Confidential, Southern New Jersey, NJ 08244
Marcus & Millichap is pleased to exclusively offer two unique opportunities. The first is an opportunity to acquire this Confidential Country Club (also referred to as "The Club") in Southern New Jersey. This Country Club has generated a normalized EBITDA of approx. $690k in 2019 and based on our pro forma projections could generate up to approx. $900k by end of year five of new ownership. See our Pro Forma Analysis on pages 33 – 36 to see how this could be achieved. The second is a multi-family development opportunity on mostly excess land of the golf course. One hole will need to be eliminated and some rerouting work will need to be completed to accommodate the development, but the affect on the operations of the country club should be seamless. The property features +/- 25 developable acres, of which +/- 11 are located within an opportunity zone. Current ownership has received approvals to develop up to 375 multi-family units but that includes development of the driving range. In our analysis on page 42, we assume the driving range does not get developed and therefore only 250 out of 375 available units are built. Based on 250 units, a land cost of $3.2M would generate 19.88% equity or nearly $8M. Combined, both Greate Bay Country Club ($5.6M) and the multi-development project ($3.2M) is listed at $8,800,000.
License(s): NJ: 1434917
New Jersey
Marcus & Millichap is pleased to exclusively offer two unique opportunities. The first is an opportunity to acquire this Confidential Country Club (also referred to as "The Club") in Southern New Jersey. This Country Club has generated a normalized EBITDA of approx. $690k in 2019 and based on our pro forma projections could generate up to approx. $900k by end of year five of new ownership. See our Pro Forma Analysis on pages 33 – 36 to see how this could be achieved. The second is a multi-family development opportunity on mostly excess land of the golf course. One hole will need to be eliminated and some rerouting work will need to be completed to accommodate the development, but the affect on the operations of the country club should be seamless. The property features +/- 25 developable acres, of which +/- 11 are located within an opportunity zone. Current ownership has received approvals to develop up to 375 multi-family units but that includes development of the driving range. In our analysis on page 42, we assume the driving range does not get developed and therefore only 250 out of 375 available units are built. Based on 250 units, a land cost of $3.2M would generate 19.88% equity or nearly $8M. Combined, both Greate Bay Country Club ($5.6M) and the multi-development project ($3.2M) is listed at $8,800,000.
License(s): NJ: 1434917
New Jersey
