RV Park/Campground Details
- Purchase Method: Cash, New Loan
- Cap Rate: 9.0%
- Listing ID: 1631675
- Posted On: Mar 25, 2022
- Updated On: Jun 25, 2022
Description
Mines & Meadows ATV/RV resort is a premier ATV, dirt bike, and side by side riding resort and campground, which also offers the only underground riding in the Northeast US! Mines & Meadows is located in Wampum, PA and it offers ATV and dirt bike enthusiasts in Western Pennsylvania and Eastern Ohio a truly unique experience. Despite the fact that Wampum is a very small community, there are over 3,900,000 residents within an hour drive, 9,400,000 residents within a two hour drive, and over 17,000,000 residents within a three hour drive of the resort. The resort is conveniently located near the Pennsylvania Turnpike and Interstate 376.
With over 84 miles of recreational trails on 877 acres of land, Mines & Meadows offers the full spectrum of riding skills from beginner through advanced. Mines & Meadows has also added more than 8 miles of new single track (dirt bike only) trails that will test even the most experienced riders. The trails at Mines & Meadows do provide tremendous challenges, however they work hard to keep them groomed (weather permitting). What really sets Mines & Meadows apart however is their underground riding through abandoned limestone mines! These mines provide matchless thrills with underground lakes, total darkness and numerous surprises that help make each journey unforgettable...and keeps customers coming back for more!
The park generates the majority of its income by selling daily & seasonal passes for the riding trails. Gross sales in 2021 surpassed $1,300,000. 2022 seasonal passes went on sale on Black Friday with a HUGE increase over the previous year. Just as RV parks have flourished since COVID changed the world, ATV riding and other outdoor recreational sports have flourished in their own right. ATV sales were up 33.8% in 2020 due to Covid. Even prior to Covid, ATV sales had been averaging around 8-9% increase annually over the previous handful of years.
As of March 11th, 2022 the membership sales for 2022 are 46% ahead of the 2021 level. We are predicting gross revenues in excess of $1,500,000 in 2022!
Mines & Meadows offers 44 RV sites & 13 primitive tent sites at the resort. The RV portion offers 20/30/50 amp electrical service to satisfy the most demanding electrical needs. The park has electric meters available for back-billing for long-term guests. The park also offers a 2 bed/1.5 bath cottage that rents out for $125/evening.
Mines & Meadows is hoping to add an additional 13 primitive spots for Spring 2022. They will also be bringing electric to the existing 13 primitive spots. A preliminary layout has been completed. They have a DCNR grant for the remainder of the engineering project, grading plan, water retention, etc (unused grant funds will transfer to new owner if closing occurs before completion). They have already completed 1/4 mile power utility extension. The ditching for the underground portion will begin as soon as the weather permits.
The North American ATV and UTV market was valued at 5.69 billion in 2020, and it is expected to reach 7.54 billion in 2026, registering a CAGR of about 4.82% during the forecast period 2021 – 2026). The increasing recreational expenditure and the increasing number of off-roading events drive the country's ATV market. The growing preference of the youth toward adventure and off-road events and the availability of a wide range of products across varied prices are the factors that drive the growth of the industry. Globally there were 1,270,000 ATV's sold in 2020 which set the record for most ATV's sold in a year. 2021 numbers are expected to potentially equal but not surpass the 2020 record.
For those who enjoy outdoor sports and recreation, Pennsylvania is truly almost paradise. In fact, the North Country Trail, which will eventually be the country's longest National Scenic Trail covering more than 4000 miles, actually crosses the northwestern portion of the resort. Mines & Meadows also support the region's avid hunters by opening our property exclusively to them during the two weeks of rifle deer season. Here is a small sample of other activities for guests during their stay:
Mines & Meadows joined Pittsburgh Adrenaline, a group of local businesses bringing you the very best in Pittsburgh adventure outdoor activities.
Mines and Meadows is less than 10 minutes away from Western Pennsylvania's best golf club, the famous, Olde Stonewall Golf Club. Stonecrest Golf Course is just 1.2 miles away. Fox Run Golf Course is just 6.8 miles away.
Pittsburgh International Race Complex offers karting, autocross, trackcross and professional driver education courses. Complex only five minutes away from Mines & Meadows!
