1017 Greenway, Big Bear City, California 92314, Big Bear City, 92314 - bed, bath

1017 Greenway, Big Bear City, California 92314 home-pic-0
ACTIVE$675,000
1017 Greenway, Big Bear City, California 92314
0Bed
0Bath
2,028Sqft
7,500Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Strong Investment Opportunity: This triplex offers significant income potential, allowing an owner to occupy one unit while two others generate income, potentially covering the mortgage. Separately metered utilities for each unit reduce owner's expenses.
Top Cons:
Below Market Rents: Existing rents are currently below market rates, requiring active management and potential tenant turnover to achieve full income potential, which may impact immediate cash flow.

Compared to the nearby listings

Price:$675.0K vs avg $530.0K (+$145,050)50%
Size:2,028 sqft vs avg 1,716 sqft50%
Price/sqft:$333 vs avg $30350%

More Insights

Built in 1978 (47 years old).
Condition: Built in 1978, this property has received recent cosmetic updates such as fresh paint and new-ish laminate and carpet flooring, making it clean and move-in ready. However, the kitchen, despite being described as 'upgraded,' features dated wood cabinetry, white appliances, and laminate countertops. Similarly, the bathroom is clean and functional but shows outdated fixtures, vanity, and lighting. While well-maintained, the property's core elements in the kitchen and bathroom reflect an older style, indicating it has not undergone a comprehensive modern renovation within the last 15-30 years, aligning with the 'fair' condition criteria.
Year Built
1978
Close
-
List price
$675K
Original List price
$699K
Price/Sqft
$333
HOA
-
Days on market
-
Sold On
-
MLS number
SW25242502
Home ConditionFair
Features
Good View:
Deck
View-

About this home

This gem is a rare find in the Big Bear Area! This offering is a triplex consisting of three 2 bedroom 1 bath units. When you look at the exterior of this triplex, it looks exquisitely charming. The beauty here, is that one can buy these units, leave one unit reserved for them, and the other two tenants make your mortgage payment. So you can have a vacation home for your family and friends to go to throughout the year, and it costs you little to nothing!!! The owner has taken great pride of ownership in these units! And they have been maintained and upgraded. Amenities include upgraded kitchens including appliances and cabinetry, new flooring, forced cool and wall heating, and freshly painted inside and out. There are laundry hook ups in each unit! Existing rents are lower than market but month to month and can be brought up to market. Please see rent roll including actual rents, market rents, and a nearby rent comp attached in the Supplements attached above. THIS OFFERING IS A GREAT BUY! PLEASE SEE A NEARBY TRIPLEX COM IN SUPPLEMENTS ATTACHED!! This triplex sale comp is three 2 beds 1 baths like us. IT SOLD FOR $720,000!! AND WE'RE ASKING $675,000!!! When you look at the pictures, you can see just how nice the triplex is, inside and out. Also, this complex is on a large lot, and according to the county, one can add two ADU's if they wish. All units have separately metered gas and electric that the tenants sign up and pay for. This is a rare opportunity to have a lovely vacation home, where you can entertain your family and friends at little to no monthly costs. And create precious memories for years to come!!

Condition Rating
Fair

Built in 1978, this property has received recent cosmetic updates such as fresh paint and new-ish laminate and carpet flooring, making it clean and move-in ready. However, the kitchen, despite being described as 'upgraded,' features dated wood cabinetry, white appliances, and laminate countertops. Similarly, the bathroom is clean and functional but shows outdated fixtures, vanity, and lighting. While well-maintained, the property's core elements in the kitchen and bathroom reflect an older style, indicating it has not undergone a comprehensive modern renovation within the last 15-30 years, aligning with the 'fair' condition criteria.
Pros & Cons

Pros

Strong Investment Opportunity: This triplex offers significant income potential, allowing an owner to occupy one unit while two others generate income, potentially covering the mortgage. Separately metered utilities for each unit reduce owner's expenses.
Recent Upgrades & Well-Maintained: The units have been meticulously maintained and upgraded, featuring renovated kitchens with new appliances and cabinetry, new flooring, fresh paint, and modern heating/cooling systems, ensuring tenant appeal and reduced immediate maintenance.
Significant Expansion Potential: Situated on a large lot, the property has county approval for adding two Accessory Dwelling Units (ADUs), offering a clear path to substantially increase future rental income and property value.
Competitive Pricing & Value Proposition: The property is listed below a recently sold comparable triplex in the area, indicating a strong value proposition and potential for immediate equity gain for the buyer.
Desirable Location & Versatile Use: Located in Big Bear City, it appeals to both long-term renters and offers the unique opportunity for an owner to use one unit as a vacation home, leveraging the area's recreational appeal.

Cons

Below Market Rents: Existing rents are currently below market rates, requiring active management and potential tenant turnover to achieve full income potential, which may impact immediate cash flow.
Age of Core Structure: Built in 1978, while recently upgraded, the underlying infrastructure of the property is older, which could lead to unforeseen maintenance or capital expenditure requirements for systems not explicitly mentioned as replaced (e.g., plumbing, electrical beyond unit upgrades, roof).
Active Management Required: Maximizing the property's investment potential, including raising rents to market rates and pursuing ADU construction, will require significant owner involvement and active management, which may not suit passive investors.

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