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Cemetery Perpetual Care

 
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Cemetery Perpetual Care

Description:
199,000

A 13.2 acre Perpetual Care Cemetery located in the mountains of NW North Carolina. Due to a previous bankruptcy there are two outstanding but minor issues: Previous sales of vaults, memorial markers were bonded and after a failed legal battle by NC Cemetery Commission against the bond company, those individuals have been offered the opportunity to purchase that merchandise at cost, and at no additional installation fee incurred. This represents no net loss. Previously sold opening/closing fees are being honored as per terms of the sale out of bankruptcy. Also, the 1,200 sf office ownership is disputed. The cemetery owner currently occupies the office. The former owner claims title to it, but the owner says his claim is illegal, since NC law states that a cemetery cannot be reduced in size, once established, and this guy illegally had it deeded out when he left, so this was illegal. These issues, which are rectifiable, are why the cemetery is priced as low as it is ...$199K or make him a good offer. The good news ……….Over 2,250 grave sites are available in the developed sections. That’s two thousand two hundred fifty available grave sites! This inventory of space will generate $2,700,000 in sales, at today’s price of $1,200 ….. and prices for the sites will continually increase. That is Two Million seven hundred thousand dollars in future revenue! At this time there are only niche spaces for cremation urns available in the existing mausoleum; everything else sold out quickly. However there is also a large space for the construction of another mausoleum on the property. This of course would be huge financially, but the owner cannot afford the construction costs. Opening and closing fees are $800 per service, but some of these have been prepaid. The present owner estimates that his liability (honored) liability is less than $70,000. The Cemetery Funds of NC now handles both trust funds – The perpetual care fund and the merchandise fund. Both are current and fully funded, with balances over $100,000. There is much additional revenue possible from the construction of a new mausoleum. Mausoleum spaces now go for about $8,000 each. The previously proposed new mausoleum would have 144 spaces, hence at least $1,152,000 could be generated. Add that to the available revenue of the grave sites of $2,700,000 and you have total future possible revenue of $3,852,000.00!!! AND THE ASKING PRICE IS $199,000! This cemetery is the only perpetual care cemetery in the County. It is a gorgeous and serene place with majestic mountain views. The current owner is a friend of mine, a great guy, and is not your average cemetery owner. A new owner could quite simply come in, and make a fresh, and very powerful, new beginning. The cemetery employs two people and netted about $18,000 in 2014 and somewhat north of $20K this past year. Priced @ $199,000. Future revenue possibilities are huge. FUTURE REVENUE POSSIBILITIES ARE HUGE! Give us a call.

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(828) 265-2199

Blue Ridge Business Brokerage
184 Realty Row, Suite 3, Boone, NC 28607


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