DISCOVER THE FULL POTENTIAL
over 700,000 visitors SKI sugar mountain resort each year
At Reserve III at Sugar Mountain Resort
The subject property of this offering is the Reserve III at Sugar Mountain Resort
The Reserve III is a 12.78 acre tract in a private gated development. This property offers direct ski-in, ski-out access to Sugar Mountain Ski Resort with a summit elevation of 5,300 feet, night skiing and accommodates almost 700,000 annual skiers.
There will be 21 lots, with each developed for a four-plex, resulting in 84 potential residential units.
All utilities including electric, cable, water and sewer are in place and a paved public road passes along the property.
The first 12 units on Lots 1-3 could be turn-key ready for occupancy in 6 to 8 months. Attractive building plans have been prepared for a typical four-plex unit, if the purchaser wishes to use them.
Lots 4-7 (for 16 units): underground electrical completed; requires water and sewer piping and road paving.
Lots 8-21 (for 56 units): requires underground electrical, water and sewer piping and road paving.
Clearing is completed for all roads and the 21 building pads (with a total of 84 units).
In addition, there is a contiguous 8.13-acre parcel which is adjacent to the Oma Meadows chairlift drop-off, and could contain another 40 to 50 units for an overall total of more than 125 Luxury Condominiums.
Zoning allows for private ownership, vacation rentals, fractional ownership and Time Share.
The image at the left is an aerial view of the Reserve III development in its current stage of completion.
PHASE I is far left that includes Lots 1—3 for 12 units.
PHASE II is lower center and includes Lots 4—7 for 16 units.
PHASE III is top center and includes Lots 8 — 21 for 56 units.
Pro Forma for the Reserve III
The chart at the left shows 2 different options for profit potential that can be realized with the build-out of the Reserve III.
The cost of the land, including all the improvements and infrastructure added is $2,500,000.00. The cost of finished improvements was $1,181,693.00, bringing the actual cost of the 12.83 acres of land at $1,718,307.00.
The finished product of The Reserve III is 84 luxury condominiums.
There are 21 lots property zoned for 84 units of resort timeshare, fractional, vacation rentals, or private ownership.
There is also an additional tract of land (8.13 acres) that is available to purchase which is further up the mountain.
- When this project is built out the gross profit after cost is $13,860,931.00
- Net annual income from 84 rental units – for 45 weeks a year – averaging $350.00 per night is $6,988,800.00, after carrying costs and property management.
Area Comps for the
Comps for the Reserve III were obtained from other luxury condominium developments with proximity to this future site. It also compares similar construction materials and square footage costs. The two developments that were selected were The Vistas at Banner Elk, NC and Echota Resort at Echota, NC.
- The Average retail cost per sq. ft. at The Vistas at Banner Elk is $243 –$275
- The Average retail cost per sq. ft. at Echota Resort is $233 –$286
- The Average retail cost per sq. ft. at Reserve III is $264 –$269
all the information you need
all the information you need
Download the offering Memorandum
area and project summary
5,000 ft (1.52 km). Elevation
AVERY COUNTY’S GROWTH is significant
many AREA ATTRACTIONS
zoned for RENTALS OR RESIDENCES
12 month array of outdoor activities
numerous amenities in sugar mountain
EXISTING IMPROVEMENTS valued at $1.2M
new ski run (Gunther’s way)
new 6 pack, high-speed lift
hiking and biking trails
trout fishing and kayaking
zoned for TIMESHARE OR FRACTIONAL
popular building designs
new snow blowing equipment
a break from the heat
THE BOTTOM LINE
What Impact Will This Finished Project Have?
This ski in/ski out jewel of a property is located on Sugar Mountain at an elevation of 5,000+ feet. It overlooks majestic Grandfather Mountain. It is being called “Reserve III.” In this website, I have included our latest offering memorandum and supporting documents for your review and consideration, I hope that you
and your team will discover this to be a worthy resort property to consider acquiring and developing and
adding to your portfolio of luxury private residential communities.
Price of 12.78 partially developed acres with infrastructure and roads included: $2.5 Million.
This price includes the cost of existing infrastructure which was $1.2 Million.
much is already in place
21 lots are properly zoned for 84 units of timeshare, fractional, vacation rentals or private ownership.
Approvals have been received from Carolina Water for water and sewer hookups, with such
utilities abutting the property.
RENTALS IN DEMAND
Rental units are in demand and are usually booked a year to six mounts out. Nightly rentals will
demand on average of $450.00 to $550.00 per night.
84 total units
There will be 21 4-plex buildings in Reserve III. Totaling 84 units. 42 with 2 bedroom/2 bath and 42 with 2 bedroom/2 bath and loft.
From Our Founder
Make Your Own Opportunities
This area of North Carolina is a year round tourist designation. There are plenty of things to do and see in every season of the year: Horseback riding, golf, festivals, kayaking, hiking, trout fishing, skiing, etc.
Rental units are in scarce and are usually booked a year to six mounts out. Nightly rentals will demand on average of $450.00 to $550.00 per night.
Get In Touch
SELLSTATE GROUP REALTY
MURRELLS INLET, SC 29576
JACK KELLER — SELLING AGENT