500 Riviera DrBlythe, CA 92225

Property Details for 500 Riviera Dr

Lot size

9.18 AC

Property type

Sports & entertainment properties

Property subtype

Other sports & entertainment properties

APN

009-603-080

APU

9603080

Description

This exceptional investment opportunity presents The Cove RV Resort, a well-established, 157-unit RV park situated on the Colorado River in Blythe, California. Built in 1970 and renovated in 2017, this Class B property boasts 21.55 acres of land and features four single-story buildings. The resort caters to both short-term and long-term guests, offering a range of amenities including a pool, laundry facilities, bathhouse, office, store, and ample RV and boat storage (80 covered spaces). A private cove and boat dock provide direct river access. The property operates under a ground lease expiring February 27, 2044 (20 years remaining). The current NOI is $199,172, with a pro-forma NOI of $228,837, resulting in a current cap rate of 11% and a pro-forma cap rate of 13.08%. The asking price is $1,750,000, or $11,146.50 per unit. The property is zoned for commercial use and includes the assumption of a $300,000 note for the solar array. The resort's location just off Interstate 10 provides convenient access for travelers. With qualified on-site management already in place, this property offers significant potential for increased profitability under active ownership. An expansion opportunity exists for an additional 81 sites. This is a stabilized investment with strong potential for future growth.

• Alternative Use

  Use

  Valuation

  Residential

  $81,118,008

  Hospitality

  $74,303,656

  Educational

  $61,819,772

  Medical

  $63,945,848

  Retail

  $96,164,088

Location Insight

City

Blythe

County

Riverside

State

California

Latitude

33.6045

Longitude

-114.535

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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