blue door cottages · 2017-04-11 · indiana beach amusement park: indiana beach boardwalk resort...

MONTICELLO, IN

Blue Door Cottages

OFFERING MEMORANDUM

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

MONTICELLO, IN

Blue Door Cottages

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR

MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENT NOTICE

Section 1 PROPERTY DESCRIPTION

Section 2 PRICING AND FINANCIAL ANALYSIS

Section 3 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS

Blue Door Cottages

Blue Door CottagesMONTICELLO, IN

PROPERTY DESCRIPTION

Marcus & Millichap is pleased to offer Blue Door Cottages. Blue Door Cottages are located in Monticello, Indiana with frontage along Lake Shafer, just three miles north of Indiana Beach Boardwalk Resort. The property consists of nine rental cottages and 13 rental units. Blue Door Cottages currently operates as a seasonal business from May to October with a heavy concentration of bookings between Memorial Day and Labor Day.

Blue Door Cottages can accommodate 65 guests, making it popular with the family reunion crowd. Guests enjoy the swimming pool, children’s playground, boat docks, on-site guest laundry facilities, quiet wooded surroundings, game andmovie rental, fire pits and boat rental. The property also has a nicely updated, separate two bedroom manager’s house that contains the leasing office; the laundry facilities are located in the basement. The cottages were completely renovated (including all new electric and plumbing) in 2008. They contain full kitchens or kitchenettes and are completely furnished. The property currently employs a seasonal manager as well as a part time cleaning staff which are paid hourly each season.

Monticello, Indiana is a premier vacation destination in the Midwest, welcoming over 750,000 visitors each year. Blue Door Cottages are on Lake Shafer, which offers public beaches, boating, fishing, dinner cruises and is home to Indiana Beach Boardwalk Resort, which was acquired by Apex Parks Group in 2016. The park was built in 1926 and has grown to include over 30 rides including six roller coasters and a water park.

According to Don Hurd, Apex's new marketing director, “We want to really polish up the jewel that we have here on the shores of Lake Shafer,” Since purchasing the Indiana Beach Boardwalk Resort, Apex has poured millions of dollars into restoring the 90 year old park.

A qualified new investor has the option of obtaining a new first mortgage with attractive loan terms through the current lender. Don't miss this opportunity to own the premier lakefront resort on Lake Shafer.

Investment Highlights

■ Lakefront Vacation Resort in Monticello, Indiana

■ Three Miles from Indiana Beach Boardwalk Resort, WhichWas Acquired by Apex Parks Group in 2016

■ Beautiful Pool/On-site Laundry Facilities/Fire Pits/BoatRentals

■ Lakefront Restaurant, Located Across the Street

■ Completely Renovated in 2008

■ 5% Rental Income Increase Every Two Years

■ Area Home to over 750,000 Visitors Annually

■ Millions of Dollars of Improvement to the Indiana BeachBoardwalk Resort Since 2016

1



This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2017 Y0260091Marcus & Millichap. All rights reserved.

INVESTMENT OVERVIEW

The Offering

Property Blue Door Cottages

Property Address 5312 Northwest Shafer Drive

Monticello, IN 47960

Assessor's Parcel Number 91-83-32-000-012.800

Zoning B2 - General Business District

Site Description

Number of Units 13

Number of Buildings 12

Number of Stories 1

Year Built/Renovated 1940 / 2008

Rentable Square Feet 14,377

Lot Size 1.63 Acres

Type of Ownership Fee Simple

Density 7.975 Units/Acre

Parking Adequate

Landscaping Lake Front

Utilities

Water Well Water

Phone Clubhouse Phone - Paid by Landlord

Electric Paid by Landlord

Gas In Main House, Furnace and Dryers

Construction

Foundation Concrete Slab

Framing Wood Frame

Exterior Vinyl Siding and Block Base

Roof Pitched - Asphalt Shingle

Mechanical

HVAC Cottages - Individual Wall Units

Wiring Clubhouse - Central A/C

2




PROPERTY SUMMARY

3




INDIANA BEACH BOARDWALK RESORT & MORE

[Investment Description:

INDIANA BEACH AMUSEMENT PARK:

Indiana Beach Boardwalk Resort is one of the oldest and most enjoyable amusement parks in the country. It is located just 3 miles south of Blue Door Cottages and has free parking. Close enough to enjoy being at the park, but far enough away from crowds and noise!

