RIO BEND DEVELOPMENT

270 Space Rio Bend RV Resort, 68 Site Storm’s Crossing Manufactured Housing Community, Lakeview Golf Course, and Land
Price

Sold
Sept 11, 2001
for $5,250,000
Address/City
1589 Drew Road,
El Centro		 County
Imperial		 State
California
Est. Vac. & Expense %
See Below		 Age
Built 1986-1994		 Loan
Buyer to Obtain
Parcel Size
110 Acres		 No. Spaces
270-RV Resort
68-Manufactured Housing Community		 Map-Page
 Zoning
Listing Salesman John Grant 858-586-9400 Office San Diego
DESCRIPTION AND TENANT INFORMATION:The Rio Bend Development is 110.4 acres consisting of four separate projects: 1) Rio Bend RV Resort development consists of 228 full hookup RV spaces, clubhouse, pool and spa, convenience store, and other amenities, and 42 RV spaces with water and electric hookups. The RV resort was built in 1986. 2) Storm’s Crossing Mobile Home Park is a 68 space manufactured housing community on 9.4 acres. This high quality community offers large 50x80 spaces with doublewide and triplewide manufactured homes, view lots, private lakes, walking trails, fishing, and shares the clubhouse, pool, and spa at Rio Bend RV Resort. The manufactured housing community was built in 1993. 3) Lakeview Golf Course is a challenging 66 par executive golf course consisting of a 9 hole golf course with 18 separate tee spots. The course is 2176 yards per nine holes and covers 37.1 acres. The course rating if 60.6 and has a slope rating of 102. Drew Lake, a 10 acre lake, is also part of the golf course. The golf course was built in 1994. 4) Approximate 31.6 acres of vacant land approved for a 165 lot residential subdivision with golf and convenience commercial related sites. This land offers an excellent opportunity for expansion of any of the existing operations. Another 350+ RV spaces could probably be built. Or the golf course could be expanded. A portion of this land is currently being used as a driving range for the golf course.

The project site is located in the southwestern portion of Imperial County, approximately seven miles west of the incorporated city of El Centro. The project is one-half mile south of the Drew interchange on Interstate 8; access from the interchange is by Drew Road. Rio Bend Development is a high quality project and must be purchased together. This resort is attractively laid out with two lakes and fantastic views quite unique to this area. Both Rio Bend Lake and Drew Lake offer fishing, are used as water sources for the development’s drip irrigation, and as a reservoir for an on site water treatment facility. Rio Bend Lake also acts as a buffer zone between Storm’s Crossing, the manufactured housing community, and Rio Bend, the RV resort. Drew Lake also is a water hazard to the golf course.
CALL JOHN GRANT IF YOU DESIRE FULL PACKAGE.

TOTAL ESTIMATED NET INCOME
BEFORE DEBT SERVICE
$433,346
LOAN INFORMATION
Buyer to obtain new loan
.
The information contained herein has either been given to us by the owner or the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, EXPENSE, AND ALL OTHER INFORMATION CONTAINED HEREIN.