Five Iron GolfFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A Five Iron Golf franchise requires a total initial investment of $1.7M – $4.3M, including a $50K franchise fee and an ongoing 7.0% royalty[2]. Per the 2024 FDD, average unit revenue was $3.6M[2]. Verdict grade: F. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2024 FDD issuance
Overview
- Investment
- $1.7M – $4.3M
- 37th pct Recreation & …
- Avg gross sales
- $3.6M
- 21st pct Recreation & …
- Royalty
- 7.0%
- 18th pct Recreation & …
- Units
- 22
- 25th pct Recreation & …
- SBA default
- N/A
Quick verdict · Recreation & Entertainment · color = vs category peers
Green = >15% above Recreation & Entertainment avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
22% cash-on-cash return (based on EBITDA). Within the 15-30% range most franchise investors consider acceptable.
Bottom line
- Total investment $1.7M – $4.3M including a $50K franchise fee, 7.0% ongoing royalty.
- Average unit revenue of $3.6M/year, with an estimated 22% cash-on-cash return (based on EBITDA).
- Verdict F (Bottom Quintile) with a risk score of 79/100.
- Bankruptcy history disclosed in the FDD. Review Item 4 for details before proceeding.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Five Iron Golf Franchising LLC
- Parent company
- The Range NYC LLC
- Incorporated in
- NY
- HQ
- 883 Avenue of the Americas, Fl. 3, New York, New York 10001
- Auditor
- Bland & Associates
- Audited financials
- Franchisor revenue
- $0
- vs $0 prior year
Affiliated brands
- Five Iron Golf IP
- Five Iron Chicago
- Five Iron Golf International
Other brands the franchisor or its parent operates (Item 1).
Overview
About
Five Iron Golf franchisees operate indoor golf entertainment venues featuring simulators, food/beverage service, and event hosting. Daily operations include managing simulator bays, supervising staff, handling food service and point-of-sale, hosting league play and private events, and maintaining equipment. Revenue streams typically include bay rentals, food/beverage sales, and event bookings.
- CEO
- Jared Solomon
- Headquarters
- NY
- Founded
- 2022
- FDD year
- 2024
- States available
- 11
FDD Item 7 · 2024 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $50K | $50K |
| Working capital (3–6 mo) | $80K | $150K |
| Equipment, build-out, other | $1.6M | $4.1M |
| Total initial investment | $1.7M | $4.3M |
Source: Five Iron Golf 2024 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$506K
14.0% margin
Unlevered ROIC
16%
EBITDA / total invested capital
Payback
6.2 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $1.7M – $4.3M
- Better than avg vs category
- Liquid capital req'd
- $80K – $150K
- Better than avg vs category
- Franchise fee
- $45K – $50K
- Better than avg vs category
- Royalty
- 7.0%
- percentage_of_gross · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
- Payback period
- 4.6 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $10K |
| Transfer fee | $13K |
| Renewal fee | $25K |
| Total fee load | 9.0% of rev |
Financial Performance
- Avg gross sales
- $3.6M
- Per unit, per year
- Median gross sales
- N/A
- Avg ebitda
- $666K
- Reported as EBITDA in FDD Item 19
- Cash-on-cash
- 22.0%
- Based on EBITDA / investment midpoint
- Item 19 type
- ebitda
- Sample size
- 13 units
- vs category median 5 · large
- Range (low → high)
- $1.3M→$5.9M
- Cohort dispersion (min → max)
- Transparency tier
- none
- Categorical assessment of disclosure depth
- Transparency
- 10 / 5
- vs category median 4 / 5 · above
Compared against 176 Recreation & Entertainment brands
vs Recreation & Entertainment averages
How Five Iron Golf Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 22
- Opened
- 7
- Last reporting year
- Closed
- 0
- Turnover rate
- 0.0%
- Company-owned
- 22
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
3-year detail · Item 20
- Transfers (3yr)
- 0
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 15 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Five Iron Golf presents elevated risk due to lack of financial transparency (no Item 19), unclear unit growth, going concern questions, and high capital requirements relative to stated returns.
Litigation (Item 3)
0 case reference(s): 2 pending, 0 settled.
Bankruptcy (Item 4)
Disclosed in last 7 years
Bankruptcy Code; Has obtained a discharge of its debts under the United States Bankruptcy Code; or Was a principal officer of a company or a general partner in a partnership that either filed as a debtor (or had filed against it) a petition to start an action under the United States Bankruptcy Code
Audited financials (Item 21)
Yes · Bland & Associates
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: No
- Restricted to system-approved products: No
Score breakdown · what drove the 79 / 100 rating
- 01MEDNo Item 19 Financial Performance Representation (FPR) disclosed — cannot verify if $665k avg net income is achievable or representative
- 02MINOROnly 22 units with unknown growth trajectory — insufficient scale and unclear unit expansion trend raises viability concerns
- 03HIGHGoing Concern status is FALSE — suggests franchisor may have had or currently has financial/operational sustainability questions
- 04MEDHigh initial investment range ($1.7M–$4.3M) relative to disclosed net income ($665k) yields 2.6–6.5 year payback with no growth guarantee
- 05MINOR7% royalty on gross sales (not net) creates cash flow pressure during low-revenue periods and compounds with operating expenses
- 06HIGHNo disclosed litigation but small unit base limits visibility — harder to detect systemic franchisee disputes or issues
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Radius or Blocks |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | New York |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 2 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 40 hrs
- On-the-job training
- 160 hrs
- Training location
- On-site at franchisee's restaurant and franchisor's location
- POS system
- Mindbody and Square
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Mindbody and Square
Item 20 · call current owners
Franchisee Contacts
25 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Five Iron Golf · FDD (2024) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Five Iron Golf franchise?
The total investment to open a Five Iron Golf franchise ranges from $1.7M – $4.3M, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Five Iron Golf franchise owners earn?
According to Item 19 of the Five Iron Golf FDD, the average gross sales per unit is $3.6M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Five Iron Golf's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Five Iron Golf (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Five Iron Golf franchise locations are there?
As of their most recent FDD filing, Five Iron Golf has 22 total units in the United States, including 0 franchised units and 22 company-owned units. 7 new units were opened in the latest reporting year.
Is Five Iron Golf a good franchise to buy?
FranchiseVerdict rates Five Iron Golf as a F-grade franchise with a risk score of 79 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.