River Run Development: Bayfront Development Parcel For Sale in Berlin

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  • $4,500,000
  • Active
  • Listing ID : LL1700002
  • Berlin, Worcester, Maryland, United States
  • Bayfront
  • Development Parcel
  • Bay View
  • Total Lot Size : 15.00 acre (6.07 ha)

The offering for the River Run Golf Club Community consists of 122 home sites. This includes 18 shovel ready single family home sites and 104 approved development home sites. These are comprised of 38 single family sites and 66 townhome sites. In addition, the offer includes the 1,800 square foot Sales Center, 28 slip marina and excess sewer capacity which includes 113 transferable Dwelling Units (EDU's).

More about this property

Overview

EXECUTIVE SUMMARY

The Leisure Investment Properties Group of Marcus & Millichap is pleased to exclusively offer the

opportunity to acquire One Hundred Twenty-Two (122) approved residential development home sites in

The River Run Golf Club Community. The offering includes Eighteen (18) fully developed shovel ready

Single Family home sites, One Hundred Four (104) approved developable sites comprised of Thirty-Eight

single family sites and Sixty-Six (66) townhome sites. In addition, the offer includes the 1,800 square foot

Sales Center, Twenty-Eight (28) slip marina and excess sewer capacity which includes One Hundred

Thirteen (113) transferrable Equivalent Dwelling Units (EDU’s).

River Run is located on the Eastern Shore of Maryland in Berlin just west of Ocean City. The Club serves as

the primary recreational amenity to the River Run Golf Club Community. River Run is convenient to the

major area roads including MD Route 90 and MD Route 50. MD Route 50 is the primary connector

between Annapolis and Ocean City. The Ocean City area is one of the premier vacation destinations for

residents of Philadelphia, Baltimore, and Washington D.C. metro markets.

With a projected Total EBITDA of OVER $9,740,000, this offering allows a builder the opportunity to

complete the buildout of a desirable golf and waterfront without the costs and burden of creating and

operating a high end amenities package. Much of the total property infrastructure is already complete and

the community features amenities including a swimming pool, tennis courts, and the River Run Golf Club,

an 18-hole championship golf course, designed by world renowned golf course designer Gary Player. The

Club features a 6,800 square foot clubhouse with a fully stocked pro shop, the 70 seat Players Club at River

Run Bar & Restaurant, locker rooms and fitness room.

INVESTMENT HIGHLIGHTS

• Pro Forma Revenue: $16.7 Million

• Pro Forma Gross Profit: $12.2 Million

• Pro Forma EBITDA: $9.7 Million

• River Run Golf Club Available For Sale Under

Separate Offering

Details
Total Lot Size 15.00 acre (6.07 ha)
Geography
Location Berlin, Worcester, Maryland, United States
Country United States
State Maryland
County Worcester
City/Town Berlin
Zip Code 21811
Location Type Bayfront
Geographic Type Coast
View Type Bay View
Infrastructure
Sewer Available No
Financial/Legal
Price per Square Meter $74.13/m2 ($6.89/sqft)
List Price $4,500,000
Ownership Type Legal Corporation

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