RockSpringCluB-Hendricks Appraisal.pdf

HIGHEST AND BEST USE It should be noted that the revenue projections exclude additional potential tevenues from outings, food, beverage, driving range, pro-shop, and other amenities. The foregoing also does not consider potential adverse weather conditions. The direct capitalization analysis as presented above has been utilized only in support of the determination of highest and best use as improved. It should also be noted that the expense projection assumes that the property will be a tax exempt (public) facility. As previously discussed, | have also reviewed several recent conveyances involving current and former golf courses within Northern New Jersey. The sales included in summary format below include transactions which were acquired for continued utilization as golf courses, along with sales in which the golf courses were acquired for alternate residential development. The comparison of the two, coupled with the brief income analysis presented above, readily supports and confirms my conclusions as to the highest and best use of the subject. Golf Course Transactions - Acquired For Residential Development os SalePrice | es Carfough Road - $1, 708,333.00 $276,256.00 Mahwah & USR $30,750,000.00 111.31 Acres Per Hole Per Acre Comment: The sale involves the former Apple Ridge Country Club, a private 18 hole country club which ceased operations in 2015. The property was acquired with approvals for a 78 lot residential subdivision. The sale also reflects $394,231.00 per approved residential unit. Ewing Avenue 2/21/2017 18 Holes $2,000,000.00 $273,182.00 Franklin Lakes $36,000,000.00 (Semi-Private) Per Hole Per Acre 431.78 Acres Comment: The sale involves the former High Mountain Country Club, a semi-private 18 hole country club which ceased operations in 2014. The property was acquired with approvals for a 275 residential units including 60 single family detached dwellings, 160 market rate townhouse units and 55 affordable units. The | sale also reflects $130,909.00 per approved residential unit. J Continued... REALESTATE - 61 - APPRAISALS. a & RESEARCH