Fern Village Chalets P.O. Box 886 54821 N. Circle Dr. Idyllwild, CA 92549 (951) 659-2869 www.fernvillage.com

This unique motel-commercial property has been a successful family business venture for the past 30 years. In addition to its 5 motel rooms and 4 housekeeping chalets, it has 3 rental stores (two of which are large enough for use as meeting rooms if desired) and 2 rental studio apartments.

An enterprising new owner can benefit from developing the full income potential from this excellently located commercial property while, at the same time, obtaining the advantages of a significant depreciation income tax benefit.

Location

Commercial motel property located in the Fern Valley Corners area of Idyllwild, approximately 1/2 mile from the town center on North Circle Drive, one of the main commercial thoroughfares of Idyllwild.

Setting

Idyllwild is located in Strawberry Valley on the southern slope of Mt. San Jacinto, in the shadow of Tahquitz Peak, within the San Bernardino National Forest. The village is 110 miles equidistant from Los Angeles and San Diego, as well as 50 miles by auto from Palm Springs. The upper terminus of the Palm Springs Aerial Tramway is within hiking distance.

The Fern Village Chalets & Motel is nestled in an idyllic setting of trees on Strawberry Creek in the Fern Valley section of Idyllwild. Street frontage is along North Circle Drive, a growing commercial thoroughfare of fine shops, galleries and restaurants. The property is heavily wooded with tall stands of pine and cedar. Strawberry Creek flows through the back of the property, complimenting the unique setting.

Property Description

Lot: 88' x 180', 0.3 acres. Legal: Portion Lot 18, Idyllwild Mountain Park Subdivision No. 5. Parcel No. 23-23-004-67. The property consists of three separate buildings, completed in early 1970, as follows:

    Main Building - Double A-frame chalet on four levels:

• Two housekeeping units each (joinable for large groups)
• Streamside overlook
• Underneath parking

• Rental Space, Motel = 3,850
• Rental Space, Stores and Apartments = 3,150
• Reinforced Concrete Carports = 3,300
• Outdoor Decks = 2,900

         Buildings are constructed of reinforced concrete, brick, timber, board and batten, glass and aluminum shake shingles.

Replacement Costs
 

Estimated Replacement Cost: Buildings Site Preparation & Concrete Property Total Estimated Replacement Cost	AmountEstimated $800,000 $100,000 $65,000 $965,000
Estimated 1995 Income & Expenses: Stores - 2,000 sq. ft. @ $3.00 per sq. ft.  Apartments - $275 per month Motel - Depending upon occupancy & room rates:	AmountEstimated $6,000 $6,600 $60,000-$100,000
TOTAL RECEIPTS:  TOTAL EXPENSES:  NET INCOME:	$72,600-$112,600 $45,000-$60,000 $27,600-$52,600

Condition of Sale

The sale of the motel will be structured as an exchange for tax purposes. Net proceeds of the sale will be used by an "accomodator", through escrow, to acquire exchange properties per IRS Regulations, Section 1031. This procedure does not prevent the seller from accepting qualified real estate owned by a buyer as a down payment or partial payment in a buyer's acquisition of the motel. It also permits the seller to accept a buyer's note and trust deed for the difference between the buyer's down payment and the loan they are able to obtain for their purchase from a bank or other institutional lender.

Preliminary loan inquiries of institutional lenders indicate that qualified purchasers could obtain a loan of 75% of the purchase price with a guarantee by the U.S. Small Business Administration.

All reasonable offers will be considered.

For further information please contact The Boettchers by phone at (951) 659-2869, or write to P.O. Box 886, Idyllwild, CA 92549