Lindsay Weaver - Coldwell Banker Distinctive Properties
18645 Cr 501
Bayfield, CO 81122

Description

PRIME INCOME PRODUCING PROPERTY OFFERED FOR SALE $895,000. SILVER STREAMS CREEKSIDE CABINS AT VALLECITO LAKE, COLORADO, 18645 COUNTY ROAD 501, BAYFIELD, COLORADO, 81122. 10 UNITS ON APPROXIMATELY 3.5 ACRES IN 2 TRACTS OF LAND This project is a great value for the Mom and Pop looking to be semi retired and provide income for themselves in their future years. The property needs improvements in the amount of $70,000. The Improvements will create an added value for a new owner and create the ability to increase rents. The resale price bases on a cap rate of 7% may be in the range of $1,450,000, a handsome profit for any investor. The Property maintains a high occupancy rate and will carry itself, after debt service there is cash flow. Overall risk is extremely low. Buy this great investment property today, 10 Rental units including the Basement for the low offering price which is only about 35% of replacement cost. The Rental Units have about 8,000 sq ft Heated space on 3.5 Acres, consisting of 2 Separate Parcels, with 1,300 ft of Frontage on County Road 500 & 501, the only prime corner in the Vallecito Lake Valley, a non incorporated community of about 1,000 homes. Originally, this was a Log Cabin Resort, it has been renting on an annual Basis for the past 4 years. (4 -1 Br), (3- 2 Br), (1- 3 B/2 Ba), (1) 2,000 Sq Ft 3 Br w/ 2 Ba. + (1) 2,000 Basement) All w/Fire Places, Covered Decks, Rock Wainscot and Log siding. Property was Originally 13 units, A duplex burned to the ground 14 years ago, the foundation and all the feed lines are still there. The property was sold for $2,240,000 in 2011. We had to foreclose and take it back in 2013. It was fairly trashed. Since that date it has operated successfully as monthly not weekly rentals, in order to maximize the overall value it needs some improvements, which should cost no more then $70,000 a budget for the improvements is available. After rehab the Rents will increase & one could resell the 10 units for prices in the $1,450,000. to $1,550,000 The Rental Proforma shows Rents currently Totaling $9,400 per month, $112,800 annual Income. The expenses run 25% Max at $28,200, leaving an NOI of $84,600, at a 7% Cap, the Proforma value is $1,080,000. After Rehab, Rents will increase 15% to 20%.. Annual Income will then be $135,000, expenses of 25% creates a new NOI $102,000 w/a 7% Cap will create a Resale value of $1,450,000 to $1,550,000. Presenting a great opportunity to add Value & Profits for a new ambitious owner. The owner today is in his 80s and that is the primary

Details

MLS#749258
Sub-TypeResale
StatusActive
Year1958
Days On Site41

Features

SQ Feet7,788
Story(s)9
Units9
ZoningMulti-Use w/ Residential

Market Activity 81122

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Area Information

StateCO
CityBayfield
Zip Code81122
AreaVallecito
Listing VS Median (in 81122)
Price:
$895,000
low | high
Med:
$287,000
100% of Average
SqFt:
7,788
low | high
Med:
1,619
100% of Average
$ / SqFt:
$115
low | high
Med:
$177
4.262071651588% of Average
On Site:
41
low | high
Med:
87.5
46.857142857143% of Average
Listing Updated: 09/24/2018
MLS Number: 749258
Listing Provided By:
Kyle McAfee  of  Highland Realty LLC



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