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    Established Golf Facility on 202 Acres Title is generated by Realmo AI

    985 S Simpson Drive, Winchester, IN 47394

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    Claim this Listing
    For Sale
    $3,100,000

    Sport & Entertainment, Recreational - Winchester, IN

    Property size:
    4,500 SF
    Lot size:
    202.00 Acres
    Price / SF:
    $688/SF
    Added:
    Apr 17, 2026
    Days on Market:
    49
    Last Refresh:
    Jun 4 at 11:06 am

    Property Features for 985 S Simpson Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    4
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Kitchen
    Parking
    116
    Parking features
    Paved or Surfaced
    Interior features
    Drywall, Reception Area
    Exterior features
    Reception Area
    Standard status
    Active
    APN
    68-09-29-300-017.008-021
    Size
    4,500 SF
    Lot size
    202.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    22574

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1991
    Floors in Building
    1
    Flooring type
    Carpet, Concrete
    Building materials
    Brick
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Paul Faddis

    Listing agent Paul Faddis License #RB15000347

    Listing office Tarter Realty Auction and Appraisal Company 123 W Franklin St, Winchester, IN

    Listing date Apr 17, 2026

    MLS# 202613679 Listing URL

    Copyright © 2026 Mid-Eastern Indiana Association of Realtor 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

    • Established 27‑hole regulation golf course on ~202 acres within city limits.
    • Diversified revenue streams including food & beverage, events, simulator, driving range, and storage bays.
    • Substantial recent capital investment including a new 8,000± SF maintenance facility (2022) and indoor golf simulator with Trackman (2022).
    • Strong community ties and brand recognition built over nearly 100 years of operation.
    • Fully irrigated course, 4,500± SF clubhouse with liquor license, 320‑yard driving range, and 2,000± SF outdoor pavilion.
    • Includes a 2,340± SF on‑site residence suitable for superintendent or staff housing.

    Overview

    This is a full-service public golf facility with 27 regulation holes on approximately 202 acres under single ownership, located within city limits. The property combines immediate operating cash flow with underlying land value, supported by on-site improvements, revenue streams, and recent capital investment. The course is surrounded by residential subdivisions and benefits from consistent daily play, league participation, and community ties, reinforced by nearly 100 years of operating history and local brand recognition. The scale, infrastructure, and location create an opportunity for owner-operators, regional golf groups, or investors seeking stabilized operations and long-term optionality. The golf course has three distinct 9-hole layouts and is fully irrigated with multiple independent pump systems. There is a 4,500-square-foot clubhouse with food and beverage service and an active liquor license. An indoor golf simulator featuring a Trackman system was installed in 2022. Additional features include a 320-yard driving range, practice greens, a 2,000-square-foot outdoor pavilion/patio for events and outings, and a 3,500-square-foot cart barn with capacity for approximately 77 carts. A new 8,000-square-foot maintenance facility was built in 2022, including an office, workshop, and rentable storage bays. The property also includes on-course restrooms, pump houses, storm shelters, and a 2,340-square-foot on-site residence suitable for superintendent or staff housing.
    Property Profile Location Intelligence

    Current Use by Public Records

    Golf courses & driving ...

    Suggested Use

    Real Estate Agency Dental Office Hotel & Motel Daycare Center Computer & Electronic Repair Tech Support Center Plumbing Service Locksmith

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Winchester
    County
    Randolph
    State
    Indiana
    Longitude
    -84.984604
    Latitude
    40.156155

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    FAQs

    What type of property is this?
    Golf course & driving range - Full-service 27-hole golf course with significant land value.
    Where is this golf course & driving range located?
    The property is located at 985 S Simpson Drive Winchester, IN.
    What is the asking price?
    The asking price for this property is $3,100,000.
    What are key features of this property?
    This property features: Established 27‑hole regulation golf course on ~202 acres within city limits.; Diversified revenue streams including food & beverage, events, simulator, driving range, and storage bays.; Substantial recent capital investment including a new 8,000± SF maintenance facility (2022) and indoor golf simulator with Trackman (2022).
    (765) 994-8533
    We can help!
    Listing Contact
    Paul Faddis
    Real Estate License ID: RB15000347
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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