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Near Wolf
Creek Ski Area,
Gold Medal Trout Fishing PGA Golf & Three Seasons of Outdoor Sports! Well Established Colorado Lodge & Cabin Property for Sale |
$935,000 - $130,000+ NET INCOME - Financials qualify for new financing!
Colorado Motel & Cabins for Sale - This unique log cabin resort offers lifestyle, is PROFITABLE, and offers an excellent opportunity for a buyer looking for a laid back Colorado lifestyle but also wanting a property that makes financial sense. Great location in South Fork Colorado 17 miles from Wolf Creek Ski Area tucked away in a quiet cozy spot in the heart of a growing mountain outdoor sports destination area. Near all local amenities. Walk to grocery, several quaint restaurants, ski rental shop, lounge, unique little shops. Three season outdoor sports: Wolf Creek Ski Area, Gold Medal fishing, 3 hunting sections, ATVing, 4-wheeling, rafting, float trips, PGA golf course, hiking, Great Sand Dunes National Park, mountain biking, backpacking, swimming, hot springs, cross country skiing, snowmobiling, backcountry skiing, snowshoeing, sledding, sleigh rides, horseback riding and much more! Twenty minutes to Creede, 47 miles to Pagosa Springs, 99 miles to Durango, 2 hours to Taos, just over 2 hours to Monarch or Crested Butte. Nearest commercial airports in Alamosa or Durango. Major airports are Denver, Colorado Springs & Albuquerque between 3-4 hours. Experience South West Colorado Mountain Living ~ simply fantastic. Magnificent scenery, activities, wildlife, three season outdoor activities.
See Photos of this Colorado Resort for Sale
Offering a total of 15 Rental Units, PLUS Owners Quarters, PLUS Second Living Quarters (Bungalow Efficiency Apartment):
8 Lodge Style Log Cabins
2 - One bedroom lodge style cabins fully equipped with living room, kitchen, full bath. Approximately 425 SF each.
6 - Two bedroom lodge style cabins fully equipped with living room, kitchen, full bath. Approximately 600 S each.1 Standard Log Lodge Room
King bed, full bathroom, coffee service, no kitchen. Approximately 250 SF.6 Freestanding Log Cabins
5 - Two bedroom log cabins (approximately 750 SF each) , living room, kitchen, fireplaces (4 are newer gas upscale gas units & 1 wood burning), private picnic areas with gas grill, picnic table, and outdoor seating.1 - (approximately 450 SF) Bungalow open log cabin, spacious open floor plan with a queen bed, double sofa bed, full bath, kitchen/eating area.
1 RV Space
This RV space was just added July 2007 and was occupied by our workampers during the summer of 2007. It has 20 amp electric, water, sewer, cable, and wifi and will house up to 40' motor home. This could be put online for income or continue to be used for workampers to assist in the summers. To date, we have not attempted to put it in service as a rental although there has been demand for the space.
Guest Amenities
Telephone, WIFI, Data Port, Voice Mail, Cable TV, & VCR - All accommodations have color cable television, VCR, and telephone. All but two units also have a data port and voice mail capability. Lodge maintains a library of VCR movies which may be checked out free by our guests. WIFI throughout the property.
Kitchens - All our lodge style cabins and log cabins have a fully equipped kitchen. The only accommodation without a kitchen is the Lodge Room.
Fireplaces - Four of the cabins have a gas fireplace. One cabin has a wood burning stove.
Picnic Tables & Barbeque Grills - Our guests have the option to use one of our outdoor picnic areas. We offer 8 gas grills and 3 charcoal grills. There are 8 picnic tables on site. Log cabins have their own private picnic table, gas grill, and outdoor seating.
Hot Tub/Spa - Our redwood gazebo offers a hot tub to welcome guests after a long day of outdoor activities. The hot tub is centrally located for the convenience of all our guests.
Designated Pet Friendly Accommodations - Many of our guests travel with pets. We offer 7 designated pet friendly accommodations: Cabins A, D, E, F, 4,5, and 3.
