712 GRAND Avenue, Grand Lake, CO 80447 (MLS# 21-705)


$2,395,000
712 GRAND Avenue
Grand Lake, CO 80447
MLS# 21-705
Status: Pending
22 beds


712 GRAND Avenue, Grand Lake, CO 80447
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Property Description
The Lone Eagle Lodge has stood the test of time. Originally constructed in 1960, the Lodge has operated as a motel for generations of visitors and is located in the heart of historic Grand Lake village, walking distance to the lake, restaurants, shopping and many outdoor activities. Grand Lake is the western gateway to Rocky Mountain National Park, where you can escape from the hustle and bustle of everyday life, relax and enjoy little touch of nature. Rustic is a great description of the 17 guest rooms & 3 apartments complete with pine wood furniture and cozy linens & blankets. Each of the rooms has a unique life of its own. The apartments are fully equipped housing units with kitchens (the two owner/operators and a full time tenant occupy units today). Priced at a 9% Cap based 2021

Details
Maps
Documents
Contract Information
Current Price: $2,395,000
Book Section: Income/Commercial/Ranch
Status: Pending
Begin Date: 2021-05-24
Under Contract Date: 2022-02-09
List Price: $2,395,000
Percent Ownership: Full
Reservations: Not Applicable
1st Right of Refusal: No
Location, Legal and Taxes
Area: Grand Lake Area
House Number: 712
Street Name: GRAND
Street Suffix: Avenue
County: Grand
State/Province: CO
Postal Code: 80447
Parcel Number: 119305219002
Taxes: 452.52
Tax Year: 2021
Tax Schedule #: P150450
Subdivision: GRAND LAKE
Legal: Subd: GRAND LAKE Lot: 3-5 Block: 19 PERSONAL PROPERTY
FIRPTA (Foreign Investment in Real Property Act): No
General Property Description
Realtor.COM Type: Commercial
Total SqFt: 11011
Year Built: 1960
Year Built Remarks: Updated 2012
Style: NOT APPLICABLE
Lot Size: .51 Acres
Acres: 0.51
Total Bedrooms: 22
Total Full Baths: 22
Total Half Baths: 1
Garage Type: Attached
Garage Stalls: 2
Garage Remarks: Storage or Garage
Miscellaneous
Minimum Earnest $: 75000
Possession: @ DOD
Sales Transfer Tax: No
Water Source
Community: n/a
Public: Tap Paid
Well: n/a
Sewer Source
Community: n/a
Public: Tap Paid
Septic: n/a
Property Features
Construction: Frame
Supplements
The property also includes a full laundry facility, modest convenience store & fuel station with supplies tourists and locals crave  fuel, snowmobile parts, fishing supplies, etc. The store could easily accommodate additional revenue streams such as tourist-oriented supplies, fishing licenses, grab-n-go breakfast food, ice cream, or a sandwich shop. In addition, the main building is also set up for a tenant/operator to run a full-service auto repair shop in an adjacent space complete with vehicle lift (great additional income stream). Grand Lake was established in 1881 and resides at an elevation of 8,269 feet above sea level. The Grand Lake is Colorado's deepest & largest natural lake, cut by a glacier a millennia ago, boasts a maximum depth of 389 feet. Summer activities include boating, sailing, kayaking, swimming, fishing and other water sports. Hiking and mountain biking are also exceptional popular in the area. Winter activities include hundreds of miles of snowmobiling trails as well as a world class Nordic skiing facility. Not to mention, Grand Lake is 45 minutes from the Winter Park Resort. Modern marketing, direct booking & social media will drive positive growth and immediate impact. The post-Covid travel & lodging opportunity is shaping up to be very attractive for hospitality & destination operators. 2021 Full Year NOI Cap Rate = 9.12% at asking price. With a modest 15% increase in lodge occupancy, and rental income from the 2 apartments, the NOI increases substantially and leads to a 13+ Cap in 1 year. Financial model available upon request. The Fuel Station could be eliminated and the convenience store could be converted to a restaurant or other attraction. The seller is willing to work with a buyer who is not interested in the fuel station operation. Additional Interesting Resources: Why You Should Consider a Winter Vacation to Grand Lake https://www.5280.com/2020/03/why-you-should-consider-a-winter-vacation-to-grand-lake/ Constitution Week Celebration https://www.grandlakeusconstitutionweek.com/ Winter Carnival https://gograndlake.com/winter-carnival/

Listing Office: Sanderson Commercial Real Estate

Last Updated: May - 16 - 2022

712 GRAND Avenue, Grand Lake, CO 80447 - MLS# 21-705

Information deemed reliable but not guaranteed.