Income Producing Waterfront Estate Mathews VA - Potential Annual Income $138,500 - Ranch Home - Guest Cottage - Boat Ramp and 15 Slips - Fronting Billups Creek; 967 Lillys Neck Rd

Timed auction by Dudley Resources

Starts Aug 8, 2024 3:00 PM EDT. Ends Sep 12, 2024 3:00 PM EDT

Property Tour Scheduled Thurs. September 5th @ 3:00 PM Auction: Billips Creek/Chesapeake Bay Waterfront Estate - Mathews County, VA Discover a rare opportunity to own a piece of coastal paradise! This exceptional waterfront property on Billups Creek & Chesapeake Bay is being offered in 4 separate parcels and as an entirety: 1. Main Residence: Charming 2,179 sq ft ranch-style home on 1.15 AC Waterfront    - 3 bedrooms, 2 full baths    - Spacious interior with panoramic creek views    - Two wood-burning fireplaces    - Modern amenities with retro appeal 2. Guest Cottage: Cozy retreat     - Separate well and septic system  3. Commercial Waterfront Lot:    - Boat ramp and 15 boat slips    - Bulkhead/rip-rap    - Perfect for marina or water-based business 4. Cleared Lot: Prime for future development - Bulkhead wall and dredged on both sides Property Highlights: - Total 3.46 acres with 4-6 ft navigable water depth - Creek frontage with dock/mooring - Currently operating as a successful Airbnb (Superhost status) - Two wells and two septic systems - Barn/stable and workshop - Disabled-equipped with entry-level accessibility Ideal for investors, water enthusiasts, or those seeking a tranquil retreat with income potential. Don't miss this chance to own a versatile waterfront estate in picturesque Mathews County. Waterfront Estate Income Potential Executive Summary This waterfront estate, including a commercial parcel with 15 boat slips and a coveted waterfront location, presents significant income potential. This report outlines a conservative income projection based on existing infrastructure and local market rates, along with opportunities for further development and revenue growth. Disclaimer While this report presents income projections based on our best efforts and research, all figures are estimates and should not be considered guaranteed. Interested parties are strongly encouraged to conduct their own due diligence regarding potential income and associated costs. Income Projection   Net Operating Income (NOI) and Capitalization Rates                  Potential Gross Income   $138,499 Total Operating Expenses $28,662.50 Net Operating Income     $109,836.50 Capitalization Rate Table Purchase Price   Estimated Capitalization Rate $375,000         29.89% $450,000         27.46% $500,000         21.96% $550,000         19.97% $600,000         18.30% $650,000         16.89% $700,000         15.69% $750,000         14.64% $800,000         13.73% $850,000         12.92% $900,000         12.20% Notes and Assumptions 1. Slip and campsite rates are based on May-September (in-season) occupancy. 2. Residential rental rates are based on in-season (May-September) occupancy. 3. Boat launch fees assume 500 launches annually. 4. Boat storage facility assumes full capacity year-round. 5. Property management fees are calculated at 20% of rental income. 6. Cleaning costs assume one turnover every three days during the season. 7. Maintenance and repairs are estimated at 5% of rental income. Growth Potential Creative business strategies and targeted investments could significantly increase revenue. Contact us directly to discuss details and growth opportunities related to this waterfront estate and unlock its full earning potential. Sourcing Notes - Campsite rates, slip and boat storage rates: Averages derived from information provided by various neighborhood campgrounds, marinas on the Middle Peninsula, and Airbnb rates for the subject properties. - Boat launch fees: Estimated based on industry standards and local market research. - Residential rental homes: Income based on in-season rates (May-September) observed on rental platforms and local listings. FOR REAL ESTATE AGENTS REPRESENTING BUYERS:  If you have been working with a Realtor, please have them CLICK HERE and complete the Realtor Representation form.

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