Smoking Policy - We are a nonsmoking facility. We do not allow smoking inside lodge rooms and cabins. Smoking is permitted outdoors only.
Owners' Quarters & Other Buildings
Owner's or Managers' Quarters - There is a 3 bedroom, 2 bath owner quarters on site. The owners' quarters is attached to the front office/guest check in area for the innkeepers' ease in handling guest needs. Owners quarters offers 1800 SF and is a double wide manufactured home encased in real log surrounding the manufactured home. This building appears to be a log structure from the outside. There are repairs necessary to the back wall of the owner's quarters.
Second Office in Owner's Quarters - A second small office is available in the owner's quarters which has an exterior door offering a separate office for owner to work in privacy if desired.
Second Living Area - There is a second living area located off the laundry room on site. It is approximately 20x20 with kitchen facilities, tongue & groove walls and ceiling, wired for a second telephone answering system to back up the front office, heat, wifi, cable TV, and rather similar in size to our Fox Bungalow cabin. This can be used as a second living quarters, management quarters, or possibly utilized as an extra rental unit with some renovations. In the past, it has been used for on site employees.
Laundry - Laundry located off the second living quarters (seller is utilizing quarters formerly used for seasonal employees rather than bring in seasonal employees during the sale process). Two 3.85 front loading washing machines were installed in August 2008. A 75# commercial dryer was installed in late 2002. It is convenient to have the laundry located off these quarters as it is easy for managers, owner, or employees to process laundry after hours instead of retaining extra staffing more hours to complete laundry.
Sports Shop - Work Shop - A separate work shop allows indoor working space and storage area. This building could be utilized for more staff housing or configured as an additional rental with addition of plumbing, heat, and interior finishing. We are now arranging this work shop to be utilized as our sports shop housing our new snowshoes, sleds, bicycles and fishing poles available for our guests to borrow.
Parking - Large areas of the property are open with gravel to provide for guest parking needs. The property can currently sleep over 100 people at maximum capacity. Guests often bring their outdoor recreational vehicles and extended parking is necessary to accommodate as many as 3 cars per unit since our units can sleep anywhere from 4 to 10 people.
Land Area - Land included with the sale is approximately 1.99 acres more or less. There is room for expansion.
Utilities
Water - Water is supplied by two wells. Both wells have undergone major improvements in the past two years. Wells are maintained by a licensed water system operator. A new buyer may take a water class and monitor wells saving $2400 per year. Current seller pays a licensed water system operator due to time and health issues. Each well is required to be tested for chlorine levels weekly and plus other quarterly and annual tests as required by the state.
Sewage Disposal - Sewage is disposed of through a central system that serves the town. We do not have any septic tanks on site. All sewage is piped off site via the central system.
Heat - Heat is supplied primarily by propane. Four off the two bedroom cabins have gas fireplaces installed in 2003 with blowers capable of heating the entire unit. Two units have electric heat - Cabin F and our Lodge Room. Owner's quarters has a fireplace which generates much heat, however, Seller has not used it due to allergies and has capped off the flue. A new buyer would need to reinstall the outside stack to utilize the fireplace. The owner's quarters is currently heated by gas central heat.
Telephone - There are 3 incoming telephone lines. Five lines were utilized until September 2007. Only 4 lines are now required due to WIFI installation. One line is used for fax and credit card terminal transmission. Telephone lines are roll over and supply outgoing lines for guest rooms as well as incoming service to the lodge. One line is an 800 phone number. Telephones in rooms have a data port for dial up computer access (as a back up to wifi) except for bungalow cabin. WIFI is bundled with telephone service through Qwest.
Trash Disposal - A dumpster is on site in the rear area of the property. Trash is removed by Waste Management.
Seller Property Disclosure - Seller is a licensed real estate broker. Seller will be providing a complete property disclosure revealing any repairs or issues within seller's actual knowledge as well as property maintenance records for a buyer's review upon acceptance of a negotiated contract. Seller encourages any buyer to inspect the property. There are several repair issues for which seller has obtained estimates for replacement and/or repair which will be made available for potential buyer review. It is the seller's intention to fully disclose any and every issue actually known to the seller regarding this property.
