Whispering aspen resort
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Transcript of Whispering aspen resort
Includes• 100 unimproved Lots
• 104 Improved Lots
• Water Company
• 18 RV Pads
• 4 Park Model Homes
• 12 Homes
• 3 Foundations
• HOA Clubhouse – Pool
– Hot Tub
– Tennis Court
Multiple Revenue Streams
Net Rental Income
$134,604
Net Income for the Water
Company
$64,252
Improved Homes
Profit from existing home sales assuming a 12% margin >> $250,000
RV Pads
Net Cash Flow to Developer>> $428,710
Woods
Net Cash Flow to Developer>> $1,032,133
Meadows
Net Cash Flow to Developer>> $1,342,883
Net Profit $3,053,726.00
Water Company
Operating
Income
Sales ProfitsThe following Proforma is designed to aid in the explanation of what is included, how it may be developed, potential net profit
based on current cost assumptions and market conditions and the different components that make up the offering. None of the
following shall be relied upon as a guarantee of results and in no event will we be liable for any loss or damage resulting from the
following information.
Whispering Aspen SubdivisionSale and Operating Profit Summary
Proforma
*Note- The Net Profit does not include the value of the Water Company. Based on a 7% cap rate the Water Company may be worth $850,000.
There are 16 homes with Certificate of Occupancy all but one has been rented. The profit shown assumes a 12% profit on the sale of the homes.
Alternatively, the operating value of keeping the units as rentals are shown in Operating Income below. The assumed value of these homes is
$2,083,333.00.
The land in the woods can be developed as large scale Single Family Residences or to a Park Model home development. We believe that a downzoning
from 100 lots to 54 for Park Models would be the highest and best use for this parcel. This downsizing would only require an administrative modification
of the plat rather than a re-plat.
We are assuming a downzoning from 3 units per lot to 2. This would create 66 lots upon which ranch style homes of 1,000 sf and 2 story cap cod homes
of 1,500 sf would be developed. Assuming a mix of approximately 70% ranch style homes you would generate the profit shown below.
The descriptions and assumptions of the recurring annual operating income is shown in the following section. We have listed the existing homes that
have been rented in addition to the revenue stream from the operation of the water plant that utilizes two wells and water rights in perpetuity.
The following values are based on the historical performance with the assumption that the project has gone from 41 users to being fully built out with an
additional 141 new users described in Sales Profits above. Currently, the Wi-Fi meter reading and billing are done by the 3rd party operators who
manage the water quality and reporting to the State under a separate contract. The electricity and property taxes are estimates.
Perhaps the highest and best use of the 22 RV pads (16 fully improved and 6 partially improved) are as Park Model homes. The profit shown below
assumes Park Model homes developed on each of these pads.
Improved Homes
Profit from existing home sales assuming a 12% margin >> $250,000
RV Pads
Net Cash Flow to Developer>> $428,710
Woods
Net Cash Flow to Developer>> $1,032,133
Meadows
Net Cash Flow to Developer>> $1,342,883
Net Profit $3,053,726.00
Water Company
AnnualizedGross Income 101,266
Water Quality Management (10,104)
Billing & Collection Management (12,000)
Testing, chemicals, fees & postage (6,885)
Electricity (4,800)
Property Taxes (3,225)
(37,014)
Water Company Annual Net Income >> $64,252
Rentals
Gross Income 193,800
Electricity (1,800)
Gas (1,200)
Property Taxes (14,844)
Homeowners Insurance (8,391)
HOA (18,240)
Sewer (14,721)
(59,196)
Rentals-Annual Net Income >> $134,604
Total Operating Income Summary $198,856.00
Operating
Income
Sales ProfitsThe following Proforma is designed to aid in the explanation of what is included, how it may be developed, potential net profit
based on current cost assumptions and market conditions and the different components that make up the offering. None of the
following shall be relied upon as a guarantee of results and in no event will we be liable for any loss or damage resulting from the
following information.
Whispering Aspen SubdivisionSale and Operating Profit Summary
Proforma
*Note- The Net Profit does not include the value of the Water Company. Based on a 7% cap rate the Water Company may be worth $850,000.
For more detail and further assumptions, please request the backup information available from Mark, Spencer or Cody Thomas at Paffrath & Thomas
There are 16 homes with Certificate of Occupancy all but one has been rented. The profit shown assumes a 12% profit on the sale of the homes.
Alternatively, the operating value of keeping the units as rentals are shown in Operating Income below. The assumed value of these homes is
$2,083,333.00.
The land in the woods can be developed as large scale Single Family Residences or to a Park Model home development. We believe that a downzoning
from 100 lots to 54 for Park Models would be the highest and best use for this parcel. This downsizing would only require an administrative modification
of the plat rather than a re-plat.
We are assuming a downzoning from 3 units per lot to 2. This would create 66 lots upon which ranch style homes of 1,000 sf and 2 story cap cod homes
of 1,500 sf would be developed. Assuming a mix of approximately 70% ranch style homes you would generate the profit shown below.
The descriptions and assumptions of the recurring annual operating income is shown in the following section. We have listed the existing homes that
have been rented in addition to the revenue stream from the operation of the water plant that utilizes two wells and water rights in perpetuity.
The following values are based on the historical performance with the assumption that the project has gone from 41 users to being fully built out with an
additional 141 new users described in Sales Profits above. Currently, the Wi-Fi meter reading and billing are done by the 3rd party operators who
manage the water quality and reporting to the State under a separate contract. The electricity and property taxes are estimates.
The rental income, net of property taxes, sewer and water fees yields a 7.2% return. We believe that these income producing homes have value remaining
as rentals as shown here or as current sales as shown in Sales Profits above. The following revenue stream is based on 2012 amounts and is not adjusted
for inflation.
Perhaps the highest and best use of the 22 RV pads (16 fully improved and 6 partially improved) are as Park Model homes. The profit shown below
assumes Park Model homes developed on each of these pads.
Whispering Aspen Resort Proforma
Operating Income
Improved lots (Meadows)
Unpaved ROW in Meadows Area
Unimproved lots and ROW (Woods)
Foundations only
Homes
Park Models
RV pads (16 improved, 6 unimproved)
Water plant
Whispering Aspen Resort Map
192C
439A
439B
477B
477A
499A&B
498A&B
476A
476B
192A214C
Areas not colored are 3rd party owned lots or designated HOA common areas
430A
430C
MLS#: S388106
Mark ThomasPaffrath & ThomasOffice: (970) 453-0466Cell: (970) 390-6010Fax: (970) 453-9558311 South Main Street, Breckenridge, CO [email protected]