RV RANCH AT GRAND JUNCTION

Transcription

1 REO AUCTION August 17-19, 15 RV RANCH AT GRAND JUNCTION 8 I-7 BUSINESS LOOP CLIFTON, CO 815 For a video tour, please visit: AUCTION ID: B16-15 STARTING BID: $5,

2 IMPORTANT AUCTION INFORMATION Property ID #: B16-15 AUCTION DATE: Live auction date is August 17, 15 at 9: AM PST through August 19, 15 at 1: AM PST AUCTION DATE HOTLINE: GENERAL INFORMATION: ARA has been selected as the exclusive marketing agent for the disposition of in conjunction with Auction.com. Please make note of the following important terms and dates related to the auction process. These items are non-negotiable: 1. REGISTRATION: All Investors must register with Auction.com at the following web address: You are a sophisticated investor and understand the complexities of purchasing commercial real estate.. For non-institutional investors, you must provide proof of funds which demonstrates your liquidity and the ability to close the transaction for each auction asset you intend to place a bid. 4. You must submit an initial deposit of $1, to bid on. 5. You have reviewed the Due Diligence documents, the form of Purchase and Sale Agreement, and the Auction Terms and Conditions conducted all due diligence who think necessary PRIOR to placing a bid on any auction asset. 6. If you are the winning bidder, you must be available by phone within thirty () minutes of being declared the winning bidder. CRITICAL BEST PRACTICE: all bidders are aware of auction day hotline ( ) for all registration or technical issues. 7. The terms of the Purchase and Sale Agreement are non-negotiable and this agreement must be executed within thirty () minutes of being declared the winning bidder. 8. The earnest money deposit is due within twenty-four (4) hours of being declared the winning bidder for each auction asset. 9. Closing of the transaction will be within thirty () calendar / ten (1) business days after the Purchase and Sale Agreement has been executed or as specifically set forth in the Agreement. 1. You understand that all sales are FINAL, and that purchases are made on an AS IS, WHERE IS basis. 11. You understand that if you are declared the winning bidder and fail to close the transaction and purchase the asset, you may be subject to liquidated damages and/or specific performance requirements. AUCTION ID: B16-15 STARTING BID: $5,

3 RV R A NCH AT G RA N D JU N C TION LOCATION MAP WYOMING PARK CITY SNOWBIRD DEER VALLEY UTAH COLORADO STEAMBOAT WINTER PARK VAIL BRECKENRIDGE ASPEN FRUITA ARCHES NATIONAL PARK KEYSTONE RV RANCH AT GRAND JUNCTION MOAB BLACK CANYON MONTROSE TELLURIDE Telluride Montrose Fruita Black Canyon Arches National Park GRAND JUNCTION, COLORADO AUCTION ID: B16-15 STARTING BID: $5,

4 RV RANCH AT GRAND JUNCTION Terms: All Cash ADDRESS COUNTY SITE INFORMATION 8 I-7 Business Loop Clifton, CO 815 Mesa County YEAR BUILT 1969 TAX ACCOUNT ID SITES COMMUNITY TYPE COMBINED LAND SIZE RV DAILY RATE (5 amp) 19 RV (including 84 pull-thru sites); 9 Cabins; 1 SF Home; 1 Apartment All Age RV Acres (1.9 site/acre) $4 (plus electricity) INVESTMENT HIGHLIGHTS Opportunity to acquire a large, all age, REO RV Resort with public utilities in the largest city in Western Colorado. Excellent turnaround potential; new management has successfully improved occupancy by upgrading the condition and improving the Good Sam and AAA ratings. RV WEEKLY RATE (5 amp) $4 (plus electricity) RV MONTHLY RATE (5 amp) $56 (includes electricity) CABIN DAILY RATE $5 New management also installed free wifi at all the sites, improved tenant relations, and is making upgrades to the curb appeal. Potential to realize substantial returns by continuing to improve transient performance capturing more seasonal workers to provide stability during the winter months. ELECTRICITY ROADS ZONING FLOODPLAIN WATER SEWER ELECTRICITY GAS TRASH amp service (9 sites) 5 amp service (5 sites) Asphalt General Commercial District (C-) Zone X (5 year) UTILITIES Clifton Water District Clifton Water District Xcel Energy Serrell Gas Company Waste Management Northwest Amenities include tent sites with water and electricity, a covered patio (seats 6 for community events), laundry room, dog run, playground, grocery store with RV supplies, BBQ grills, a heated pool, shuffleboard, horseshoes and volleyball. Each site features concrete pads, free wifi access, picnic tables, and access to clean showers and restrooms. Appealing low density layout with mature landscaping and large shade trees that offer a peaceful atmosphere for tenants. AREA HIGHLIGHTS boasts a tremendous location off of Interstate 7 Business Loop, which cuts through the center of the city. With over 145, people in the MSA, lies at the intersection of the Colorado and Gunnison rivers and is the regional hub for business and tourist activity in the western half of Colorado. Providing convenient access to Interstate 7, the resort is an ideal destination for RV travelers traversing the Rockies. The Grand Valley is home to wineries, popular farmers markets, and lively festivals, including the Country Jam Music Festival, Palisades Peach Festival, Downtown Art & Music Festival, and Film Festival. Convenient access to all the activities the Rocky Mountains have to offer including scenic golf courses, world class mountain biking, hiking, fishing, and snow skiing. Close proximity to both Grand Mesa, the largest flat-topped mountain in the world holding over pristine lakes, and Colorado National Monument, known for its spectacular red rock buttes and spires. The city continues to grow and is now home to the Rockies, a new minor league baseball team affiliated with the Colorado Rockies. AUCTION ID: B16-15 STARTING BID: $5,

