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Shopping Strip

Main Street Promenade

3343 Main St, Mammoth Lakes, CA 93546

Listing Price: $10,000,000

Cap Rate
6.03%
Gross SF
42,809
Rentable SF
42,809
Price/Gross SF
$233.60
Lot Size
1.72 acres
Year Built
1988

Investment Overview

Marcus and Millichap (“M&M”) is pleased to present the rare opportunity to acquire the fee simple interest in Main Street Promenade (the “Property”), a 42,809 square foot shopping center that is ideally situated in the heart of Downtown Mammoth Lakes on Main Street. The Property is currently 98% leased and boasts a diverse and highly synergistic tenant mix that caters to local residents, as well as the 2.8 million visitors per year that vacation in Mammoth Lakes to enjoy skiing, snowboarding, fishing, mountain biking, camping and more. Main Street Promenade benefits from excellent access and prominent exposure near the busy intersection of Main Street and Old Mammoth Road (24,078 combined vpd). The Property also has a deep parking field in front of the property giving optimal circulation within the center, and not common for properties along Main Street. The lack of developable land sites and stringent development standards within the submarket will continue to limit the potential for future competition in an already tight retail market with 3.2% vacancy.

Investment Highlights

  • 11% cash on cash return with new financing, with additional upside marking rents to market
  • Sun & Ski Sports is paying percentage rent only — leasing at a market-level rent would dramatically improve cash flow
  • The Property benefits from excellent accessibility and visibility along Main Street in an extremely supply-constrained trade area leading to stable occupancy and excellent consumer exposure

Exclusively Listed By

Shopping Strip

Main Street Promenade

Listing Price: $10,000,000

Cap Rate
6.03%
Gross SF
42,809
Rentable SF
42,809
Price/Gross SF
$233.60
Lot Size
1.72 acres
Year Built
1988

Investment Highlights

  • 11% cash on cash return with new financing, with additional upside marking rents to market
  • Sun & Ski Sports is paying percentage rent only — leasing at a market-level rent would dramatically improve cash flow
  • The Property benefits from excellent accessibility and visibility along Main Street in an extremely supply-constrained trade area leading to stable occupancy and excellent consumer exposure

Investment Overview

Marcus and Millichap (“M&M”) is pleased to present the rare opportunity to acquire the fee simple interest in Main Street Promenade (the “Property”), a 42,809 square foot shopping center that is ideally situated in the heart of Downtown Mammoth Lakes on Main Street. The Property is currently 98% leased and boasts a diverse and highly synergistic tenant mix that caters to local residents, as well as the 2.8 million visitors per year that vacation in Mammoth Lakes to enjoy skiing, snowboarding, fishing, mountain biking, camping and more. Main Street Promenade benefits from excellent access and prominent exposure near the busy intersection of Main Street and Old Mammoth Road (24,078 combined vpd). The Property also has a deep parking field in front of the property giving optimal circulation within the center, and not common for properties along Main Street. The lack of developable land sites and stringent development standards within the submarket will continue to limit the potential for future competition in an already tight retail market with 3.2% vacancy.

Exclusively Listed By

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