Oak Harbor Marina, LA
The Background and Challenge
The sellers are in the multi-family space. This was the only marina in their portfolio. They authorized the Simply Marinas team to market the property publicly, which enabled us to utilize our network of 12,000+ marina investors. The marina presented a clear upside for a new owner with the wherewithal to navigate permitting and construction of new slips. Prior to Hurricane Katrina, the marina had nine docks with 382 slips. The number was then reduced to 97 slips on three docks. The Simply Marinas team contacted the City and marine contractors to determine the viability of bringing the marina back to the previous number of slips. We developed a proforma to reflect the revenue projections for the marina at 382 slips, adding amenities, and utilizing the vacant upland for future development.
The Results
Simply Marinas represented the buyer and the seller in the sale. The buyer, a first-time marina buyer who is an avid boater with real estate interests in the area, submitted a cash offer within the first few weeks of the listing. The sale closed following a short due diligence period. The marina was a great buying opportunity with approximately 17 acres of submerged and dry land to develop.
People are talking ...
“We hired the Simply Marinas team to assist us with positioning the marina for sale. They did relevant work to get us to understand the value of the asset and how to best position it. The Simply Marinas team was exceptional in ensuring we have a successful closing. We worked closely with George Ash who goes above and beyond with his dedication, expertise, and commitment.” - Seller, Oak Harbor Marina