transaction marks a record-breaking multifamily sale in the Bishop area, sold for $486/SF. Our client originally purchased the property less than two years ago for $1.7 million. Leveraging strategic property improvements and market timing, we successfully represented our client in closing the sale with an all-cash buyer for $2.4 million a testament to the value added through their investment and our expertise.
The asset has been sold to a nonprofit organization receiving an all-cash grant from the Department of Health and Human Services. This organization plans to transform the tranquil property in the Eastern Sierra Nevadas into a rehab and recovery center, located just 40 miles from Mammoth Mountain.
The property has undergone extensive capital improvements totaling $300K–$400K, including interior remodels, new exterior paint, a concrete driveway and walkways, an automatic sprinkler system, and updated copper water lines. Many units have been recently remodeled and re-rented, with five units able to be delivered vacant. Additionally, the vacant back portion of the lot presents the opportunity to build 1–3 ADUs. Currently, the property provides strong Day 1 cash flow with a 6.34% cap rate.
Bishop, CA, nestled in the scenic Owens Valley and surrounded by the majestic Sierra Nevada mountain range, offers a compelling multifamily investment market. Known as the gateway to the Eastern Sierra region, including Mammoth Mountain, Bishop attracts outdoor enthusiasts and tenants alike. With a highly supply-constrained home and rental market, strong demand for both long- and short-term rentals, and the property’s renovated condition and stunning location, 3781 W Line St represents a premier multifamily investment opportunity.
If you're interested in exploring a similar sale or purchase, please shoot us an email or call us at 310-230-5157. We'd be happy to help.
Exclusively Listed and Sold By:
Jake Glaser
(310) 230-5157
jake@lyonstahl.com
