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$2,495,000 Sale Pending

27160 Vista Rd. (23 Units)
Helendale, CA 92342

23 units | Multi Family Home
0.9491 acres - MLS# 478520
Property Photo
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Description

These 23 units were originally developed in the early 1980’s when Silver Lakes began to develop but were completely rebuilt by the Seller from 2008-2010.

Each unit features two master bedroom suites with separate bathroom, enclosed shower and tub in one suite and walk in shower in the other. Open kitchen area, with stainless steel appliances and granite throughout the units. All units are fully furnished.

Most units have a two car covered carport parking space, but two units have a detached two car garage. Low maintenance desert landscaping.

HISTORY OF SILVER LAKES

Silver Lakes was a DART Industries development, a New York Stock Exchange corporation investing in land acquisitions. DART spent over 26 million in the late 60's in Silver Lakes, the cost of building this project today would be ten times that in today's dollars.

DART built Silver Lakes to project Superior Quality. Every attraction is now owned and maintained by the Silver Lakes Home Owners Association. The Association assesses a modest Association fee which allows for very little, if any extras charges for use of the attractions.

Silver Lakes offers a ‘Vacation where you Live’ lifestyle, consisting of two lakes totaling 277 acres for boating, fishing, swimming, 27 hole championship golf course, RV Park, Equestrian Center and a 20,000 square foot Clubhouse with tennis courts, pool, gym, library, meeting and event halls.

At Silver Lakes most homes front on the lakes or golf course. The development allows private docks and boat access to the residents with additional access points, launching ramps and beaches to use and enjoy the lakes.

Silver Lakes was the last private lakes of this size to be permitted in California.

ABOUT THE SUBJECT PROPERTY

Construction of these units started in the late 1970's. Prior to selling any of the units as condominiums, the owner of the project made the decision to sell them as a timeshare with a 30 year right to use contract and a California Department of Real Estate timeshare public report allowing timeshare sales was issued.

Timeshare sales of this project began in 1980. They successful sold all the units. Important to note: These timeshare sales where “right to use” (LEASE) and none where deeded to any individual buyers, so full title can be delivered clear of any timeshare interest, liens or encumbrances and a full policy of title insurance will be issued to the new owner.

OWNER FINANCING

The owner will carry with a 33% down payment in cash or acceptable tradable equity. The buyer’s cash down payment is the only qualification for the seller carry back first trust deed of $1,663,333.34. Seller is offering to finance the balance at 6% interest only, with monthly payments of $8,316.67 all due and payable at 72 months. Financing may be extended through negotiation​ at end of term​.

Features

  • Possible CAP Rate: 9.59%
  • LCR Listing#: 1145
  • Listing Status: Pending- In Escrow
  • Property Type: Multi-Residential
  • APN(s): 0467-77-01 through 23
  • Acres: Approx .9491
  • Latitude/Longitude: 34.745445 -117.338852
  • Zoning: R3
  • Topography: Flat to Incline
  • Water/Sewer: Helendale CSD
  • Financing: Owner will Carry, Trade, Cash to new Loan, Cash
  • Number of Units: 23 Total
  • Silver Lakes Amenities: Clubhouse, Pool, Gym, Equestrian Center, RV Park, Pro Shop, Parks, etc.
  • Sub Type: Apt Complex
  • Year Built: 2008
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LandCore Realty
Office: (760) 952-2345

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