Basic Listing Information
- Price
- $4,500,000
- Listing ID
- LL1700002
- Property Type
- Development Parcel
- Listing Type
- Land Listing
- Status
- Active
- Images
- 1
- Location Type
- Bayfront
- View Type
- Bay View
- Total Lot Size
- 15.00 acre (6.07 ha)
Berlin, Worcester, Maryland, United States
The offering for the River Run Golf Club Community consists of 122 home sites. This includes 18 shovel ready single family home sites and 104 approved development home sites. These are comprised of 38 single family sites and 66 townhome sites. In addition, the offer includes the 1,800 square foot Sales Center, 28 slip marina and excess sewer capacity which includes 113 transferable Dwelling Units (EDU's).
Overview EXECUTIVE SUMMARY The Leisure Investment Properties Group of Marcus & Millichap is pleased to exclusively offer the opportunity to acquire One Hundred Twenty-Two (122) approved residential development home sites in The River Run Golf Club Community. The offering includes Eighteen (18) fully developed shovel ready Single Family home sites, One Hundred Four (104) approved developable sites comprised of Thirty-Eight single family sites and Sixty-Six (66) townhome sites. In addition, the offer includes the 1,800 square foot Sales Center, Twenty-Eight (28) slip marina and excess sewer capacity which includes One Hundred Thirteen (113) transferrable Equivalent Dwelling Units (EDU’s). River Run is located on the Eastern Shore of Maryland in Berlin just west of Ocean City. The Club serves as the primary recreational amenity to the River Run Golf Club Community. River Run is convenient to the major area roads including MD Route 90 and MD Route 50. MD Route 50 is the primary connector between Annapolis and Ocean City. The Ocean City area is one of the premier vacation destinations for residents of Philadelphia, Baltimore, and Washington D.C. metro markets. With a projected Total EBITDA of OVER $9,740,000, this offering allows a builder the opportunity to complete the buildout of a desirable golf and waterfront without the costs and burden of creating and operating a high end amenities package. Much of the total property infrastructure is already complete and the community features amenities including a swimming pool, tennis courts, and the River Run Golf Club, an 18-hole championship golf course, designed by world renowned golf course designer Gary Player. The Club features a 6,800 square foot clubhouse with a fully stocked pro shop, the 70 seat Players Club at River Run Bar & Restaurant, locker rooms and fitness room. INVESTMENT HIGHLIGHTS • Pro Forma Revenue: $16.7 Million • Pro Forma Gross Profit: $12.2 Million • Pro Forma EBITDA: $9.7 Million • River Run Golf Club Available For Sale Under Separate Offering