NCKA Clubhouse?

Can we have this one too?

http://mendocino.craigslist.org/reb/4668076472.html

Sold... 

That fire place looks haunted 

I'd guess 8-10K per month of mortgage fees then another 3-5K in additional expenses like maintenence, permits, insurance, etc.
Maybe not the best way to spend 1.7mil. But I think it's a better investment than a residential home in most of CA...
Heck I'd commit to $100/month for 10yrs just for the free campsite or occasional cabin stay.

grow dope

grow dope

It's too coastal.....otherwise someone would be doing it here in Mendo.

I'm in!

UPDATE.....

I am in converstation with the listing agent as I type this. Some problems with the deal. As of now no true financials available. They are putting something together, but it is Pro Forma and not true P&L. That will make it nearly impossible for me to pursue. I'm trying to get tax records from the 88 year old owner right now. Working on other angles too.

Keep y'all posted........

Can we have this one too?

http://mendocino.craigslist.org/reb/4668076472.html

Sold... 

That fire place looks haunted 

+1 Looks like they did some sacrificing in that thing!!

That be one cool Clubhouse Chad !

grow dope

It's too coastal.....otherwise someone would be doing it here in Mendo.

NHahahahahahahahahahahahaha!!!!! OMG Hahahahahahahahh

Ok...

It looks like $184,000 gross annual.
But, about $190,000 expenses.
Based on only 5% down ($85,000) and a 30 yr loan.
Only problem is commercial usually will require 20-25% down ($340,000) and 20 yr loan if I recall.
Based on the new criteria the actual numbers still stay about the same. It is a loser at that valuation. 1.7 million
If you could chop about $60,000 yr out of expenses it makes more sense.

I will keep you all informed on the numbers.

My guess is the expenses include a full time position, probably at least another 2 part time and seasonal help.  Those costs could be mitigated by an owner/partner deal. 

I think the rentals are probably under priced with tenants who have been there for many years.  That could be corrected and the gross annual bottom line helped out.

I wonder if the property could be subdivided and sold off in sections, retaining a big enough chunk to make it a member's only club and the sell off paying for it?

I have a lot of the numbers, just not sharing yet.  Trailers rented currently. 3 houses rented. Prices look about right. Full time employ/mgmnt on site. Works for percentages. I have lots more info, waiting on even more. Tax work etc.

This is interesting---Yeah, why not chunk off some parcels to help offset costs?  Kayak fishers don't need 48 acres, just some river frontage, a dock.........and a bar!

This is interesting---Yeah, why not chunk off some parcels to help offset costs?  Kayak fishers don't need 48 acres, just some river frontage, a dock.........and a bar!

How about room to swing a trailer???
I don't see it worth anywhere near that price.
I can think of a ton of better deals for 1.7.
If it was a good deal someone with far more bank would have swooped it up by now.

This is interesting---Yeah, why not chunk off some parcels to help offset costs?  Kayak fishers don't need 48 acres, just some river frontage, a dock.........and a bar!

How about room to swing a trailer???
I don't see it worth anywhere near that price.
I can think of a ton of better deals for 1.7.
If it was a good deal someone with far more bank would have swooped it up by now.

Totally agree Mike anyone considering it hasn't looked at it.They are looking for a Sucker way too many liabilities. It been on the market for a long time if it was even close to being workable it would have been gone a long time ago. Beautiful spot but good luck getting a loan on it, gonna take some serious cash.