5 RV RANCH AT GRAND JUNCTION FINANCIAL ANALYSIS Financial Analysis 11 Actuals May'15 T1 Ann Proforma INCOME Assumptions Gross Scheduled Rent $65,144 $44,118 $,111,86 $1,47,886.% Less: Vacancy.%.% 6.5% 77,71 1.9% 449,58 8.1% Less: Concessions.%.% 4.15% 847, % 494, % Total Rental Income 1.% $65,144 1.% $44,118.5% $49,6.95% $46, % Plus: Utility Income 51 4 Plus: Other Income 1559, ,598 6 Less: Cost of Goods Sold -41 (6,16) -465 (69,679) -14 (,149) -164 (4,57) -18 Total Other Income , , (19,1) -16 (4,71) -1 Effective Gross Income $47,4 $44,7 $47,675 $49,56 $,174,78 86,718 87,98 $474, (,75) (19,911) $455, EXPENSES per site Actuals per site Actual Exp per site Actual Exp per site Actual Exp per site Proforma Exp Repairs & Maintenance $99 14,798 $7 $1,4 $48 $61,15 $755 $11,5 $5 $7,5 Payroll 19 9, , , , ,5 Administrative 97 14, , , ,688 45, Marketing 84 1,58 7 1, , , ,5 Professional Fees 7 5,48 147,1 8 5,7 6, , Utilities , Electricity 8 57, , , ,9 Water 4,99 8 1,11 5 7, ,64 Sewer 99 14, , , ,95 Gas 7 4,91 9 1,48 5 5,91 6 5,449 Trash 51 7, , , ,17 Total Variable Expenses $1,165 $174,68 $1,1 $199,711 $,65 $9,87 $, $48,49 $,17 Taxes 59 8,9 59 8,9 49 7,68 4,55 46 Other Tax 1 1, ,555 1 Insurance ,88 6 5,55 4,47 5 Management Fee 1.% 4,458.58%,54 6.%, 7.9%,5 6.% Total Operating Expenses $1,456 $18,8 $1,66 $49,5 $,1 $468,91 $,88 $4,55 $,645 Plus: Capital Reserves 5 $5,47 6,95 1,814 5,5 7, $96,74 7,5 Total Expenses $1,456 $18,8 $1,66 $49,5 $,1 $468,91 $,88 $4,55 $,695 $44,4 NET OPERATING INCOME $18,7 $184,8 $5,84 $7,55 $5,758 UNDERWRITING ASSUMPTIONS 1. Actual numbers based on financials provided by the client; Profit and Loss Statements for the years 11 and 1, which were used to construct the 11 and 1 columns above, were prepared by the former borrower and no representation or warranty that they are accurate, correct, or complete is being made. P&Ls for 1 are not available.. Proforma GSR grown % from 14. Utility & Other Income grown % from Adjusted Utilities grown % from May 15 T1 5. Proforma Taxes = May 15 T1 Taxes grown by 1% 6. Other Tax grown % from Numbers do not reflect actual expense AUCTION ID: B16-15 STARTING BID: $5,

6 RV RANCH AT GRAND JUNCTION FINANCIAL ANALYSIS RV RANCH AT GRAND JUNCTION AREAS TOP EMPLOYERS 1 - Mesa County Valley School District 51 - City Market - St. Mary s Hospital 4 - State of Colorado 5 - Mesa County 6 - Halliburton 7 - Walmart 8 - City of 9 - VA Medical Center 1 - Community Hospital 6 SUPLIZIO FIELD: Home to the Rockies, a minor league baseball team in the Pioneer league. Recently underwent an $8. million renovation project in 11 and now holds over 1, people. COUNTRY JAM RANCH: Home to the Country Jam USA Music Festival, established in 199. The 4 day event features live music from the biggest country stars in the nation and draws thousands of tourists each year. MUSEUM OF WESTERN COLORADO: The largest multi-disciplinary museum between Salt Lake City and Denver. Service over 117, visitors each year. COLORADO MESA UNIVERSITY: Enrollment of more than 9,48 students with almost 1 percent of the University s student body coming from outside Colorado. Founded in 195, offering liberal arts, professional, and technical programs at the master s, bachelor s, associate and certificate levels. GRAND JUNCTION, COLORADO AUCTION ID: B16-15 STARTING BID: $5,

7 RV RANCH AT GRAND JUNCTION AERIAL & SITE PLAN AUCTION ID: B16-15 STARTING BID: $5,

8 For a video tour, please visit: Information for is available at: Property ID: B16-15 NATIONAL MANUFACTURED HOUSING GROUP PRIMARY CONTACTS: Todd Fletcher tfletcher@aranewmark.com T Andrew Shih ashih@aranewmark.com T Jon Shay jshay@aranewmark.com T NATIONAL MANUFACTURED HOUSING GROUP: 91 S. MoPac Expressway, Barton Oaks Plaza II, Suite 75, Austin, TX T This information has been derived from sources deemed reliable. However, it is subject to errors, omissions, price change and/or withdrawal, and no warranty is made as to the accuracy. Further, no warranties or representation shall be made by ARA, A Newmark Company (ARA Newmark) and/or its agents, representatives or affiliates regarding oral statements which have been made in the discussion of the above property. This presentation, prepared by ARA Newmark was sent to the recipient under the assumption that s/ he is a buying principal. Any potential purchaser is advised that s/ he should either have the abstract covering the real estate which is the subject of the contract examined by an attorney of his/her selection, or be furnished a policy of title insurance. Do not contact the Property.