This unique 34 unit multi-residential property is located in Helendale, CA. Helendale is located in San Bernardino County approximately 98 miles northeast of Los Angeles, 92 miles north east of Anaheim and 107 miles north west of Palm Springs, CA. This multi unit income property is unique because of its use, history and especially its location.
The property is nestled inside the planned unit development known as Silver Lakes. 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.
In 2009, 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. Units 36 through 46 and a Timeshare Clubhouse were left as they were originally constructed in the 1980's.
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. The prorated cost for each unit’s full remodel was approximately $103,448 per unit making the remodeling of the units offered herein $2,369,000. (23 of the 34 units being offered herein have been fully remodeled).
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. At this time, in-contract timeshare contracts still exist, which is why this offering requires a leaseback provision of units 12 - 23 at $15,540 per month ($1,295 each). The lease back provision provides a leaseback of 12 units for a 1 year period, with four 1 year extensions for 12 or less units.
Currently, the listing price calculated against the projected income/expenses if fully occupied would produce a CAP of 9% (currently 73% are rented).
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 $1,999,000.00. Seller is offering to finance the balance at 6% interest only, with monthly payments of $9,995.00 all due and payable at 72 months. Financing may be extended through negotiation at end of term.
SILVER LAKES AMENITIES
- Clubhouse Complex (Pool, Gym - Weight Room,Tennis Courts, etc)
- 27 Hole Championship Golf Course
- Silver Lakes Restaurant & Lounge
- Equestrian Center
- RV Park
- North Beach & Two Lakes
- Hartford Park
- Administration Office
- Community Patrol
From Los Angeles; enter onto I-10 East freeway and continue to the I-15 freeway North,exit 58A to merge onto the I-15 North and continue for 41.9 miles, exit 153A for D St/CA-18, turn left onto D St and continue for 12 miles (D St. becomes National Trails Hwy/Old Route 66), turn left onto Vista Rd. and continue 1.4 miles. Property is on your left.
From Riverside; enter onto CA-91 East and merge into I-215 North, continue for 19.9 miles and keep left at the fork to continue to the I-15 North, merge onto I-15 North and continue 27 miles, exit 153A for D St/CA-18, turn left onto D St and continue for 12 miles (D St. becomes National Trails Hwy/Old Route 66), turn left onto Vista Rd. and continue 1.4 miles. Property is on your left.
From Palm Springs: enter onto CA-111 North and continue to the I-10 West, continue for 39 miles, merge onto I-215 North and continue for 13.6 miles, merge onto I-15 North and continue 27 miles, exit 153A for D St/CA-18, turn left onto D St and continue for 12 miles (D St. becomes National Trails Hwy/Old Route 66), turn left onto Vista Rd. and continue 1.4 miles. Property is on your left.
Multi Residential Properties for Sale in San Bernardino County, CA - Bob Keeran (Broker, Commercial Pricing Specialist at LandCore Realty). LandCore Realty provides cutting edge technology and marketing to it's clients. I specialize in helping property owners and those looking to invest in commercial properties in Adelanto, Victorville, Hesperia, Apple Valley, Helendale and surrounding areas. (760) 952-2345