Price
Priced at $935,000 which includes real estate, furnishings, and training as negotiated in an acceptable offer to purchase. Lodge will be sold ready to turn the key, walk in the door, and operate. Recent sales of other lodging properties in the area have sold 6+ times annual room sales without renovations, making this an excellent opportunity for a new buyer. Seller has priced this property very modestly in an effort to facilitate a quick sale.
EXISTING Financing or Apply for New Financing
There is an SBA assumable mortgage in place with an approximate balance of $403,000 at 5.25% interest with payments currently $2,971 per month. Interest rate adjusts with prime quarterly. Approximately 17 years remain on the term of the SBA 7A loan. SBA 7A loans may be assumed by qualified buyers with good credit. SBA charges a 1% assumption fee of the outstanding balance of the SBA loan (Approximately $4,030). Assumption of the existing loan would allow for a sale of the property without many of the obligatory loan costs associated with a new loan. Time frame for an SBA assumption is 60-90 days.
The property's financials are strong and qualify for new bank financing for a qualified buyer with 20% down payment. The property cash flows well and is profitable.
Financial Information & Room Income
This property is very modestly priced considering the location within a mountain outdoor sports destination location. Three plus seasons add stability of income. Detailed figures will be made available to a qualified buyer willing to sign a confidentiality agreement. This is a solid business with MANY advance reservations. In a typical year, room sales vary from $215,000 to $245,000+ (without all units online) with approximately $110,000-$130,000+ left in net income after normal operating expenses for debt service and compensation to a new buyer. Lodge absentee run from August 2006 through June 2007 due to seller illness. Sales should be higher with an on site owner to accept guests that drop in to stay. Additionally ski season was 30+ days late in opening in 2007 and 2008 due to lack of snow. Room sales vary according to number of units in service and snowfall.
Property has not been heavily impacted by the economy after 2008. Sales for 2009 were slightly higher than 2008. Sales figures are available for all years back to 2003. Detailed figures will be provided to a serious and qualified buyer.
Future Possibilities
Seller has improved the property significantly in seven years. There are still many remaining options to improve the property to enhance revenues. Rates are nearing a point where they should be raised. Seller has been reluctant to raise rates until the economy rebounds. Expansion with more units is a possibility at this time according to Town guidelines. A new buyer may be able to add a number of new units under existing town guidelines. There is plenty of room to upgrade property more to improve occupancy rates, rental rates, and number of units available.
Zoning is CB (Commercial Business) allowing for a multitude of other uses should a new buyer wish to expand guest services offered and additional revenue streams. Seller believes current zoning allows for other business income such as ski rentals, snowmobile rental, raft rentals, sales of outdoor equipment, retail sales, jeep rentals, food sales, and a host of other business activities that are permitted within the current CB zoning. A new buyer should research to determine feasibility of other sources of income according to their own business plan.
Making an Appointment to View Property
An advance appointment is required to set a showing appointment. Property will NOT be shown without an advance appointment. Property will only be shown to buyers that have completed a confidentiality agreement and spoken with Karen Kovacik regarding the property to determine the property meets the buyer's requirements for buyer's intended use(s). A confidentiality agreement is located online at www.commerceteam.com/fhlconf.html Please note information will not be provided until a confidentiality agreement has been completely filled out, signed, received, and potential buyer(s) have spoken with one of the brokers regarding the property.
For More Information
PLEASE call between 10am-Noon or 2:00pm to 9:00pm mountain time. For more information call Karen Kovacik, Lodging Broker and Seller, at 719 873-5969 ext 30 (CONFIDENTIAL CALLS ONLY - DO NOT SPEAK WITH STAFF!). Email Karen Kovacik, Broker/Owner at kkovacik12@netzero.com or contact by cell at 719-588-2603 between 10am and 5pm mountain time.