Rainbow Springs Golf Course
8518 SW 189TH COURT RD, Dunnellon, FL 34432
Mixed Use - DUNNELLON, FL
Type:Mixed Use
Property size:
23,768 SFLot size:
214.89 AcresPrice / SF:
$206/SF- Added:
- Oct 30, 2024
- Days on Market:
- 566
- Last Refresh:
- May 18 at 9:06 am
Property Features for 8518 SW 189TH COURT RD
General Information
- Property type
- Commercial Sale
- Property subtype
- Mixed Use
- Zoning
- R1
- Security features
- Fire Sprinkler System, Security Lighting
- Exterior features
- Security Lights
- Standard status
- Active
- APN
- 3296-000-001
- Size
- 23,768 SF
- Lot size
- 214.89 Acres
Taxes and HOA fees
- Tax Year
- 2023
- Tax Annual Amount
- 9563.56
Utilities
- Heating system
- Central, Electric (Heating)
- Cooling system
- Central Air
Building Details
- Year built
- 1984
- Flooring type
- Carpet, Concrete, Tile, Vinyl
- Roof type
- Metal
- Architectural style
- Other
Listing agent Christopher Hodges License #3260213 (352) 875-7787
Listing office DUNNELLON REAL ESTATE LLC 19330 SW 83rd Place Rd, Dunnellon, FL (352) 875-7787
Listing date Oct 30, 2024
MLS# OM688678
Listing URL
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Significant Price Reduction: Reduced by $1,000,000, a potentially advantageous investment.
- Extensive Amenities: Features a renovated clubhouse with a swimming pool, tennis/pickleball courts, ballroom, restaurant, and recreational facilities.
- Substantial Water Capacity: Includes two deep‑water wells with permits valid until 2040, providing 192,500 gallons per day.
- Prime Location: High visibility with 4,500 feet of highway frontage on US 41, near Rainbow Springs State Park and KP Hole County Park.
- Large Land Parcel: Approximately 215 acres offering development potential, even with the golf course currently closed.
- Includes a vacant lot with a billboard along US 41 for advertising purposes.
Overview
This property features a clubhouse, a maintenance facility, and an 18-hole golf course within the Rainbow Springs community. The golf course is currently closed, but the property is actively managed and maintained. The land spans approximately 215 acres. The clubhouse, renovated in 2018, includes a swimming pool with restrooms, tennis and pickleball courts, a grand ballroom, a public restaurant, a disc golf course, a half-court basketball area, and bocce ball courts. The clubhouse offers approximately 25,000 square feet of space with rooms for meetings, billiards, ping pong, fitness, crafts, and card games. There are over 180 parking spaces available. The owner has a vacant lot with a billboard along US 41. The property has two deep-water wells with water permits valid until November 7, 2040, providing a capacity of 192,500 gallons per day. The property has approximately 4,500 feet of highway frontage on US 41 and is less than a mile from Rainbow Springs State Park and two miles from KP Hole County Park on the Rainbow River. Rainbow Springs Campground is a 10-minute drive away. The seller is open to selling the property separately from the clubhouse.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$4.15M
NOI $373,843 @ 9.00% cap · cautious / downside scenario
Moderate
$5.34M
NOI $373,843 @ 7.00% cap · market / base-case scenario
Aggressive
$7.48M
NOI $373,843 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $521.9k | $21.96 |
| − Vacancy | −$23.5k | −$0.99 |
| EGI | $498.5k | $20.97 |
| − OpEx | −$124.6k | −$5.24 |
| NOI | $373.8k | $15.73 |
23,768 SF · lease $21.96/SF/yr · vacancy 4.50% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$5.34M
$4.67M – $6.23M
NOI $373,843 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Golf courses & driving ...
Location Insight
- Map
- Local Demand
- City
- Dunnellon
- County
- Citrus
- State
- Florida
- Longitude
- -82.442716
- Latitude
- 29.093012
Nearby Similar for Sale
FAQs
What type of property is this?
Golf course & driving range - 215-acre property with clubhouse near Rainbow Springs State Park.
Where is this golf course & driving range located?
The property is located at 8518 SW 189TH COURT RD Dunnellon, FL.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Significant Price Reduction: Reduced by $1,000,000, a potentially advantageous investment.; Extensive Amenities: Features a renovated clubhouse with a swimming pool, tennis/pickleball courts, ballroom, restaurant, and recreational facilities.; Substantial Water Capacity: Includes two deep‑water wells with permits valid until 2040, providing 192,500 gallons per day.
