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401 Knight Avenue

Big Bear Lake, CA 92315
  • $3,750,000
  • STATUS: Active
  • ON SITE: 42 Days
  • ID#: OC22072988
UPDATED: 35 min ago
$3,750,000
  • 0
    BEDS
  • 0.46
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1947
County:

School Ratings & Info

Listing Agent(s): Irene Olsen of Vylla Home, Inc. (562-480-9884)


Description

Location Location Location. By the lake this beautifully remodeled inside & out themed cabins. Residentially zoned, short-term rental Lodge steps from Big Bear Lake. 5 unit Lodge offering a mix of 3 1-bed/1-bath units 1 2-bed/1-bath unit & 1 3-bed/1-bath unit. All units are separate single family homes/cabins with separate meters and 2 or more parking spaces per each unit. One unit has a washer/dryer in it. Larger laundry facility to be added to a separate storage area on lot. Based on the location, the units are occupied 98% of the year with primarily short term tenants allowing a new owner the flexibility to develop larger units with an additional Wedding & Retreat business. This property sits on a corner lot, one block to the lake with a flat half acre lot with multiple trees throughout. Location is everything! Three blocks to Big Bear Lake Village, less than a mile to Snow Summit Ski Resort, half block to Big Bear Blvd. Within walking distance to lake, village, multiple restaurants & shops, Ski Beach Park & Dog Park. This makes for an ideal location for All Seasons Short Term Rental Business along with Weddings & Retreats.2021 Gross Income $284,756. Net Income for four cabins is $232,590 with a 6.2% Cap rate. Adding additional Net income with the fifth cabin will be $347,756. with a 9.27% Cap rate.Wedding & Retreat Business will add an additional Net income of $138,000 with a total Net Income of $438,590. Pro Forma Cap rate is 11.7%. Great Investment opportunity to own and run three businesses or have as a family compound. All furnishings included. No permanent tenants or leases. Perfect for short or long term rentals.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-24T07:31:44.907. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
www.legacy15.com/homes/127603961
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401 Knight Avenue Big Bear Lake, CA 92315

  • Price: $3,750,000
  • Status: Active
  • On Site: 42 Days
  • Updated: 35 min ago
  • ID#: OC22072988
0
Beds
0
Baths
0
½ Baths
0.46
Acres
1947
Built
Neighborhood:
699 - Not Defined
County:
San Bernardino
Area:
699 - Not Defined
Property Description
Location Location Location. By the lake this beautifully remodeled inside & out themed cabins. Residentially zoned, short-term rental Lodge steps from Big Bear Lake. 5 unit Lodge offering a mix of 3 1-bed/1-bath units 1 2-bed/1-bath unit & 1 3-bed/1-bath unit. All units are separate single family homes/cabins with separate meters and 2 or more parking spaces per each unit. One unit has a washer/dryer in it. Larger laundry facility to be added to a separate storage area on lot. Based on the location, the units are occupied 98% of the year with primarily short term tenants allowing a new owner the flexibility to develop larger units with an additional Wedding & Retreat business. This property sits on a corner lot, one block to the lake with a flat half acre lot with multiple trees throughout. Location is everything! Three blocks to Big Bear Lake Village, less than a mile to Snow Summit Ski Resort, half block to Big Bear Blvd. Within walking distance to lake, village, multiple restaurants & shops, Ski Beach Park & Dog Park. This makes for an ideal location for All Seasons Short Term Rental Business along with Weddings & Retreats.2021 Gross Income $284,756. Net Income for four cabins is $232,590 with a 6.2% Cap rate. Adding additional Net income with the fifth cabin will be $347,756. with a 9.27% Cap rate.Wedding & Retreat Business will add an additional Net income of $138,000 with a total Net Income of $438,590. Pro Forma Cap rate is 11.7%. Great Investment opportunity to own and run three businesses or have as a family compound. All furnishings included. No permanent tenants or leases. Perfect for short or long term rentals.
Exterior Features

Architectural Style CottagePatio Home Construction Materials StuccoWood Siding Exterior Features BarbecueLightingRain Gutters Fencing None Horse Amenities Riding Trail Lot Features 2-5 Units/AcreCorner LotGardenLandscapedStreet Level Number Of Separate Electric Meters 6 Open Parking Spaces 20 Other Structures Storage Parking Total 20 Pool Features None Pool Private YN No Property Attached YN No Road Frontage Type City Street Road Surface Type MaintainedPaved Spa Features None Spa YN No View Mountain(S)Trees/Woods View YN Yes Waterfront Features LakeLake Privileges

Interior Features

Accessibility Features Low Pile Carpet Appliances BarbecueEnergy Star Qualified AppliancesEnergy Star Qualified Water HeaterGas CooktopGas OvenGas RangeGas Water HeaterHigh Efficiency Water HeaterMicrowaveRefrigeratorTankless Water HeaterWater Heater Common Walls No Common Walls Cooling None Cooling YN No Door Features Mirrored Closet Door(S)Sliding Doors Fireplace Features None Fireplace YN No Flooring CarpetConcreteLaminateVinylWood Heating Wall Furnace Heating YN Yes Interior Features Beamed CeilingsBuilt-In FeaturesCeiling Fan(S)FurnishedHigh CeilingsLiving Room Deck AttachedMultiple StaircasesBedroom On Main LevelMain Level Master Window Features BlindsDouble Pane WindowsEnergy Star Qualified WindowsInsulated WindowsScreens

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 9.27 Common Interest None Community Features BikingCurbsDog ParkFoothillsGolfGutter(S)HikingHorse TrailsLakeMountainousNear National ForestParkRuralStreet LightsSidewalksWater SportsFishing Contingency Buyer To Cooperate With Seller's 1031 Exchange. Buyer To Do Their Own Due Diligence. Current Financing Contract Disclosures Principal is Real Estate Licensed Electric Expense 0 Fuel Expense 0 Garage YN No Green Energy Efficient AppliancesWater HeaterWindows Gross Income 359756 Gross Scheduled Income 359756 Insurance Expense 0 Land Lease YN No Laundry Features InsideIn Kitchen Levels OneTwo Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanConventionalContract1031 Exchange Net Operating Income 347756 New Construction YN No Number Of Separate Gas Meters 6 Number Of Separate Water Meters 1 Number Of Units Leased 4 Operating Expense 52166 Possession Close Of Escrow Property Condition Turnkey Property Sub Type Quadruplex Rent Control YN No Security Features Security SystemCarbon Monoxide Detector(S)Smoke Detector(S)Security Lights Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays None Total Actual Rent 359756 Trash Expense 0 Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedWater Connected Vacancy Allowance 2 Water Sewer Expense 0 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-24T07:31:44.907. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
 
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Rancho Santa Margarita CA, 92688
Listing Agent(s): Irene Olsen of Vylla Home, Inc. (562-480-9884)