TERRACE HILL GOLF COURSE - Offering Memorandum - LoopNet
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Offering Memorandum TERRACE HILL GOLF COURSE 4015 W Algonquin Rd • Algonquin, IL 60102
NON-ENDORSEMENT AND DISCLAIMER NOTICE
Non-Endorsements
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in
this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation
with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any
agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of
providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Disclaimer
This information has been secured from sources we believe to be reliable, but we make no representations or
warranties, express or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service
mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
TERRACE HILL GOLF COURSE
Algonquin, IL
ACT ID Y0670295
TERRACE HILL GOLF COURSE
INVESTMENT
OVERVIEW
3
TERRACE HILL GOLF COURSE
PROPERTY OVERVIEW
PROPERTY OVERVIEW
Marcus & Millichap is pleased to present for sale the Terrace Hill Golf Course on 138.35 acres and contiguous 6 improved single-family lots on 2.63
acres in the Village of Algonquin, IL. The 6 improved single-family lots range in size from 18,722 to 18,900 square feet.
These residential development parcels are surrounded by fully developed single-family home subdivisions. There is strong market demand to
redevelop the golf course into a prime residential subdivision. In the alternative, you can buy and hold onto the golf course and reap the future
upside in land value while selling the improved single-family lots today to lower your cost basis.
The Charles Maddox designed 18-hole 6,600-yard par 72 course was established in 1985. The course is very active with over 15,000 rounds
played in 2016 and it operates at a profit.
The location enjoys proximity to the Randall Road Entertainment & Shopping Corridor, downtown Algonquin and recreation along the Fox River.
Within a 15-minute drive, there is over 3.2 million gross leasable square feet of retail and within a 25-minute drive, there is over 17,000 businesses
that employ over 228,000 people. Demographics are excellent with an average household income of over $125,500 within 1 mile of the property.
The parcels are annexed zoned R1-E in the Village of Algonquin, allowing for 18,000 square foot minimum single-family lots. Algonquin’s future
land use plan designates the site as “Open Space”, undoubtedly due to the current land use. However, the designation surrounding the property is
“Low Density Suburban Residential 2 D.U./Acre”. The Village staff is supportive of subdividing the parcels thru a Planned Development with
smaller, clustered single-family lots while achieving an overall density of up to 2 D.U./acre. Public utilities are at the parcels. The property has
approximately 17 acres located in a floodplain.
PROPERTY OVERVIEW
All utilities to site
Rolling Topography
First & Second Move-Up Home Market
Excellent Schools
Progressive Community
Signalized ingress and egress
No significant off-site improvements
Near major employment
Near major commercial & entertainment
4
TERRACE HILL GOLF COURSE
FINANCIAL ANAYLSIS
PRICE
Total price $3,500,000
Total number of acres, golf course & 6 improved single-family lots 140.98
All utilities to site
Price per acre $24,831.50
Rolling Topography
Luxury Hoe Market
Excellent Schools
PRICE ANALYSIS Progressive Community
Total price $3,500,000
Market value of 6 single-family lots on 2.62 acres $360,000
Residual value for the golf course $3,140,000
Golf course number of acres 138.36
Residual value for the golf course on a per acre basis $22,694.42
5
TERRACE HILL GOLF COURSE
VILLAGE OF ALGONQUIN OVERVIEW
r
6
PROPERTYHILL
TERRACE NAMEGOLF COURSE
PRICING
PRICING AND
AND TENANT SUMMARY
LOCATION OVERVIEW
VALUATION
VALUATION MATRIX
MATRIX
CLOSE PROXIMITY TO:
4015 W Algonquin Rd, Algonquin, IL 60102
# 7
TERRACE HILL GOLF COURSE
LOCAL AERIAL MAP
Algonquin Road
8
TERRACE HILL GOLF COURSE
LOCAL RETAIL & SCHOOLS MAP
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TERRACE HILL GOLF COURSE
MAJOR SHOPPING CENTER MAP
10TERRACE HILL GOLF COURSE
FLOODPLAIN
11TERRACE HILL GOLF COURSE
TOPOGRAPHY
12TERRACE HILL GOLF COURSE
LOT SIZES IN SQ. FT.
