18645 County Road 501

Description

This premier income producing property sits nestled amongst mixed conifer and Gambles oak along the northern shore of Vallecito Reservoir. Originally an Orvis endorsed resort, the lodge and cabins were a portion of the World Famous Wits End Ranch. This family-owned and operated creekside sanctuary offers a multitude of possibilities for a new owner. The Main Lodge and 7 rental units sit on approximately 3.2 acres in 2 tracts of land. The heated log-sided lodge is approximately 6,000 Sq Ft and has recently received over $500,000 in renovations. The lodge offers a newly upgraded kitchen, spacious dining area, and a great room with tongue and groove ceilings and walls, and custom stone fireplace for entertaining. The lodge has 5 bedrooms, each with ensuite baths, all newly remodeled with fine decor and furnishings. The cabins include (2) duplexes, each with 1 bedroom and 1 bathroom; (2) spacious 2 bedroom/1 bathroom cabins; and (1) large 3 bedroom/2 bathroom cabin. Each unit comes equipped with a fireplace and covered porch. There is additional space to expand with two to four more units, with a foundation and utilities already in place. There is also additional land available for development of RV sites. The cabins have been rented on both a short-term and monthly basis and have a pro forma gross cap rate of 9%. or more depending on the choice of operations for a new owner. The pond on the property can be stocked with trout annually, bringing added value to guests and an additional source of income. The fishing pond produced as much as $15,000 to $20,000 in extra income for years when it was operated through Wits End Ranch. The entire property is serviced by a decreed water system Silver Streams Well # 1. Case # W1639, which also services an overall 13 cabins, along with the Main Lodge, (a successful restaurant from 1956 until 1994) and other surrounding cabins, bringing additional income. Area Highlights: Vallecito Reservoir, the "Lake of the Little Valley sits at 8000 ft. with 12 miles of shoreline and is has a fishery consisting of Rainbow Trout, German Brown Trout, Kokanee Salmon, and Northern Pike, Walleye Pike, Small Mouth Bass and an Occasional Cut Bow Trout,. The lake lies 18 miles northeast of Durango, surrounded by over 2.5 million acres of public lands. The unincorporated community holds around 1000 homes which have year-round access as a result of La Plata County snow removal efforts. Vallecito boasts a variety of summer and winter recreation including boating, sailing, wind-surfing, jet-skiing, fishing, biking, hiking, horseback riding, ATV rentals, snow-shoeing, cross-country skiing, snowmobiling, dog-sledding and snow-biking. Several outfitters provide overnight or longer trip services into the high country for once in a lifetime experiences. The Silver Stream Lodge property may be eligible to qualify as being historically significant for those who may want to explore the benefits of a historic designation. Vallecito is located in GMU 751, 463 square miles of mixed terrain, with elevation ranges from about 6,500 to over 12,000 ft., and comprised of 28% public and 72% private land, including portions of the Weminuche Wilderness, the largest wilderness area in Colorado, spanning the Continental Divide, with three 14,000 peaks and numerous 13,000 peaks. This destination resort is located approximately a 1/2 hour drive from Downtown Durango, home of the Historic Durango and Silverton Narrow Gauge Railroad and Purgatory Ski Resort. Mesa Verde National Park is about an hour and 20 minutes away. The secluded feel of this mountain hideaway is easily balanced with a quick and scenic trip to the lively communities below. Seller will consider financing a buyer with a down payment of 30% or more. The financing would be at 8% to 9% interest for 3 years with a possible renewal option and without qualifying.