The Wagon Wheel Resort in the beautiful Arkansas Ozark Mountain Region is a turn key resort nestled on over 4 AC M/L with lush landscaping and breathtaking lake views. The resort features 8 fully furnished, clean, updated and well maintained cabins with enclosed porches, personal residence, private dock, covered pavilion, playground, community laundry, office, large shop for extra storage, plenty of parking, plus an RV hookup are just some of the amenities. Wagon Wheel Resort has been a landmark on Lake Norfork for over 70 years. Current owners have developed a website presence and successful online booking system making it an attractive option for potential owners. Personal residence was built in approximately 2021 and is a 3 bed/2.5 bath with office and upper and lower decks. Located in Gamaliel, this beautiful resort setting is perfect for an owner/investor looking to have the best of both worlds with a residence and an active viable resort business that is turn-key and completely renovated.
Financials are available.
Personal Residence- 1,800 SF
Office/Cabins-2,776 SF
Cabin 1: 528 SF BEAUTIFUL BUNGALOW
Cabin 2: 410 SF COUPES COTTAGE
Cabin 3: 600 SF LAKEVIEW LODGE
Cabin 4: Included with office OUTDOORSMAN DEN
Cabin 5: 400 SF RUSTIC RETREAT
Cabin 6: 720 SF BIG OL' BUNKHOUSE
Cabin 7: Included with office COANS CABIN
Cabin 8: 840 SF Separate THE RANCH
(1) RV HOOK UP SITE
Covered Cabana Area
Workshop
Playground
Floating Boat dock
Property operated at a 7.9% CAP in 2023 with actuals and that did not include potential rental of the residential unit. That unit would be an estimated $1,750/week assuming a 30% annual occupancy or 15.6 weeks/year. Estimated annual gross revenue $27,300.
2023 Proforma ( with residence as a rental lodge)-
$94,027 net income or 11.1% CAP rate
OPEX at 39%
2024 Pro Forma income estimated to be $113,760 based on past current and future bookings. With residence added using above scenario estimated 2024 Gross Income estimated at $141,060. Estimated expenses at 39%
Estimated expenses: $54,623
Estimated NOI: $86,437 (10.2% CAP Rate)
***Summary P/L data and current CAP rate based on NOI is available to interested parties.
Full disclosure of financials to be provided by Seller for Buyers to perform a full feasibility study upon receipt of an executed contract, earnest money deposit and execution of a Non-Disclosure Agreement between the parties.
Bill Caller, CCIM
ERA Doty Real Estate