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Concert Golf Partners Acquires The Club At Pasadera Golf Course In Monterey For $9.75M
SOLD
$9,750,000
California
See Similar DealsCommercial
Sold 12/18/2023
SOLD
Concert Golf Partners Acquires The Club At Pasadera Golf Course In Monterey For $9.75M
100 Pasadera Drive
See Similar DealsCommercial
Sold 12/18/2023
Summary
CALIFORNIA
Asset Type:Commercial
Transaction Type:Sale
Florida's Concert Golf Partners has acquired The Club at Pasadera, a Jack Nicklaus-designed golf course in Monterey, California, for nearly $10 million. The property, located at 100 Pasadera Drive, is a commercial asset in the Monterey market. The sale was completed on 12/18/2023.
Summary of transaction details:
- Property Type: Commercial
- Sale Price: $9,750,000
- Market: Monterey
- Buyer: Peter Nanula & Christopher Watkins - Concert Golf Partners
Concert Golf Partners, represented by Peter Nanula & Christopher Watkins, entered the California market with the acquisition of The Club at Pasadera. Immediate plans for the property include capital projects for infrastructure, clubhouse enhancements, kitchen upgrades, and dining renovations. The focus will be on improving the experience for both family and executive golfers.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$520,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$34,639.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$46,219.97
Annual Debt Service$554,639.69
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