Welcome or Register
Back to Home Page
$2,495,000 For Sale

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

23 units | Multi Family Home
0.95 acre lot - MLS# 478520
Property Photo
1/15

Description

For a business minded Investor;

This multi unit income property offering is unusual because of its unique use, history and especially its location. These units are in the planned unit development known as Silver Lakes and are located in Helendale, California. Silver Lakes provides property owner with millions of dollars worth of attractions. Giving a potential investor unique income possibilities.

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.

With the end nearing of the original timeshare contracts, the property owner made the decision to completely remodel units 1-29 of the project and expended over $3,000,000 re-building. The intent of remodeling was to extend some of the existing timeshare contracts. The renovations and rebuilding began on units 1- 29 in 2007 and took 3 years.

Six of the 29 rebuilt units (#24-29) are required to be kept by the current owner for continued in-contract timeshare owners; therefore they are not currently being offered for sale. Units 36-46 and the clubhouse are also not included in the sale. The prorated cost for each unit’s full remodel was approximately $103,448 per unit making the remodeling of the units offered herein $2,379,304.

In 2010 the oldest timeshare contracts started expiring. Though the remodel of 1-29 was complete, the owner made the decision not to continue most of the timeshare contracts. As a result many of the units have become available for the local rental market. The expiration of timeshare contracts since 2010 has created a mix use of these units.

Of the 23 offered for sale, all units are currently leased/occupied. The Silver Lakes Vacation Club leases units 1-23 with a Master Lease. Lessee pays utilities (electricity, trash, gas, maintenance). Landlord pays water/sewer, HOA dues, taxes and insurance. Lease payment is $29,785 per month ($1,295 per unit). Current tenants cannot use any Silver amenities. The current CAP is 9.18%, however, ProForma CAP is approximately 9.95%.

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: 9.95%
  • LCR Listing#: 1145
  • Listing Status: Active
  • 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
Request your Free Land Report before Selling or Buying your Property!
LandCore Realty
Office: (760) 952-2345

Contact Us

Do you have a Question about Land? Do you want to receive our Quarterly Land Newsletter?








* fields are required

Quick Search


view all


Any

Any

No Min.

No Max.

Thank you for visiting today. We look forward to hearing how we can assist you with your sale or purchase of land in Southern California. Please give us a call at 760-952-2345.

List your Land in Southern California with LandCore Realty

CSS Alteration Code provided by Key Yessaad Real Estate SEO Trainer
Free xml sitemap generator