PRICE REDUCED- THE PINES GOLF COURSE

Transcription

1 PRICE REDUCED- THE PINES GOLF COURSE 1022 CLUBHOUSE DRIVE LAKE ISABELLA, MI Frank Jermusek, JD President / Managing Director frank.jermusek@svn.com Cameron Peterson Senior Advisor cameron.peterson@svn.com Emilia Molle Associate Advisor emilia.molle@svn.com SVN Northco Real Estate Services 5353 Wayzata Blvd., Suite 400, Minneapolis, MN OFFERING MEMORANDUM

2 Property Summary OFFERING SUMMARY Sale Price: $1,195,000- Recently Reduced NOI: $207,795 Cap Rate 17.39% Lot Size: 175 Acres Building Size: 8,000 Co-Broker: Doug Wright of SVN InvesTek Realty (licensed in MI). PROPERTY OVERVIEW The Pines Golf Course is a profitable public course offering both championship men's and women's tees as well as forward tees. The property includes clubhouse, maintenance facility and all the equipment / carts. In addition to the physical structures there is practice facilities which include chipping, putting and driving range. The Pines Golf Course is more than just a fantastic spot for a round of golf. It's also the top venue in the area for banquets, weddings and boasts a full bar and restaurant facility. There are a number of upside opportunities to continue to grow the operations and tap into the neighboring communities & university. PROPERTY HIGHLIGHTS Profitable Operations with 17.39% Cap Rate Located approx miles from Central Michigan University Turnkey Operation with Clubhouse, Maintenance Onsite Full Restaurant and Banquet Facility All Equipment & Carts Included Exceptional Bruce Matthew's 18 - Hole design Chipping, Putting Areas and Driving Range PRICE REDUCED- THE PINES GOLF COURSE 1022 CLUBHOUSE DRIVE LAKE ISABELLA, MI SVN Northco Real Estate Services Page 2

3 Clubhouse OVERVIEW Built in 1970 Wood building Two stories (Approx. 4,000 SF per story) 600 SF kitchen 800 SF retail golf shop Two 400 SF offices Parking lot is in good condition PRICE REDUCED- THE PINES GOLF COURSE 1022 CLUBHOUSE DRIVE LAKE ISABELLA, MI SVN Northco Real Estate Services Page 3

4 Banquet Center OVERVIEW In addition to great golf, The Pines boasts a top venue for hosting special events. Past events hosted include corporate business meetings, family reunions, and weddings. The experienced staff provides planning and event coordinating to help create the best experience possible. BANQUET CENTER HIGHLIGHTS Capacity for 180 guests Seating for up to 150 guests Full-service bar Dance floor Ceiling to floor windows with views overlooking the golf course Full menu Excellent customer service from a friendly staff PRICE REDUCED- THE PINES GOLF COURSE 1022 CLUBHOUSE DRIVE LAKE ISABELLA, MI SVN Northco Real Estate Services Page 4

5 Carts & Cart Storage OVERVIEW Storage building built in 1970's 3,300 SF Standalone metal building Storage capacity for 67 golf carts Currently stores 70 owned electric Club Car brand carts that were manufactured in 2006 All carts had new batteries installed in 2012/2013 PRICE REDUCED- THE PINES GOLF COURSE 1022 CLUBHOUSE DRIVE LAKE ISABELLA, MI SVN Northco Real Estate Services Page 5

6 Additional Photos PRICE REDUCED- THE PINES GOLF COURSE 1022 CLUBHOUSE DRIVE LAKE ISABELLA, MI SVN Northco Real Estate Services Page 6

7 Regional Map PRICE REDUCED- THE PINES GOLF COURSE 1022 CLUBHOUSE DRIVE LAKE ISABELLA, MI SVN Northco Real Estate Services Page 7

8 Location Maps PRICE REDUCED- THE PINES GOLF COURSE 1022 CLUBHOUSE DRIVE LAKE ISABELLA, MI SVN Northco Real Estate Services Page 8

9 Aerial Map PRICE REDUCED- THE PINES GOLF COURSE 1022 CLUBHOUSE DRIVE LAKE ISABELLA, MI SVN Northco Real Estate Services Page 9

10 Demographics Map POPULATION 10 MILES 35 MILES 70 MILES Total population 19, ,097 1,864,026 Median age Median age (Male) Median age (Female) HOUSEHOLDS & INCOME 10 MILES 35 MILES 70 MILES Total households 7, , ,843 # of persons per HH Average HH income $61,212 $48,385 $59,524 Average house value $157,845 $136,251 $159,643 * Demographic data derived from 2010 US Census PRICE REDUCED- THE PINES GOLF COURSE 1022 CLUBHOUSE DRIVE LAKE ISABELLA, MI SVN Northco Real Estate Services Page 10