FOR SALE SPECIAL PURPOSE BLACK FOREST GOLF COURSE 6500 Nicklaus Drive Gaylord, MI 49735 PRESENTED BY: FRANK JERMUSEK, JD Executive Director 952.820.1615 frank.jermusek@svn.com CAMERON PETERSON Managing Director 952.820.1688 cameron.peterson@svn.com DOUG WRIGHT, CCIM Advisor 419.873.1236 X204 doug.wright@svn.com MI #6501268097 PROPERTY HIGHLIGHTS Opened to National Acclaim as a Top 5 new Course in US Highest Rated Course in the area by Golfweek magazine Well manicured 18 hole golf course Par 73 that plays 7,044 yards from the Championship tees with a 147 Slope Rating Located in the "Golf Mecca" of Gaylord, MI
EXECUTIVE SUMMARY Executive Summary SALE OVERVIEWVIEW SALE PRICE: $1,000,000 LOT SIZE: 385.0 Acres CAP RATE: 24.59% 3 YEAR AVERAGE NOI: $245,931 YEAR BUILT: 1991 PROPERTY DESCRIPTION A profitable golf course, designed by nationally acclaimed architect Tom Doak, Black Forest is a beautiful challenging 18-hole golf course in the vacation destination of Gaylord, Michigan. With one of the most challenging USGA slope ratings in the state of Michigan from the championship tees, Black Forest provides a challenge for any skill level. Black Forest can boast it is the highest rated in the area by Golfweek magazine and therefore benefits as one of Gaylord's most expensive courses to play. Black Forest is, however, the lowest priced course on Golfweek magazine's list of Top Courses in Michigan. At almost 400 acres there are many acres available to be carved off and sold as building sites. LOCATION OVERVIEWVIEW Located in Northern Michigan, Gaylord is a premier Midwest destination. Only 200 miles from Detroit and 350 miles from Chicago, visitors come from all directions to experience its beauty and tranquility. Hospitality has a huge impact on the area, with 20 lodging facilities and creates a destination golf experience in the immediate area. 2
COURSE SUMMARY Course Summary ROUNDS OVERVIEWVIEW 2016 GOLF ROUNDS: 13,122* 2015 GOLF ROUNDS: 12,206* 2014 GOLF ROUNDS: 13,852 2013 GOLF ROUNDS: 13,971 2012 GOLF ROUNDS: 13,155 COURSE HIGHLIGHTS Wilderness Valley & Black Forest have operated together and reciprocal memberships were offered. Most of the local resident membership played most of their rounds at Wilderness Valley. Black Forest is a more challenging course that is favored by high end golfers on vacation. - Practice Range area has been cleared but not completed - - Pro Shop to be Built - Practice Putting Green - 5 Sets of Tees - Slope Rating from Black Tees: 147 - Slope Rating from Blue Tees: 143 - Slope Rating from White Tees: 127 - Slope Rating from green Tees: 111 - More Than 100 Bunkers Representing A "Retro" Approach That Sparked An Industry Trend * Note: 2015, 2016 there was snow till May 15th, typical opening is on April 15. Also: 2015 we suffered Snow Mold damage that affected early season turf conditions. Progress to return course to pre-damage condition was still ongoing in 2016. 3
SECTION 1 PROPERTY INFORMATION Untapped Opportunities RENDERING FOR POSSIBLE PRO SHOP As the sister course to Wilderness Valley Black Forest has functioned without the use of its own pro shop. Current owners have considered building a pro shop. The rendering above is one of the options that was considered. The addition of a full service pro shop should increase the revenue generation capability of the course. Based on a report from the Golf Course Superintendent Association of America, an 18-hole golf facility, which includes bodies of water, hard structures and out-of-play areas, averages about 150 to 200 acres. Typical urban golf courses are about 110 to 120 acres, while courses in resort areas may be 170 to 190 acres. At close to 400 acres Black Forests is twice the size of a typical resort course. The additional land should provide the opportunity for the next owner to identify build-able lots and work with a developer to generate additional income from golf course lots. 4
BLACK FOREST RECOGNITION Black Forest Recognition Here are a few of the numerous accolades over the years: Top 5 Modern Public Courses in Michigan - Golfweek Gaylord's Best Value - Great Lakes Golfer Reader's Survey Top 10 New Resort Course in America - Golf Digest Top 4 New Public Course in the United States - Golf Magazine Top 100 Best Modern Course in America - Golf Week & Golf Traveler Magazine Best Public Course in Northern Michigan Detroit News Best Public Course in Northern Michigan Great Lakes Golf Best Value in Michigan Golf Digest More recent recognition includes: Top 10 Best: State-by-State (Michigan) Courses You Can Play Golfweek, 2016 Top 20 Public Courses in Michigan Golf Magazine, 2016 Top 15 Best: State-by-State (Michigan) Courses You Can Play Golfweek, 2015 & 2014 Twoguyswhogolf.com describes it as: Sprawling over 360 acres, Black Forest features abundant fairway and greenside bunkers along a rolling terrain with fairways that are sculpted out of Northern Michigan forests. Slopes and mounding plus plentiful elevation changes result in frequent uneven lies with the ball often located below or above the feet, or in sidehill situations. The undulating and crowned greens are incredibly fun, and incredibly challenging. 5
SCORECARD/CLIMATE Scorecard/Climate 6
REGIONAL MAP Regional Map Black Forest Golf Course 7
LOCATION MAPS Location Maps 8
CITY INFORMATION City Information Gaylord, MI Gaylord is a city located in the center of Northern Michigan. Signs around town point out its unique feature of lying on the 45th parallel, which is often called the halfway point between the Equator and North Pole. Due to its location between Lake Michigan & Lake Huron,, residents of Gaylord experience the best of both worlds. During the winter, they receive abundant snowfall and during the summer, the temperature is very mild. This makes the area ideal for resorts, with one of the highest concentrations in the entire Midwest. City Highlights Population of 3,645 [U.S. Census 2010] Golf Mecca of the Midwest Oustanding Parks System Located between Lake Michigan & Lake Huron 28 miles from Hartwick Pines State Park Referred to as "America's Summer Golf Mecca", Gaylord has a lot of options for players of all skill levels. With numerous golf courses and options for lodging that include hotels and resorts, Gaylord acts as a regional playground year round. It is known as Michigan's Alpine Village, and its Alpine-themed shopping district offers visitors a quaint, clean setting with a multitude of shopping experiences, entertainment, and a vast array of events and activities. Visitors can experience the North Central State Trail, which is a great hiking and biking trail (also part of a 300-mile snowmobile trail system) that runs from Gaylord to Mackinaw City. Winter months offer a plethora of activity, from downhill skiing and snowshoeing to numerous cross-country ski trails. With over 180 inches of annual snowfall and a heavily wooded rolling terrain, beginners and experts alike will enjoy countless winter adventures. 9
DEMOGRAPHICS MAP Demographics Map POPULATION 1 MILE 5 MILES 10 MILES TOTAL POPULATION 156 2,858 13,800 MEDIAN AGE 37.5 38.4 41.0 MEDIAN AGE (MALE) 37.3 38.3 40.8 MEDIAN AGE (FEMALE) 37.7 38.5 41.0 HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES TOTAL HOUSEHOLDS 55 1,043 5,458 # OF PERSONS PER HH 2.8 2.7 2.5 AVERAGE HH INCOME $63,776 $60,373 $55,378 AVERAGE HOUSE VALUE $162,822 $158,051 $145,952 10
ADDITIONAL PHOTOS Additional Photos 11