The listing agent for the 18-hole, daily-fee club in Indio, Calif. reports that it earned $2.75 million in 12-month revenue and net operating income of $263,940 from 35,000 rounds played.
Indian Springs Golf Club in Indio, Calif., is being offered for sale for $6 million through the Leisure Investment Properties Group of Marcus & Millichap. The offering includes the 18-hole, daily fee golf course located in the Greater Palm Springs region of Southern California, a practice area, and an 8,000-sq. ft. clubhouse that contains a fully stocked pro shop and the full-service “Clubhouse Grille” restaurant and bar.
A minor development opportunity is also involved with the acquisition, Marcus & Millichap says, as one of the parcels included in the sale can be subdivided and developed into four residential home sites.
Property information provided by Marcus & Millichap with the listing shows that the course (in 2000) and the clubhouse (2004) were both recently renovated.
On its T-12 report for the period from July 2013 to June 2014, the course showed gross revenue of $2.75 million from over 35,000 total rounds played, Marcus & Millichap reported, and an NOI/EBITDA of $263,940. The agent touts “positive cash flow from day one” for the course.
The offering price of $6 million asks for a down payment of $2.1 million.
Tell Us What You Think!
You must be logged in to post a comment.