Golf Course

Confidential

Confidential, Southern New Jersey, NJ 08244

Listing Price: $8,800,000

Cap Rate
9.00%
Gross SF
25,000
Price/Gross SF
$352.00
Year Built
1923

Investment Overview

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.

Investment Highlights

  • Over 950 Members Provides Club with a Strong Membership Dues Line Which is Projected to be Exceed $1.6 Million in 2020
  • Routinely Awarded as One of the Top Wedding Destinations in the Area Generating Over $1.3M in Banquet Revenue in 2019
  • Over $400k in Banquet Facility Renovations Since 2014 Which Is Expected to Increase EBITDA by Approx. $200k Over Next Two Years
  • 5-Year Unlevered IRR of 17.51% or 5-Year Levered IRR of 28.90%
  • One of South Jersey's Most Historic Private Golf and Lifestyle Facilities Featuring a Variety of Amenities for the Entire Family
  • Total of +/- 25 Developable Acres of Which +/- 11 Are Located Within Opportunity Zone Providing Buyers with Substantial Tax Advantages

Exclusively Listed By

Listing Price: $8,800,000

Cap Rate
9.00%
Gross SF
25,000
Price/Gross SF
$352.00
Year Built
1923

Investment Highlights

  • Over 950 Members Provides Club with a Strong Membership Dues Line Which is Projected to be Exceed $1.6 Million in 2020
  • Routinely Awarded as One of the Top Wedding Destinations in the Area Generating Over $1.3M in Banquet Revenue in 2019
  • Over $400k in Banquet Facility Renovations Since 2014 Which Is Expected to Increase EBITDA by Approx. $200k Over Next Two Years
  • 5-Year Unlevered IRR of 17.51% or 5-Year Levered IRR of 28.90%
  • One of South Jersey's Most Historic Private Golf and Lifestyle Facilities Featuring a Variety of Amenities for the Entire Family
  • Total of +/- 25 Developable Acres of Which +/- 11 Are Located Within Opportunity Zone Providing Buyers with Substantial Tax Advantages

Investment Overview

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.

Exclusively Listed By

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