Lofty 217 McClallen Dr

Lofty 217 McClallen Dr

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Location
Killington, VT
Projected Return
38.4%

Company Description

Guest Favorite Short-term Rental located two miles from resorts in Killington, Vermont.

Offering Details

  • Dave McComb transferred his property's deed to a new LLC and is selling a portion of the LLC on the Lofty Marketplace. This property is the only asset owned by the LLC.
  • Tokens represent direct ownership in the LLC that owns the property. Dave will maintain at least 10% ownership in the LLC indefinitely.
  • View proof of Dave's ownership prior to the title transfer here. View proof of title transfer to the LLC here. View the LLC documents here.
  • Dave will buy back all of his equity in 8 years for a total of 16% appreciation for investors. There is no fee when equity is bought back, and investors can still trade their tokens on the Lofty marketplace anytime. Dave has the option to buy back the equity at any time before the 8 year period is up, but it must be at the set price of $58/token (16% appreciation).
  • View additional terms here.

Property Details

  • This property is a Guest favorite Short-term rental with two years of history and $120,000 in gross revenue Year to Date (2024) as of June. View Year to Date P&L. View P&L for 2023.
  • The highest revenue months are from December through March. The rental income in February, 2024 was $42,123, and the revenue in January and March were over $20,000 each month.
  • Welcome to Killington Cabin: an enchanting wood-beam haven in Vermont's Green Mountains. Ideal for every season—ski, bike, hike or unwind.
  • This duplex offers 8 bedrooms, 4 baths, 2 kitchens, 2 living spaces, and decks w/ hot tub & grills. Located just off the main Killington Road, reach the resort in 5 minutes while relishing the tranquility of our private road. Comes with smart TVs, high-speed WiFi, streaming, Alexa & Tesla PowerWalls.
  • This property is located less than 2 miles to the slopes and even closer to the bars and restaurants. Two golf courses are within 10 minutes of the house. The town recreation center is just a short distance away and features a swimming pool, soccer field, tennis courts, baseball diamond and playground. You'll also find plenty of trails, ponds, lakes, swimming holes and quaint Vermont towns a short drive away.
  • Walk in the front door and you'll find the entryway to both the left and right units - each featuring 4 bedrooms, 2 bathrooms, living room and kitchen on 2 floors.
  • Managed by Dave's company, Simple Vacation Rentals, a Superhost on Airbnb with over 1,700 reviews and a 4.85/5 rating.
  • View Airbnb link
  • View 2024 Booking Report
  • In 2023, the siding and new windows were replaced for a total of $43,309.
  • The closing costs include an additional $15,522 for a portion of the furniture purchased by Dave, which can be viewed here. The property is fully furnished.

Airbnb

Property Management and Insurance

  • Managed by Dave's Property Management company, Simple Vacation Rentals, a Superhost on Airbnb with over 1,700 reviews and a 4.85/5 rating.
  • Property Management Agreement
  • The Property Management fee will be 10% of monthly gross revenue in the months of May through October. The Property Management fee will be 25% of gross revenue in the months of November through April.
  • Insurance Policy from Vermont Mutual Insurance Company.

Airbnb

Property Leverage

  • This property has a loan balance of $337,357 View the loan documents here
  • As the seller, Dave McComb pays down 100% of the loan payments, his equity percentage in the property will increase and the levered rental yield of investors will decrease over time. Investors have the ability to change this structure via a governance vote.

Occupancy Status

Location Data

  • "A-" Rating for Zip Code on Niche
  • Ski resorts: Killington Snowshed Base (2.4 miles), Killington K1 Base (3.0 miles), Pico Mountain (4.7 miles), Mountain Meadows Cross Country Skiing (2.4 miles)
  • Golf: Killington Golf Course (2.3 miles), Green Mountain National Golf Course (4.9 miles)
  • Nightlife: Pickle Barrel (0.6 miles), Wobbly Barn (0.7 miles), Mary Lou's (1.3 miles), The Foundry at Summit Pond (1.2 miles)
  • Weddings: Killington Grand Resort (2.4 miles), Mountain Top Inn & Resort (15.6 miles)
  • Airport: Rutland Regional Airport (18.6 miles), Burlington International Airport (74.4 miles), Albany International Airport (113 miles), Manchester-Boston Regional Airport (116 miles)

Due Diligence Documents

Amount Raised : $0
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