12
13TERRACE HILL GOLF COURSE
ZONING MAP • 2/17/17
14TERRACE HILL GOLF COURSE
FUTURE LAND USE MAP • JANUARY 2008
15TERRACE HILL GOLF COURSE
SCHOOL DISTICT MAP
UNIT DIST
158
16PROPERTYHILL
TERRACE NAMEGOLF COURSE
PRICING
PRICING AND
AND TRAFFIC
LOCATION
TENANT
VALUATIONCOUNTS
SUMMARY
OVERVIEW
MARKETING
VALUATION MATRIX
PLAN
MATRIX
TRAFFIC COUNT
YEAR COUNT
2015 30,202
2013 28,500
2013 26,700
Source: © 2016 Experian
17
#TERRACE HILL GOLF COURSE
AREA HOUSING
ANALYSIS
18TERRACE HILL GOLF COURSE
2016 PERMITS • AREA MUNICIPALITIES
19TERRACE HILL GOLF COURSE
6 MON.* SF HOME RESALES, BUILT 2012-2017 ,
*January-June 2017
20TERRACE HILL GOLF COURSE
COMPETING DEVELOPMENTS
21TERRACE HILL GOLF COURSE
VILLAGE OF ALGONQUIN IMPACT FEES
22TERRACE HILL GOLF COURSE
DEMOGRAPHICS
23PROPERTYHILL
TERRACE NAMEGOLF COURSE
DEMOGRAPHICS
MARKETING TEAM
POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2021 Projection 2016 Estimate
Total Population 8,382 78,931 144,994 $250,000 or More 5.46% 4.14% 4.15%
2016 Estimate $200,000 - $249,999 3.81% 3.47% 3.40%
Total Population 7,083 71,369 132,195 $150,000 - $199,999 14.24% 11.26% 9.74%
2010 Census $125,000 - $149,999 10.30% 10.30% 9.23%
Total Population 7,085 71,416 131,112
$100,000 - $124,999 16.24% 16.23% 15.04%
2000 Census
$75,000 - $99,999 19.45% 19.69% 17.72%
Total Population 4,282 51,477 96,755
$50,000 - $74,999 15.30% 15.68% 16.76%
Daytime Population
$35,000 - $49,999 6.46% 8.22% 9.91%
2016 Estimate 7,410 47,826 100,475
$25,000 - $34,999 2.78% 4.47% 5.74%
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
$15,000 - $24,999 2.74% 3.38% 4.65%
2021 Projection
Under $15,000 3.22% 3.17% 3.66%
Total Households 2,828 25,656 49,929
Average Household Income $125,572 $113,301 $108,476
2016 Estimate
Median Household Income $100,065 $94,107 $88,006
Total Households 2,385 23,195 45,353
Per Capita Income $42,278 $36,823 $37,221
Average (Mean) Household Size 3.11 3.06 2.91
2010 Census
Total Households 2,375 23,119 44,758
2000 Census
Total Households 1,390 16,635 32,559
Created June 2017
Source: © 2016 Experian
24PROPERTYHILL
TERRACE NAMEGOLF COURSE
DEMOGRAPHICS
MARKETING TEAM
POPULATION PROFILE 1 Miles 3 Miles 5 Miles POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population by Age Population 25+ by Education Level
0 to 4 Years 5.71% 6.00% 5.98% 2016 Estimate Population Age 25+ 4,483 44,709 85,536
5 to 14 Years 18.21% 17.55% 16.30%
Elementary (0-8) 1.12% 1.28% 1.71%
15 to 17 Years 5.62% 5.60% 5.05%
Some High School (9-11) 3.16% 3.10% 3.72%
18 to 19 Years 2.69% 2.83% 2.62%
High School Graduate (12) 21.18% 21.70% 22.87%
20 to 24 Years 4.48% 5.39% 5.35%
Some College (13-15) 20.40% 23.66% 24.05%
25 to 29 Years 3.31% 4.34% 4.53%
Associate Degree Only 11.05% 10.77% 10.21%
30 to 34 Years 4.86% 5.83% 5.88%
Bachelors Degree Only 30.01% 27.21% 25.30%
35 to 39 Years 7.06% 7.40% 7.14%
40 to 49 Years 19.79% 18.69% 17.21% Graduate Degree 12.62% 11.69% 11.61%
50 to 59 Years 13.90% 14.41% 14.50%
60 to 64 Years 4.51% 4.33% 4.89%
65 to 69 Years 4.01% 3.05% 3.84%
70 to 74 Years 3.04% 2.11% 2.89%
75 to 79 Years 1.46% 1.13% 1.76%
80 to 84 Years 0.85% 0.76% 1.13%
Age 85+ 0.50% 0.60% 0.94%
Median Age 38.78 36.80 38.12
Created June, 2017
Source: © 2016 Experian
25TERRACE HILL GOLF COURSE
CHICAGO MARKET
OVERVIEW
26TERRACE HILL GOLF COURSE
MARKET OVERVIEW
CHICAGO
OVERVIEW
Chicago-Naperville-Elgin is one of the largest metros in the nation.
Also know as the greater Chicagoland area, it is bounded to the east
by Lake Michigan, expands over a 5,000-square-mile region in
northeastern Illinois and extends into Wisconsin and Indiana. The
metro houses 9.6 million people and comprises 14 counties. The city
of Chicago contains 2.7 million residents. The greatest growth during
the past 20 years occurred in the western portion of the region. In
recent years, however, businesses are relocating back into the city to
attract young workers, supporting the development of high-rise
residential towers in the downtown Chicago.
METRO HIGHLIGHTS
THIRD-LARGEST METROPOLITAN AREA
The metro population trails only New York City and
Los Angeles in size, expanding to nearly 10 million
residents.
WEALTH OF INTELLECTUAL CAPITAL
The number of corporate headquarters in Chicago is
second only to New York City. There are 32 Fortune
500 companies based locally.
LARGE, DIVERSE EMPLOYMENT BASE
The Chicago metro employs more than 4.6 million
individuals in an array of industries, including a
growing tech sector.