LAKE SHAFER:

Perfect vacation days are made on Lake Shafer. The lake was created in the 1920’s and is 1300 acres of pure recreational boating fun! The long narrow shore line make it especially great for boating, while all of the great bays and inlets are perfect for fishing.

BOATING- bring yours:

Bring your baby with you on vacation…your boat that is! There is a boat ramp about 1/4 mile south of Blue Door Cottages, and plenty of space on our grounds to park your boat trailer. There is no charge to use one of our boat docks.

BOATING- rent ours:

Rent our pontoon boat and take your family out on the lake for the day, or just long enough for a tour around Lake Shafer. It couldn’t be any easier to enjoy the lake lifestyle at Blue Door. For pricing and reservations - click here.

FISHING:

Bring your fishing boat, rent one, or fish from the docks! You may be able to spot bass, bluegills, wipers (a hybrid of white bass and striped bass), catfish, crappies, and carp. As one angler put it, “some days going up to Shafer during the week is like fishing from a stocked pond.”

CANOE TRIPS:

Take a half or a whole day canoe trip down the Tippecanoe River with Hodges Canoe Trips

HORSEBACK RIDING:

Fun for all ages, our past guests have loved it! Check out Crooked Creek Trails website for more information.

GOLFING:

In town…spend the day golfing at one of the area’s beautiful and challenging courses. Just 1 mile from Blue Door, the Tippecanoe Country Club is one of Indiana’s nicest courses. You’ll enjoy the view from some of the holes that are right on the lake. Or the Pine View Golf Course that is lit, and may be played day or night.

A short drive… For the true linxs enthusiasts that can’t get enough golf, take a short drive to West Lafayette to the Kampen Course at Purdue University. This Pete Dye-designed course is one of the toughest collegiate courses in the nation. This public course is a true test of golf abilities, and it has hosted numerous Big-Ten and NCAA championship tournaments. Or, visit the Coyote Crossing Golf Course, voted the #1 course in the state of Indiana and #7 nationally on the list of “Best New Affordable Public Courses.”

WINE TASTING:

Visit the charming Whyte Horse Winery located in a beautiful country setting just 15 minutes from the cottages. Enjoy nearly a dozen wines from their collection in the picturesque tasting room in a renovated 1886 farmhouse.

DRIVE IN MOVIE THEATER:

You will love taking in a movie at one of the country’s last operating drive-in theaters. Sit back and enjoy two movies under the stars. Check out what is playing at The Lakeshore Drive In Theater.

4




INDIANA BEACH BOARDWALK RESORT & MORE

5



Fire Pits (Five)

Outdoor Grills (Nine)

Outdoor Playground with Swingset and Slides

Guest Coin Laundry

Cleaning Staff Laundry Facility (Two Washers/Two Dryers)

Soda Vending Machine

Movie Library and Board Games

Outdoor Games (Beanbag Boards, etc.)

Boat Docks for Guests

Pontoon Boat for Rent


RESORT AMENITIES AND GROUNDS

6



Renovated Two Bedroom Ranch House (Available for Hired Manager or Snowbird Owner/Operator)

Leasing Office at Front Entrance

Resort's Laundry Facility, Staff Meeting Area in Basement with Separate Entrance

Guest Coin Laundry

Cleaning Staff Laundry Facility (Two Washers/Two Dryers)

Soda Vending Machine


MANAGER'S QUARTERS

7



Nine Full Kitchens

Four Kitchenettes (Everything but Range Oven)

Stocked with Glasses, Dishes, Utensils, Toasters, Coffee Makers, Outdoor Grills and TVs with DVD Players

