18645 Cr 501

    Bayfield, CO 81122
    • $895,000
    • STATUS: Active
    • ON SITE: 67 days
    • MLS #: 749258
    UPDATED: 82 min ago
    $895,000
    • 0
      BEDS
    • 3.47
      ACRES
    • 12
      BATHS
    • 1
      1/2 BATHS
    • 7,788
      SQFT
    • $115
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1958
    County:
    Area:

    School Ratings & Info

    Listing courtesy of Highland Realty, Llc.


    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 reason for selling. The property is to be sold "AS IS Where Is, subject to buyers inspection.

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    The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of Colorado Real Estate Network, Inc. (CREN), © Copyright 2018. All rights reserved. All data deemed reliable but not guaranteed and should be independently verified. This database record is provided subject to “limited license” rights. Duplication or reproduction is prohibited.
    FULL CREN Disclaimer

    Real Estate listings held by companies other than The Dawn Howe Real Estate Network | Keller Williams Realty contain that company’s name.
    Fair Housing Disclaimer

    This data was last updated: 2018-10-22T11:56:37.203.
    www.crestedbutteliving.com/homes/86599332

    18645 Cr 501 Bayfield, CO 81122

    • Price: $895,000
    • Status: Active
    • Updated: 82 min ago
    • MLS #: 749258
    0
    Beds
    12
    Baths
    1
    ½ Baths
    3.47
    Acres
    7,788
    SQFT
    $115
    $/SQFT
    1958
    Built
    Neighborhood:
    Silver Streams
    County:
    La Plata
    Area:
    Vallecito
    Property 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 reason for selling. The property is to be sold "AS IS Where Is, subject to buyers inspection.
    Exterior Features

    Acreage Range 2-4.99 Approx Irrig Acres 0 Carport No Lot Dimension 725 X 176 X 799 X 187 Property Description Adjacent To GreenbeltCorner Roof Metal Stories 9 Water Well Yes Waterfront Pond Waterfront YN Yes

    Interior Features

    Finished Sq Ft 7788 One Quarter Baths 0 Total Offices 0

    Property Features

    Books Available No Cam No Covenants Yes Current Use Lodging Exchange Trade No Existing Utilities Sanitary SewerElectricInternet Fixtures Included No Inventory Included Yes Lease Included Yes New Construction YN No Owners Association No Possible Property Use Lodging Railroad Siding Spur No Real Estate For Sale Yes Reo Lender Owned No Tax Year 2018 Total Taxes 3052.36 Type Multi-Use W/Res Variable Rate No Water Rights Yes Zoning Type Commercial

    The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of Colorado Real Estate Network, Inc. (CREN), © Copyright 2018. All rights reserved. All data deemed reliable but not guaranteed and should be independently verified. This database record is provided subject to “limited license” rights. Duplication or reproduction is prohibited.
    FULL CREN Disclaimer

    Real Estate listings held by companies other than The Dawn Howe Real Estate Network | Keller Williams Realty contain that company’s name.
    Fair Housing Disclaimer

    This data was last updated: 2018-10-22T11:56:37.203.
     
    The Dawn Howe Real Estate Network | Keller Williams Realty
    PO Box 2142
    Crested Butte CO, 81224
    Listing courtesy of Highland Realty, Llc.