Executive Summary Bucksaw Pointe Resort, Marina & RV Park

Transcription

1 Executive Summary Bucksaw Pointe Resort, Marina & RV Park Bucksaw Sponsored By: CHUCK GRAY Each office is independently owned and operated. RE/MAX TRUMAN LAKE COMMERCIAL 5 NE 91 Road Clinton, MO (660) Each office independently owned and operated

2 TABLE OF CONTENTS Property Description... 3 Real Estate Investment Details... 4 Pro Forma Summary... 5 Cash In Cash Out... 6 Cash Flow Analysis... 8 Loan Analysis... 9 Internal Rate of Return Analysis Property Photos... 11

3 PROPERTY DESCRIPTION Lease Hold Deed of Trust for sale: Assets owned by operator; A two story floating marina consisting of a tackle store, restaurant, office, fish cleaning station, gas pumps & pump docks, six uncovered boat slips on the main level and 6- motel rooms, two public restrooms and a 1,700 m/l square foot apartment consisting of 3 bedrooms, 2 baths on the upper level. Four docks consisting of 200 covered boat slips, 16+ boat lifts of various lifting capacities. 18 floating kitchenettes with 16 uncovered slips, 60 foot x 100 foot stationary pavilion, 36 foot x 156 foot stationary dry boat storage building. Rental boats, three 24- foot pontoons and three 18 foot bass boats, RV Park100 pad Full Hook-ups, water, sewer and 50 amp electrical service at all 100 pads. Lease Hold Rents to USA: Marina (boat slips, restaurant, tackle store, marina motel) 2.4% of gross income. RV Park 2.4% of gross income Assets owned by USA: Lodge, Cabins & Pavilion, Built 1984, 40 room lodge swimming pool and pool house with hot tub, 6 cabin s each have, 2 bedroom, 1 bath, full kitchen, living room and covered porch and 5,000 square foot +/- pavilion with elevated stage and restrooms. Lodge & Cabins rent is 2.4% of gross income.please note occupancy factor on attached. Lease terms USA. Marina, restaurant, floating docks, bunkhouse, marina motel, pavilion and storage buildings Commenced February 26, 1999 ending February 25, Lodge, cabins and concrete floored pavilion added to the lease 2001 and shall end February 26, A new owner must be approved by US Army Corps of Engineers. Once approved a new owner is approved the lease term may be adjusted. Lake Information Harry S Truman Lake is Army Corps of Engineers Lake. Consisting of 55,000 acres of surface water at pool. Pool is 706. The lake is surrounded by 110,000 acres of public use P. 3

4 REAL ESTATE INVESTMENT DETAILS ANALYSIS Analysis Date January 2015 PROPERTY Property Property Address Bucksaw Year Built SE 803 Rd Clinton, MO PURCHASE INFORMATION Property Type MultiFamily Purchase Price $2,500,000 Units 385 Total Rentable Sq. Ft. 0 FINANCIAL INFORMATION Down Payment $625,000 LOANS Debt Term Amortization Rate Payment LO Costs Balloon $1,875,000 5 years 20 years 5.5% $12,898 INCOME & EXPENSES Gross Operating Income $1,051,248 Monthly GOI $87,604 Total Annual Expenses ($843,312) Monthly Expenses ($70,276) CONTACT INFORMATION Chuck Gray cgremax@yahoo.com P. 4

5 PRO FORMA SUMMARY UNIT MIX & ANNUAL SCHEDULED INCOME Type Units Actual Total Lodge & cabins 36 $4,791 $172,476 Marina,kitchenttes, motel 23 $19,639 $451,697 Restaurant 1 $165,500 $165,500 RV Park 100 $1,070 $107,000 Boat slips 225 $687 $154,575 TOTALS 385 $1,051,248 INVESTMENT SUMMARY Price: $2,500,000 Year Built: 1981 Units: 385 Price/Unit: $6,494 RSF: 1 Price/RSF: $2,500,000.0 ANNUALIZED INCOME Actual Gross Potential Rent $1,051,248 Less: Vacancy $0 Effective Gross Income $1,051,248 Less: Expenses ($843,312) Net Operating Income $207,936 Debt Service ($154,775) Net Cash Flow after Debt Service $53,161 Principal Reduction $52,972 Total Return $106,133 Floors: 1 Cap Rate: 8.32% GRM: 2.38 FINANCING SUMMARY Loan Amount: $1,875,000 Down Payment: $625,000 Loan Type: Balloon Interest Rate: 5.5% Term: 5 years Monthly Payment: $12,898 ANNUALIZED EXPENSES Actual Lodge & Cabins $177,870 Marina Kitchenttes motel $463,948 Restaurant $164,410 RV Park $37,084 Total Expenses $843,312 Expenses Per RSF $843, Expenses Per Unit $2,190 DCR: 1.34 P. 5