Fully Furnished with IKEA Furniture and High End Linens

Various Cottage Sizes, Sleeping Two to 10 People

Units Between 320 Square Feet to 840 Square Feet


UNIT AMENITIES

8



SINGLE COTTAGE

640 Square Feet

Full Kitchen

Sleeper Sofa

One King Bed, Two Twin Beds

Sleeps Six


FLOOR PLANS

9




BIG CABANA

840 Square Feet

Full Kitchen

Large Screen TV Included (~48 Inch)

Two King Beds, Two Queen Beds

Sleeps Eight

FLOOR PLANS

10

BUNGALOW

420 Square Feet

Full Kitchen

Queen Bedroom, King Sleeping Alcove

Sleeper Sofa

Sleeps Four to Five

Both Sides Make Double Bungalow

840 Square Feet

Sleeps Eight to 10




FLOOR PLANS

11




STUDIO

320 Square Feet

Kitchenette

King Bed

Sleeps Two

Both Sides Make Double Studio

640 Square Feet

Sleeps Four

FLOOR PLANS

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AREA MAPS

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PRICING AND FINANCIAL ANALYSIS

Price $845,000

Down Payment 25% / $211,250

Price/Unit $65,000

$58.77

Number of Units 13


Number of Buildings 12

Number of Stories 1


Lot Size 1.63 Acres

Vital Data

CAP Rate - Current 8.47%

GRM - Current 5.02

Net Operating Income - Current $71,573

Net Cash Flow After Debt Service - Current 10.1% / $21,383

Total Return - Current 22.8% / $48,269

CAP Rate - Proforma 9.28%

GRM - Proforma 4.78

Net Operating Income - Proforma $78,384

Net Cash Flow After Debt Service - Proforma 13.3% / $28,194

Total Return - Proforma 24.0% / $50,701

Unit Mix

No. of

Units

Unit

Type

Approx.

Square Feet

13 Various 320 - 840

13 Total 14,377

Major Employers

Company Local

Employees

Walmart 300

Indiana Univer White Memorial 287

Emerson 250

Ball Metal Beverage Cont Div 200

Alverno Clinical Labs Inc 141

Monticello Assistd Lvng & Hlth 135

Kroger 128

HEARTLAND EMPLOYMENT 125

Girtz Engineering 100

Northern Indiana Public Svc Co 100

County of White 70

Hardebeck Trucking LLC 69

Demographics

17



1-Mile 3-Miles 5-Miles

2014 Total

Population

773 3,225 8,275

2019 Total

Population

772 3,234 8,282

2014 Total

Households

430 1,508 3,516

2019 Total

Households

434 1,529 3,547

Median HH Income $52,292 $46,861 $43,002

Per Capita Income

(based on Total

Population)

$34,344 $26,320 $22,768

Average (Mean) HH

Income

$60,195 $55,579 $52,773


OFFERING SUMMARY

Existing Financing

Loan Type Free and Clear

Proposed Financing

First Trust Deed

Loan Amount $633,750

Loan Type Proposed New

Interest Rate 5.0%

Amortization 20 Years

Debt Coverage Ratio 1.43

18




FINANCING

Various: 100%

No. of

Units

Unit

Type

Approx.

