FOR SALE Willamette Pass Inn & Chalets

Crescent Lake, OR

19821 HWY 58 Crescent Lake, OR 97733

• Combination of 13 rooms in the Inn and 10 Chalets, of which 6 chalets are individually owned and ground leased and 4 are fully owned by the resort

• Approximately 11.98 acres of fee simple land (Owner owns land). One of a very few comparable resorts in Oregon that are not on leased Forest Service land

• Land ready and available for another 12 chalets to be built with utility infrastructure already in place. Chalets can be retained or sold individually

• Numerous upside opportunities – up to 12 more Chalets or large additional building, other options available as infrastructure in place for future growth

• The Resort is very well maintained with no known deferred maintenance • NOI estimate: $114,653 - Cap Rate: 8.0%

Sale Price: $1,433,000

•

JACK PENNINGTON JOHN PENNINGTON, CCIM

PENNINGTON REALTY, INC. 1144 Gateway Loop Suite 205 Eugene, OR 97401 Office: 541-344-5959 Cell (John): 541-579-4600 Cell (Jack): 541-513-0918 Email: jack@jpennington.com Email: John@jpennington.com

This information has been secured from sources deemed to be reliable. However, no warranty is made by Owner or owner’s agent as to the accuracy thereof and is subject to changes, errors, and omissions

ated in Located in the High

Cascades of Central Oregon

Improvements

The Inn: 13 Rooms

• 10 Large Rooms that can accommodate up to four people and 3 extra-large

rooms that can accommodate up to six people. All rooms have fully equipped kitchenettes and most rooms have wood burning fireplaces. All rooms are larger than standard hotel rooms

The Chalets at the Willamette Pass Inn

• 10 Chalets

o Six Chalets are individually owned on land ground leased from the

resort. Owners pay ground lease, SAT TV, electric and propane costs (presently $350/month). Four of the privately owned chalets are in the Resort’s rental pool and a percentage of the income is retained by the resort

o 4 Chalets are owned by the resort and included in the sale

o Other 2 Chalets are individually owned and used by the owner’s only

(not rented)

• Land ready and available to build up to 12 more chalets with underground utilities (septic / electric / propane / water) already in place and drain field approved and installed

Employee Housing • Manager’s apartment attached to front office and lobby

o Turnkey – large living room, large bedroom, full kitchen and bath with outdoor covered patio. Fully furnished to include 42” flat screen TV

• Employee Housing #1 Turnkey – 12’ x 50’ one-bedroom mobile home undercover, fully furnished to include TV and satellite

• Employee or rental housing #2 Turnkey – 14’ x 55’ two-bedroom manufactured home, fully furnished including wood burning stove and TV and satellite

Storage Buildings

• One metal roofed, cement floored storage building split into 5, 15’ x 25’ units with 14’ x 19’ sliding metal doors. Currently one is converted to an office, two are rented to snowmobilers and two are used as storage for the Inn

• 10’ x 30’ storage trailer

Infrastructure • 2 wells – 1 is rated at 60 gallons per minute and the other is capped at 60

gallons per minute but is capable of 60+ gallons per minute

• 100 KW Generator – Under cover with automatic transfer switches

• 50 gallon diesel tank under cover by generator

Miscellaneous

• Commercial Laundry o Speed Queen 60 Commercial washer and Speed Queen 75 Commercial

Dryer – Both five years old

• Guest Laundry o 2 Speed Queen Commercial coin-operated washers and 2 Speed Queen

coin-operated commercial dryers – Both sets five years old

WILLAMETTE PASS INN

Tax lots: 2406-01AA-900 & 2407-006B0-400

Property taxes: $13,046 (2016)

Personal Property

• General Shop Supplies o 650-amp portable Generac Generator, compressor, portable 600-amp

battery jump starter, battery charger, two blowers, Stihl chainsaw with extra chains, half inch corded drill, 2 portable 3/8” drive drills with extra power packs, many drill bits, 5 drawer stand-up tool chest filled, large and small shop vacs, 10 heavy duty extension cords 25’ to 100’ and assorted parts and supplies.

• Electrical Supplies

o Back-up wall heaters, back-up portable room heaters, multiple back-up bulbs for all fixtures in rooms and Chalets, back-up lamps, shades and parts. Back-up outlets, covers and switches. Back-up toasters, coffeemakers, fans, etc.

• Plumbing Supplies

o Back-up toilet insides, sink/faucet parts and back-up shower heads, etc.

• Outside Equipment o John Deere 3320 10-year-old front loader with rear leveler, 60” snow

blower attachment o White 24 ton log splitter o 100KW Diesel Generator for Inn and Chalets with 60 gallon tank. o 250 gallon holding tank with electric pump set next to generator. o Riding lawn mower 42’ Craftsman, 4 wheel walk behind Craftsman o 1996 Ford Explorer with extra set of snow tires, completely outfitted

with shelves and containers to clean and refurbish Chalets

• 1000’ roll spare satellite coax cable

• 4 Patriot brand mosquito magnets for mosquito control ($500 each)

• Chalet snow shovels

Property Highlights

Winter

The Willamette Pass Inn is perfectly positioned to take advantage of a multitude of outdoor activities year-round

In the winter, guests can enjoy downhill skiing at Willamette Pass Ski Resort (7 miles),

exploring the multitude of lakes and mountains using the hundreds of miles of snowmobile and cross-country skiing trails, or simply by relaxing in their rooms next to

the wood burning fire place. During the winter the resort is well plowed and there is plenty of room for trailers and snowmobile parking.

Summer

During the summer, the Willamette Pass Inn is a great place to stay to go fishing, hiking, swimming, boating and mountain biking in the remarkable beauty of Oregon’s High

Cascades. Within minutes of the Inn are Crescent and Odell Lakes as well as dozens of high mountain lakes like Davis Lake, Wickiup Reservoir, Waldo Lake, Crane Prairie

Reservoir and many others. The famous Pacific Crest Trail is very close as well.

Property Website: www.willamettepassinn.com

Spring

During the spring, the resort is primarily booked up by fisherman looking to take advantage of the start of the season at Odell, Crescent, Wickiup and Crane Prairie lakes

and reservoirs.

WILLAMETTE PASS INN

Fall

Fall is the start of the hunting season in Oregon and the Willamette Pass Inn sits right in the middle of Oregon’s premier deer and elk hunting territories

Financial Sale Price: $1,433,000 NOI: $114,653 CAP Rate: 8.0%

WILLAMETTE PASS INN

Distance to: Crescent Lake / Odell Lake 5 Minutes Numerous other nearby lakes including Waldo, Diamond, Crater

Willamette Pass Ski Area 7 miles La Pine 32 miles Bend 62 miles Eugene 75 miles

Inn

Chalets

SITE PLAN