You are all aware of the history of mining and oil in the State of Pennsylvania. The resort itself was an old limestone mine. The sale of this park DOES NOT include the rights to the oil, gas, & other hydrocarbon reserves under the property. The owner will sell these reserves for an additional $3,000,000. There is a new petrochemical complex being built less than 10 from the resort at a cost of $6,000,000,000 by Royal Dutch Shell...so this area of the country is very optimistic about the future of these resources.
The following language must be incorporated into any PSA should you choose to not purchase the oil, gas, & hydrocarbon reserves:
EXCEPTING AND RESERVING all oil, gas, and similar hydrocarbons from strata more than 2,000 feet below ground level (the “Subsurface”) or which may be extracted through the same, together with exclusively subsurface drilling, producing, and operating privileges. For the avoidance of a doubt, the Grantor GRANTS, CONVEYS, and RELINQUISHES to Grantee full rights to use, enjoy, access, develop, explore and/or utilize the surface of the tract or any strata shallower than 2,000 feet below ground level collectively the “Surface”) for any legal purpose.
Notwithstanding the foregoing, the Grantor shall have the right to temporarily access the lands conveyed with 10-days’ notice to Grantee for the purpose of performing non-invasive land, seismic, and geological surveys, provided that such access shall not unreasonably interfere with Grantee’s use and enjoyment of the surface and shall not disturb the surface, further provided that such access shall not exceed 30 days in duration. Nothing contained herein shall be construed as a limitation of Grantor’s right to access, develop, explore for, and/or extract oil and gas from the Subsurface by methods that do not utilize the Surface of the tract.
Mines & Meadows was recently approved for a $390,600 grant from the PA DCNR. This grant may be used to purchase land for additional trails only. Mines & Meadows has three years to identify, negotiate, & purchase acreage for this grant. This grant will transfer to the new buyer.
JDS Real Estate Services, Inc. is the listing agent for this transaction:
JDS Real Estate Services, Inc.
Jennifer D. Stein
26401 Calle Rolando
San Juan Capistrano, CA 92675
Phone: 213.446.5366
Email: jstein@jdsreservices.com
PA License #RB068057
Jon Fisher is an "out of state" license cooperating with JDS Real Estate Services, Inc. on this transaction. Jon Fisher is a licensed broker in the State of Illinois under license #471.020503.
PH# 217-202-0924.
Email: jonfisher1991@gmail.com
Location
Mines & Meadows resort is located in Wampum, PA. Wampum is a small village with around 700 residents. Wampum is located 40 miles NE of Pittsburgh, 27 miles SW of Akron, OH, 100 miles SW of Cleveland, OH, and 200 miles east of Columbus, OH.
Lawrence County is a county located in the U.S. state of Pennsylvania. As of the 2010 census, the population was 91,108. The county seat is New Castle. Lawrence County makes up the entire New Castle, PA Micropolitan Statistical Area, which is also included in the larger Pittsburgh-New Castle-Weirton, PA-WV-OH Combined Statistical Area.
The Pittsburgh–New Castle–Weirton, PA–OH–WV Combined Statistical Area is a 12-county Combined Statistical Area in the United States. The principal city of the area is the City of Pittsburgh, Pennsylvania but the CSA includes parts of the states of Pennsylvania, West Virginia, and Ohio. It was officially defined by the U.S. Census Bureau in 2013. The estimated population of the area was 2,635,228 in mid-2016.
Wampum is only 27 miles SE of Youngstown, OH. Youngstown is a city in the U.S. state of Ohio, and the largest city and county seat of Mahoning County. According to the 2020 United States Census, Youngstown had a city population of 60,068. The YoungstownWarren-Boardman, OH-PA Metropolitan Statistical Area, with a population of 541,243 is the 107th-largest Metropolitan area in the United States.
Amenities
- Club House
- Manager Office
- Bathhouse
- Store
Park Information
Number of RV Lots: | 57 |
Year Built: | 2011 |
Size: | 877.0 acre(s) |
Financial Information (Actual)
Gross Income: | $1,300,000 |
Operating Expense: | $838,723 |
Net Operating Income: | $476,400 |
Expense Ratio: | 64.5 % |