Square FeetCurrent Rents

Rent/

SF

Monthly

Income

Proforma

Rents

Rent/

SF

Monthly

Income

13 Various 320 - 840 $89 - $318 $0.31 $14,041 $93 - $334 $0.31 $14,743

13 TOTAL 14,377 $14,041 $14,743

Unit Mix Unit Rent & Rent/SF

$0.00

$0.03

$0.06

$0.09

$0.12

$0.15

$0.18

$0.21

$0.24

$0.27

$0.30

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

Various

19




UNIT MIX

Income Current Per Unit Proforma Per Unit

COLLECTED RENT $168,492 $12,961 $176,916 $13,609

Other Income

Ski/Pontoon Boat Rental $8,432 $649 $8,854 $681

Vending/Gift Shop/Fees $2,412 $186 $2,533 $195

Total Other Income $10,844 $834 $11,387 $876

EFFECTIVE GROSS INCOME $179,336 $13,795 $188,303 $14,485

Expenses

Real Estate Taxes $8,485 $653 $8,655 $666

Insurance $9,696 $746 $9,890 $761

Utilities $19,423 $1,494 $19,811 $1,524

Repairs & Maintenance/Supplies $14,980 $1,152 $15,280 $1,175

Marketing & Promotion $2,455 $189 $2,504 $193

License/Legal/Professional Fees $1,944 $150 $1,983 $153

Payroll/Management Fee 12.8% / $22,929 $1,764 12.4% / $23,388 $1,799

Merchant Credit Processing Fees $7,443 $573 $7,592 $584

State Sales Tax $10,530 $810 $10,741 $826

County Promotion $3,009 $231 $3,069 $236

Inn Keeper/Promotional Tax $4,513 $347 $4,603 $354

Employment Taxes $2,356 $181 $2,403 $185

TOTAL EXPENSES $107,763 $8,289 $109,919 $8,455

Expenses per SF $7.50 $7.65

% of EGI 60.1% 58.4%

NET OPERATING INCOME $71,573 $5,506 $78,384 $6,030

The current income and expenses are based on the actual income and expenses for the 2016 season.

The same current income and expenses are anticipated for the 2017 season.

The Proforma income reflects a 5% increase in rental rates, which the current owner increases 5% every two years.

The proforma expenses reflect a 2% anticipated increase in expenses.

Total Number of Units: 13

Total Rentable Area: 14,377 SF

20




INCOME & EXPENSES

No. of

Units

Unit

Type

Approx.

Square Feet

Current

Rents

Rent/

SF

Monthly

Income

Proforma

Rents

Rent/

SF

Monthly

Income

13 Various 320 - 840 $89 - $318 $0.31 $14,041 $93 - $334 $0.31 $14,743

13 Total/Wtd. Avg. 14,377 $14,041 $14,743

FIRST TRUST DEED

Loan Amount $633,750

Loan Type Proposed New

Interest Rate 5.0%

Amortization 20 Years

Annualized Operating Data

Income Current Proforma

Collected Rent $168,492 $176,916

Other Income $10,844 $11,387

Gross Potential Income $179,336 $188,303

Effective Gross Income $179,336 $188,303

Less: Expenses $107,763 $109,919

Net Operating Income $71,573 $78,384

Net Cash Flow Before Debt Service $71,573 $78,384

Debt Service $50,190 $50,190

Debt Coverage Ratio 1.43 1.56

Net Cash Flow After Debt Service 10.1% / $21,383 13.3% / $28,194

Principal Reduction $26,886 $22,507

Total Return 22.8% / $48,269 24.0% / $50,701

5312 Northwest Shafer Drive

Monticello, IN 47960

Price $845,000

Down Payment 25% / $211,250

Number of Units 13

Price/Unit $65,000


$58.77

CAP Rate - Current 8.47%

CAP Rate- Proforma 9.28%

GRM - Current 5.02

GRM- Proforma 4.78


Lot Size 1.63 Acres

Type of Ownership Fee Simple

Location

Financing

Expenses

Real Estate Taxes $8,485 $8,655

Insurance $9,696 $9,890

Utilities $19,423 $19,811

Repairs & $14,980 $15,280

Marketing & Promotion $2,455 $2,504

License/Legal/Professional $1,944 $1,983

Payroll/Management Fee $22,929 $23,388

Merchant Credit Processing $7,443 $7,592

State Sales Tax $10,530 $10,741

County Promotion $3,009 $3,069

Inn Keeper/Promotional Tax $4,513 $4,603

Employment Taxes $2,356 $2,403

Total Expenses $107,763 $109,919

Expenses/unit $8,289 $8,455

Expenses/SF $7.50 $7.65

% of EGI 60.09% 58.37%

Scheduled Income

Loan information is time sensitive and subject to

change. Contact your local Marcus & Millichap

Capital Corporation representative.