27TERRACE HILL GOLF COURSE
MARKET OVERVIEW
TRANSPORTATION
The region’s transit network ranks among the largest and most
efficient in the world.
The vast network of freeways, centralized location, the largest rail-
truck intermodal facility in the U.S., as well as the Port of Chicago
contribute to the metro’s position as a major distribution and
logistics hub.
Chicago is the nation’s premier freight rail hub, with four carriers,
BNSF, Union Pacific, CSX, Norfolk Southern, servicing the region.
Amtrak routes originate from Union Station, while the Metra
commuter rail and the Chicago L provide passenger service
throughout the metro area and beyond.
International airports include O’Hare, Midway and Gary/Chicago.
Seven smaller airports also provide air service for the region.
Million TEU’s CHICAGO HAS RAIL LINES
17.2
MOVED THROUGH METRO
IN 2015
3
INTERNATIONAL
AIRPORTS
7
FOR FREIGHT, PASSENGER
AND COMMUTER
MORE THAN OF ILLINOIS RESIDENTS LIVE IN
THE SUBURBS OF CHICAGO,
40% MANY OF WHOM COMMUTE INTO
THE CITY FOR WORK
28TERRACE HILL GOLF COURSE
MARKET OVERVIEW
ECONOMY MAJOR AREA EMPLOYERS
Abbott Labs
The metro has one of the biggest economies in the nation
Advocate Healthcare
and is buoyed by its distribution, finance, manufacturing
operations and growing high-tech sectors. Wal-Mart
There are 32 Fortune 500 companies headquartered in the Motorola Solutions Inc.
metro including Boeing, Walgreens and McDonald’s. United Continental Holdings Inc.
The area is a major global tourist and convention destination. Allstate Corp.
Last year, a record 54.1 million people visited the metro Walgreens Co.
spending $15 billion and supporting 145,000 jobs.
Large tech firms such as Amazon, Groupon and Google
Target Corp. * Forecast
attract startup companies. JPMorgan Chase
The workforce is considered one of the most diverse and well AT&T
trained among major U.S. metros.
SHARE OF 2016 TOTAL EMPLOYMENT
9
MANUFACTURING
% 18
PROFESSIONAL AND
% 12
GOVERNMENT
% 10 %
LEISURE AND HOSPITALITY
6 %
FINANCIAL ACTIVITIES
BUSINESS SERVICES
20
TRADE, TRANSPORTATION
% 4
CONSTRUCTION
% + 15
EDUCATION AND
% 2 %
INFORMATION
4 %
OTHER SERVICES
AND UTILITIES HEALTH SERVICES
29TERRACE HILL GOLF COURSE
MARKET OVERVIEW
DEMOGRAPHICS QUICK FACTS
Chicago is the third most populous metro in the U.S. and is
expected to grow by approximately 275,000 people during the next 2016 2016 2016 2016 MEDIAN
POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME:
five years.
Younger professionals moving to the area for employment provide a
9.6M 3.5M 36.8 $62,100
Growth Growth
U.S. Median: U.S. Median:
skilled workforce and contribute to the median age of 36.8 years, 2016-2021*: 2016-2021*:
37.7 $54,500
2.9% 3.5%
below that of the nation.
World class education institutions including Northwestern University
and the University of Chicago help provide a skilled labor pool.
Nearly 35 percent of residents age 25 and older hold a bachelor’s
degree and of these, 13 percent have also earned a graduate or
professional degree.
Local homeownership of 65 percent is slightly above the national
rate of 64 percent.
* Forecast
30TERRACE HILL GOLF COURSE
MARKET OVERVIEW
QUALITY OF LIFE
The Chicago metro has something to offer every one of its residents and visitors,
whether it is legendary blues and jazz music, cultural and educational venues,
professional sports, dining, entertainment, shopping or recreational amenities.
The Chicago area’s relative affordability is largely due to its lower housing costs. The
median home price is significantly less than in other cities of its size and is below that
of many smaller cities, including Seattle and Denver.
Cultural activities and venues underpin the metro’s cosmopolitan lifestyle. The region
is home to various well-known museums, including the world-class Field Museum,
Shedd Aquarium, Art Institute of Chicago and Adler Planetarium. The theatre scene
rivals the world’s best, and troupes, dance companies, symphony orchestras and
music venues abound.
$237,400 70 29 MILES
MEDIAN HOME PRICE VARIOUS MUSUEMS OF SHORELINE
ARTS & ENTERTAINMENT
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune;
Moody’s Analytics; U.S. Census Bureau
31PRESENTED BY Rick Gordon Richard Kozarits Alexander Novak Senior Associate Senior Associate Associate Director, National Land Group Director, National Land Group Chicago Oak Brook Office Chicago Oak Brook Office Chicago Oak Brook Office Tel: (630) 570-2150 Tel: (630) 570-2200 Tel: (630) 570-2221 Fax: (630) 570-2210 Fax: (630) 570-2210 Fax: (630) 570-2210 alex.novak@marcusmillichap.com rick.gordon@marcusmillichap.com richard.kozarits@marcusmillichap.com License: IL 475.175297 License: IL 471.014823 License: IL 471.013640 www.MarcusMillichap.com
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