RockSpringCluB-Hendricks Appraisal.pdf

SUMMARY OF FACTS & CONCLUSIONS Subject Property Rock Spring Club 90 Rock Spring Road Block 46.01, Lot 22 Block 160, Lots 2 & 10 Block 160.01, Lots 30 & 34 West Orange, New Jersey Description of Property The subject of this appraisal involves a private golf and country club known as Rock Spring which was originally founded in 1925, it was merged with Montclair Golf Club in 2016 and in December 2018, Rock Spring Club ceased operations. This appraisal assignment is specifically limited to only the Rock Spring Club portion of the Montclair Golf Club. The Rock Spring Club features an eighteen (18) hole championship caliber golf course having a slope rating of 72.5 and total yardage of 6,611. The individual subject improvements are detailed below and on the following page. Clubhouse — an expansive one and two story with partial basement, frame club house facility. This structure was originally erected around 1925, with several additions over the years. The building has also been partially renovated and modernized, however, portions of the structure appear to be In need of modernization and renovation. The club house contains approximately 22,291 square feet, which includes approximately 18,686 square feet of first floor developed area, including approximately 1,400 square feet of retail-golf pro-shop area. The second floor is improved with support offices and contains approximately 3,605 square feet. Other features of the clubhouse include both men's and women's locker room facilities, a grill (19th hole) room, a combination living-reception area with full bar services and access to the terrace overlooking Cable Lake; and a large open restaurant-banquet room featuring unobstructed views of the New York City skyline. There is also a full commercial kitchen and support facilities. Pool - There are two (2) inground concrete pools - a small wadding pool containing approximately 400 square feet and a larger "T" shaped pool comprising approximately 3,700 square feet, both of which are located along the east bank of Cable Lake. The pool area is served by a one story masonry and frame, combination snack (Cable Lake Cafe) bar and locker-changing rooms. This building contains approximately 2,916 square feet and also features a large covered exterior dining area. | T ] REAL ESTATE APPRAISALS [| & RESEARCH