6 CASH IN CASH OUT Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Rental Income $1,051,248 $1,097,033 $1,144,951 $1,195,103 $1,247,599 $1,302,551 $1,360,077 $1,420,304 $1,483,360 $1,549,384 GROSS SCHEDULED INCOME $1,051,248 $1,097,033 $1,144,951 $1,195,103 $1,247,599 $1,302,551 $1,360,077 $1,420,304 $1,483,360 $1,549,384 GROSS OPERATING INCOME $1,051,248 $1,097,033 $1,144,951 $1,195,103 $1,247,599 $1,302,551 $1,360,077 $1,420,304 $1,483,360 $1,549,384 Expenses Lodge & Cabins ($177,870) ($179,649) ($181,445) ($183,260) ($185,092) ($186,943) ($188,813) ($190,701) ($192,608) ($194,534) Marina Kitchenttes motel ($463,948) ($468,587) ($473,273) ($478,006) ($482,786) ($487,614) ($492,490) ($497,415) ($502,389) ($507,413) Restaurant ($164,410) ($166,054) ($167,715) ($169,392) ($171,086) ($172,797) ($174,525) ($176,270) ($178,032) ($179,813) RV Park ($37,084) ($37,084) ($37,084) ($37,084) ($37,084) ($37,084) ($37,084) ($37,084) ($37,084) ($37,084) TOTAL OPERATING EXPENSES ($843,312) ($851,374) ($859,517) ($867,742) ($876,048) ($884,438) ($892,911) ($901,470) ($910,113) ($918,844) NET OPERATING INCOME $207,936 $245,659 $285,433 $327,362 $371,551 $418,113 $467,166 $518,834 $573,247 $630,540 Debt Service Loan Interest ($101,803) ($98,815) ($95,658) ($92,324) ($88,801) $0 $0 $0 $0 $0 Principal Payments ($52,972) ($55,960) ($59,116) ($62,451) ($65,974) $0 $0 $0 $0 $0 NET CASH FLOW (b/t) $53,161 $90,884 $130,659 $172,587 $216,776 $418,113 $467,166 $518,834 $573,247 $630,540 Cash Flow IRR N/A N/A N/A 2.94% 13.73% 22.14% 27.28% 30.62% 32.89% 34.46% Footnotes: Cash Flow IRR based upon net cash flow and principal payments and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 6

7 CASH IN CASH OUT Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Projected Property Value $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 Resale Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Proceeds b/f Debt Payoff $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 Loan Principal Balance ($1,822,028) ($1,766,068) ($1,706,952) ($1,644,501) $0 $0 $0 $0 $0 $0 Balloon/Call Payment $0 $0 $0 $0 ($1,578,527) $0 $0 $0 $0 $0 Net Proceeds From Sale $1,527,972 $1,583,932 $1,643,048 $1,705,499 $1,771,473 $3,350,000 $3,350,000 $3,350,000 $3,350,000 $3,350,000 Net Resale IRR N/A 68.01% 47.96% 39.74% 35.64% 43.87% 40.39% 38.21% 36.80% 35.89% Footnotes: Cash Flow IRR based upon net cash flow and principal payments and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 7

8 CASH FLOW ANALYSIS Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 GROSS SCHEDULED INCOME $1,051,248 $1,097,033 $1,144,951 $1,195,103 $1,247,599 $1,302,551 $1,360,077 $1,420,304 $1,483,360 $1,549,384 Total Operating Expenses ($843,312) ($851,374) ($859,517) ($867,742) ($876,048) ($884,438) ($892,911) ($901,470) ($910,113) ($918,844) NET OPERATING INCOME $207,936 $245,659 $285,433 $327,362 $371,551 $418,113 $467,166 $518,834 $573,247 $630,540 Loan Payment ($154,775) ($154,775) ($154,775) ($154,775) ($154,775) $0 $0 $0 $0 $0 NET CASH FLOW (b/t) $53,161 $90,884 $130,659 $172,587 $216,776 $418,113 $467,166 $518,834 $573,247 $630,540 Cash On Cash Return b/t 8.51% 14.54% 20.91% 27.61% 34.68% 18.97% 21.20% 23.55% 26.01% 28.62% Footnotes: b/t = before taxes;a/t = after taxes and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 8

9 LOAN ANALYSIS Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 LOAN 1 Debt Service Analysis Principal Payments $52,972 $55,960 $59,116 $62,451 $65,974 $0 $0 $0 $0 $0 Interest Payments $101,803 $98,815 $95,658 $92,324 $88,801 $0 $0 $0 $0 $0 Total Debt Service $154,775 $154,775 $154,775 $154,775 $154,775 $0 $0 $0 $0 $0 Balloon/Retirement $0 $0 $0 $0 $1,578,527 $0 $0 $0 $0 $0 Principal Balance Analysis Beginning Principal Balance $1,875,000 $1,822,028 $1,766,068 $1,706,952 $1,644,501 $0 $0 $0 $0 $0 Principal Reductions $52,972 $55,960 $59,116 $62,451 $65,974 $0 $0 $0 $0 $0 Ending Principal Balance $1,822,028 $1,766,068 $1,706,952 $1,644,501 $0 $0 $0 $0 $0 $0 and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 9

10 INTERNAL RATE OF RETURN ANALYSIS BEFORE TAX IRR Time Future Cash Flows Initial Investment ($625,000) End of Year 1 $53,161 End of Year 2 $90,884 End of Year 3 $130,659 End of Year 4 $172,587 End of Year 5 $216,776 End of Year 6 $418,113 End of Year 7 $467,166 End of Year 8 $518,834 End of Year 9 $573,247 End of Year 10* $3,980,540 IRR = 35.89% * ($630,540 + $3,350,000) AFTER TAX IRR Time Future Cash Flows Initial Investment ($625,000) End of Year 1 $53,161 End of Year 2 $90,884 End of Year 3 $130,659 End of Year 4 $172,587 End of Year 5 $216,776 End of Year 6 $418,113 End of Year 7 $467,166 End of Year 8 $518,834 End of Year 9 $573,247 End of Year 10* $3,755,190 IRR = 35.54% * ($630,540 + $3,124,650) P. 10

11 PROPERTY PHOTOS P. 11