Marcus & Millichap is pleased to exclusively offer the The Retreat at Sonoran Springs RV Resort (SS), located in the municipality of Buckeye AZ; 15 miles south of town center. This Class A motor coach first-class development site comprises of 232 acres of fee-simple land, fully entitled for a 800 site RV Resort to accommodate the “Big Rig” market with 100x50ft (5000 SF) sites, with additional amenities including: 2 clubhouses, 12- hole executive golf course, equestrian center and more. Water rights are included with the purchase of the land, and utilities are provided by a top on the line well and state of the art sewage treatment plant, which efficiently recycles water.
Adjacent to and overlooking the Maricopa Mountain Wilderness, the resort and snowbird community will attract class A clientele that are under accommodated in the “Big Rig” market. Comparable resorts and comparable size sites in the Phoenix MSA, rent for upwards of $1000/mo; however, the proforma conservatively uses a lot rent of $850 as a monthly rate. With a conservative absorption of roughly 15% per year, and assuming a conservative occupancy of 60% by year 5; the proforma demonstrates a 10-year exit value of $80M at a 7.5% CAP rate, representing a 5.5x investment multiple and a 116% IRR over that 10 year period.
For those that wish to capture retail to the resort patrons, an additional development opportunity can be sold in tandem or separate, which is the resorts commercial frontage zoned and entitled with a hotel/apartment building, a sports bar/restaurant, a market, and a truck and bus fuel and wash station.
This fully entitled RV Resort, The Retreat at Sonoran Springs is being offered with water-rights at $6,500,000.
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