RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale_-_79 Two Bridges Road, Lincoln Park, Morris County, New Jersey Hankphil Properties, Inc. to Chettum-Mallory Golf Management, LLC Date: March 26, 2018 Sale Price: $3,635,000.00 Block: 104 Lots: 1821 Zone: C-R-Comm/Recreation Book: 23320 Page: 1633 Acres: 108.857 Identification: Meadows Golf Course Holes: Eighteen (18) Analysis: Sale reflects $33,392.00 per acre or $201,944.00 per hole, unadjusted. Comment: The sale involves a privately owned, public golf course known as The Meadows. The purchasers have proposed to develop a small portion of the property with a 180 unit age restricted apartment complex along with a 120 unit assisted living facility. The golf course use shall remain on the balance of the property. The property is located within a designated flood zone.