Attached are the new offering memorandums on 30749 & 30755 Grand River (buildings and land -approx. 5 acres) aka Sport-N-Fun and the adjacent property at 30785 Grand River on 2.7 acres with a 13,167 s.f. office building.
The price on Sport-N-Fun has been reduced from $2,500,000 to $1,995,000 based on the appraised value of the land and building and the re-development potential. The appraisal did not include any consideration for the value of the equipment or the business. The value of the equipment and business income (which is included in the sales price) is no longer the basis for the asking price, which is based on the appraised value of the real estate.
Similarly, 30785 Grand River was reduced from $900,000 to $750,000 based on the appraised value of the land and building. (This reduction also included consideration of the need to replace the air conditioners @ $27,000.00 for material and labor). This property has the additional value of the scenic views associated with the Upper Rouge River.
Since both properties are priced are based on the appraised value of the real estate, any credit worthy buyer that desires to buy commercial real estate that they will occupy, should be able to secure a commercial loan with a down payment of 25% providing they have the capacity to make mortgage payments. Business income is no longer relevant in securing financing. The seller will not consider a land contract unless the terms are short term and significantly better than a mortgage to cash offer.
For a buyer that is interested in running the existing business, there is the additional value of the equipment (original cost approximately $900k) and the business that is included in the sales price, but that was not included in the appraised value. We are sending you this email because of the interest you expressed previously in the business. Notice of this price reduction is being sent out to all prospects that have previously expressed interest in this business.
Attached are the new offering memorandums on 30749 & 30755 Grand River (buildings and land -approx. 5 acres) aka Sport-N-Fun and the adjacent property at 30785 Grand River on 2.7 acres with a 13,167 s.f. office building. Contact us if you desire information on 30785 Grand River.
As for the business and equipment that is currently operating in this real estate, THIS ABSENTEE OWNER BUSINESS EQUIPMENT GENERATES AN 11% CAP RATE AND 16.9% EBITDA (BASED ON CASH FLOW i.e., NET PROFIT AND DEPRECIATION EXPENSE).
Sport-N-Fun (www.sport-n-fun.com) is arguably Michigan's #1 outdoor, seasonal, amusement venue. This everyone's HAPPY PLACE!!!
This well-established seasonal Amusement Business & Real Estate facility is a passive income opportunity located on prime real estate that has operated since 1982 with absentee ownership. The operating season usual
runs from April to October (weather permitting).
This WELL-MAINTAINED facility and equipment offering features (3) Eighteen-hole miniature golf courses, Go-Karts, G.G.'s Restaurant Video-Pinball Arcade with party room, (7) baseball batting cages & Bungee
This business may have significant upside revenue potential with proper utilization of the out lot and additional land that is included and is not currently developed.
This well-maintained facility features over $125,000 in capital improvements within the last 12 months year that include;
* (2) NEW 5' x 10' programable LED Video Road signs
* NEW Point of Sale system
* NEW Greens on all 54 holes
* NEW Indoor-Outdoor high resolution video camera surveillance system
* Re-furbished Go-Kart Bodies
* NEW L.E.D. outdoor lighting on the building and go-kart track.
The entire facility received a new paint job in 2021.
With the addition of a new Point of Sale (P.O.S.) system and credit card acceptance in 2021, Sport N Fun entered a new era in operational decision making with improved management reports and improved cash controls.
The Go-Kart track is well known as the best in the Metro area and features a well-lit track with new LED lighting and attractive, safe, go-karts that are fun for young and old alike. The track features individual electronic controls
for individual kart safety control.
The (7) batting cages are a go destination for kids, adults and sports teams looking for batting practice. Featuring fast pitch or slow pitch, hardball and softball this attraction can challenge experienced hitters and can be
enjoyed by novices and kids alike.
The Miniature Golf is the largest in the state of Michigan. It features (3) 18-hole courses with 54 different holes. Suitable for families, young and old alike, customers come to Sport-N-Fun because unlike novelty golf, Sport-N
Fun is a game of skill, with every hole a possible hole in one.
G.G's is a family friendly Arcade and restaurant with a clean, well designed and attractive dining room that can accommodate multiple party gatherings, large and small. It features over 40, professionally maintained
video, redemption, pinball and amusement games that appeal to a broad range of ages. The kitchen includes a high capacity, conveyor pizza oven, walk-in cooler, freezer, cold food prep bar, triple sinks and deep fryers.
The video surveillance camera system features over 25 HIKVision outdoor and indoor cameras that can provide facial recognition under low ambient light conditions and 2 license plate recognition cameras with high enough
zoom capacity that they can read the serial number on a dollar bill.
This offering, which has upside potential if owner operated for increased revenue and decreased payroll expense, will be attractive to experienced operators and those that know the business. This business has been
operated for years as a cash business.