Marcus & Millichap is pleased to offer Blue Door Cottages. Sale price of $780,000. Blue Door Cottages are located in Monticello, Indiana with frontage along Lake Shafer, just three miles north of Indiana Beach Amusement Park. The property consists of nine rental cottages containing 13 rental units. Blue Door Cottages currently operates as a seasonal business from May to
October with a heavy concentration of bookings between Memorial Day and Labor Day. The lakefront restaurant can be purchased separately for $350,000.

Blue Door Cottages can accommodate 65 guests, making it popular with the family reunion crowd. Guests enjoy the swimming pool, children’s playground, boat docks, on-site guest laundry facilities, quiet wooded surroundings, game and movie rental, fire pits and boat rental. The property also has a nicely updated, separate two bedroom manager’s house that contains the leasing office; the laundry facilities are located in the basement. The cottages were completely renovated (including all new electric and plumbing) in 2008. They contain full kitchens or kitchenettes and are completely furnished. The property currently employs a seasonal manager as well as a part time cleaning staff which are paid hourly each season.

The unit mix consists of:
- Four studios which sleep two people. *Duplexes can be rented together, sleeping four.
- Four bungalows which can sleep four to five people. *Duplexes can be rented together, sleeping eight to 10.
- Four single cottages which sleep four to six people.
One big cabana that can sleep eight people.

Blue Door Cottages are experiencing strong pre-lease activity for the 2013 rental season. With the recent addition of boat and jet ski rentals, a new investor can potentially increase 2013 income $25,000. Blue Door Cottages are encumbered by a first mortgage which can not be assumed. A qualified new investor has the option of obtaining a new first mortgage with attractive loan terms through the current lender. Don't miss this opportunity to own the premier lakefront resort on Lake Shafer.

Marcus & Millichap is also pleased to offer the only waterfront bar and restaurant on main Lake Shafer, currently operating as Jake's Beach House Restaurant and Bar. Sale price of $350,000.

The property is located three miles north of Indiana Beach Amusement Park with over 100 feet of frontage on main Lake Shafer. The waterfront restaurant and bar lies directly across the street from the Blue Door Cottages Resort, which provides additional stable demand for the restaurant from the months of May through October. The Blue Door
Cottages Resort is also being offered for sale by Marcus & Millichap and may be sold together or separately.

The subject property is leased to Jake's Beach House on a modified gross lease with one year and three months remaining on the primary term and two available renewal options. The investment provides for an excellent hedge against inflation by providing 2 percent annual rental increases throughout the primary lease term, with the rent increasing 3 and 4 percent during the two renewal options.

Current owners performed a full renovation of the property in 2008, including new electrical, plumbing, HVAC, kitchen equipment, interiors and decks. Included in the offering is the fee simple real estate, including two developed lakefront lots, boat docks and decks. Most of the kitchen equipment, fixtures and personal property are being sold with the waterfront restaurant and bar, providing the new owner with a turnkey restaurant ready to operate, if so desired.

An investor will find significant value in the property being the only waterfront restaurant and bar on the lake and having the potential to expand the existing deck to double outdoor seating capacity and adding a covered bar space. The offering also benefits from the three-way liquor license that is being included in the sale, which allows a new owner to
have a take-out and packaged liquor business from the road and the lake.