21




FINANCIAL OVERVIEW


DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

2000 Population 804 3,464 8,962

2010 Population 783 3,271 8,408

2014 Population 773 3,225 8,275

2019 Population 772 3,234 8,282

2000 Households 446 1,536 3,626

2010 Households 435 1,523 3,562

2014 Households 430 1,508 3,516

2019 Households 434 1,529 3,547

2014 Average Household Size 2.37 2.32 2.32

2014 Daytime Population 306 1,666 4,103

2000 Owner Occupied Housing Units 55.61% 49.41% 52.50%

2000 Renter Occupied Housing Units 9.36% 8.63% 17.44%

2000 Vacant 35.04% 41.96% 30.07%



2014 Vacant 41.72% 47.45% 36.98%



2019 Vacant 42.65% 48.27% 37.90%

$ 0 - $14,999 7.5% 9.7% 11.8%

$ 15,000 - $24,999 9.7% 12.4% 13.7%

$ 25,000 - $34,999 11.2% 12.7% 14.6%

$ 35,000 - $49,999 19.2% 19.3% 17.6%

$ 50,000 - $74,999 24.8% 22.0% 21.4%

$ 75,000 - $99,999 13.2% 12.0% 10.1%

$100,000 - $124,999 8.8% 7.3% 6.6%

$125,000 - $149,999 3.6% 2.9% 2.1%

$150,000 - $199,999 1.4% 1.2% 1.6%

$200,000 - $249,999 0.4% 0.3% 0.2%

$250,000 + 0.2% 0.3% 0.3%

2014 Median Household Income $52,292 $46,861 $43,002

2014 Per Capita Income $34,344 $26,320 $22,768

2014 Average Household Income $60,195 $55,579 $52,773

Demographic data © 2012 by Experian.

23




DEMOGRAPHIC REPORT

Geography: 5 miles

Population

In 2014, the population in your selected geography is 8,275. The population has changed by -7.66% since 2000. It is estimated that

the population in your area will be 8,282 five years from now, which represents a change of 0.08% from the current year. The current

population is 49.28% male and 50.71% female. The median age of the population in your area is 46.3, compare this to the Entire US

average which is 37.3. The population density in your area is 105.18 people per square mile.

Households

There are currently 3,515 households in your selected geography. The number of households has changed by -3.02% since 2000. It

is estimated that the number of households in your area will be 3,547 five years from now, which represents a change of 0.88% from

the current year. The average household size in your area is 2.31 persons.

Income

In 2014, the median household income for your selected geography is $43,001, compare this to the Entire US average which is

currently $51,972. The median household income for your area has changed by 9.24% since 2000. It is estimated that the median

household income in your area will be $52,186 five years from now, which represents a change of 21.35% from the current year.

The current year per capita income in your area is $22,767, compare this to the Entire US average, which is $28,599. The current

year average household income in your area is $52,772, compare this to the Entire US average which is $74,533.

Race & Ethnicity

The current year racial makeup of your selected area is as follows: 92.89% White, 0.71% Black, 0.05% Native American and 0.61%

Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and

5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 7.50% of the current year

population in your selected area. Compare this to the Entire US average of 17.13%.

Housing

In 2000, there were 2,721 owner occupied housing units in your area and there were 904 renter occupied housing units in your area.

The median rent at the time was $401.

Employment

In 2014, there are 4,103 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed

that 42.22% of employees are employed in white-collar occupations in this geography, and 57.88% are employed in blue-collar

occupations. In 2014, unemployment in this area is 9.61%. In 2000, the average time traveled to work was 25.3 minutes.


24




SUMMARY REPORT

Number of people living in a given area per square mile.


25




POPULATION DENSITY

The number of people employed in a given area per square mile.


26




EMPLOYMENT DENSITY

Average income of all the people 15 years and older occupying a

single housing unit.


27




AVERAGE HOUSEHOLD INCOME

MONTICELLO, IN

OFFERING MEMORANDUM

Blue Door Cottages

Offices Throughout the U.S. and Canada

www.MarcusMillichap.com

Exclusively Listed By:

Damien YoderSenior Associate

Indianapolis OfficeLicense: IN: RB14050667

Tel: (317) 218-5314Fax: (317) 218-5310

[email protected]/DamienYoder

blue door cottages · 2017-04-11 · indiana beach amusement park: indiana beach boardwalk resort...

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