Operating Golf Course with
For Sale
$3,250,000
61809 Stonegate, Centreville, MI 49032
Full-service clubhouse with pro shop, locker rooms, and restaurant and bar, plus three turnkey furnished golf villas on-site.
Property Size24,000 SF
Price / SF$135.42
Days on Market489
Property Features for 61809 Stonegate
General Information
Standard status
Active
Size
24,000 SF
Property subtype
Other
Additional Details
Business Included
Yes
Multifamily Units
3
Building Details
Building Size
24,000 SF
Year Built
2012
Buildings
8
Stories
2
Listing Agency:
BHHS - Michigan Real Estate | Grand Rapids - Cascade
Listed By:
Josh Nagy · License #6506046197
(269) 806-4525
Source:
Cpix.resimplifi
Added: May 5, 2025
Changed: Sep 2
Last Checked: Sep 5 at 3:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BHHS - Michigan Real Estate | Grand Rapids - Cascade
Investment Insights
Based on property information with market context.
This fully operational golf course offering includes a spacious, fully equipped clubhouse featuring a pro shop, locker rooms, offices, and event space. The clubhouse also houses a full-service restaurant and bar with indoor and patio seating overlooking the course. Three furnished golf villas are included as turnkey accommodations, each ready for immediate use.
Additional on-site amenities include ample parking, maintenance buildings, and golf cart storage, along with a driving range or practice green (if applicable).
Located in southwest Michigan with convenient access to Chicago, Kalamazoo, and South Bend, the property is set in a peaceful rural setting that supports privacy while remaining accessible. New ownership can continue the established, loyal customer base and carry the course forward with its existing facilities.
Additional on-site amenities include ample parking, maintenance buildings, and golf cart storage, along with a driving range or practice green (if applicable).
Located in southwest Michigan with convenient access to Chicago, Kalamazoo, and South Bend, the property is set in a peaceful rural setting that supports privacy while remaining accessible. New ownership can continue the established, loyal customer base and carry the course forward with its existing facilities.
Key Highlights
- 2012‑built golf course operation with a clubhouse that includes a pro shop, locker rooms, offices, and event space
- Full‑service restaurant and bar in the clubhouse with indoor and patio seating overlooking the course
- On‑site furnished golf villas: 3 turnkey villas for overnight guests, tournament players, or short‑term rentals
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$267,494
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,349,880
$5.3M
Cap Rate 7%
$3,821,343
$3.8M
Cap Rate 9%
$2,972,156
$3.0M
Market Conditions
NOI Build-Up for 24,000 SF
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.
Gross rent
$371.5K $15.48/SF
− Vacancy
−$14.9K −$0.62/SF
EGI
$356.7K $14.86/SF
− OpEx
−$89.2K −$3.72/SF
NOI
$267.5K $11.15/SF
Area
St. Joseph County, MI
Vacancy
4.00%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,349,880
Cap Rate 7%
$3,821,343
Cap Rate 9%
$2,972,156
Alternative Uses
Best Use
Specialty Retail
$3.82M
$3.34M – $4.46M
NOI $267,494 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$299.05M
$261.67M – $348.89M
NOI $20,933,248 @ 7.0% cap · market cap 644.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Explore this area
Business Placement
Demographics for 49032, MI
3,033
Population
1,155
Households
2.6
Avg Household Size
40
Median Age
11%
College-Educated
80%
High-School Grad
35.6 sq mi
ZIP Area
85
Density / Sq Mi
$65,781
Median Household Income
$33,974
Median Earnings
$791
Median Rent
$160,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Golf course & driving range - Full-service clubhouse with pro shop, locker rooms, and restaurant and bar, plus three turnkey furnished golf villas on-site.
Where is this golf course & driving range located?
The property is located at 61809 Stonegate Centreville, MI.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 2012‑built golf course operation with a clubhouse that includes a pro shop, locker rooms, offices, and event space; Full‑service restaurant and bar in the clubhouse with indoor and patio seating overlooking the course; On‑site furnished golf villas: 3 turnkey villas for overnight guests, tournament players, or short‑term rentals
