Marina for Sale: Crystal Shores Marina – Smith Mountain Lake, VA

Price: $4,200,000

Overview

This is a rare opportunity to acquire a successful, absentee owned and operated, marina business with income derived primarily from boat storage and 3rd party commercial tenants. The marina’s wet and dry boat storage can be expanded. Adjacent vacant acreage can be utilized for an RV park development, bringing great synergy to the marina in feeding demand for expansion of the boat storage component. Slips and Racks occupancy has been over 95% historically.

Pricing is to be determined. Altogether, the seller owns ~214 acres. Approximately ~129 acres are zoned R-2 and ~85 acres are zoned High Density Commercial (PCD) under the lake authority’s Shoreline Management plan. The Marina Component sits on a small portion of the PCD zoning and is comprised of 145 wet boat slips and 100 dry slips, a 2,800 square foot seasonal restaurant, a management office, a bathhouse and a 5,000 square foot boat repair shop.

The seller is receptive to selling the entire ~214 acres or parceling out a portion of the Marina Component to suit a buyer’s desired plans for marina expansion and/or RV campground development. Vacant development/expansion acreage included in the sale is to be negotiated and pricing shall account for the acreage acquired.

George Ash

Real Estate Salesperson (license# 0225235015), Brooks Real Estate

4071 Ironbound Road | Williamsburg, VA 23188

Highlights

Fee simple land with unique High Density Commercial classification
Management in place – absentee owned and operated
145 wet slips
100 dry rack slips
Occupancy has been over 95% historically, with repeat customers who are receptive to rental increases
Waterfront restaurant (operated by a 3rd party tenant)
Service and repair facility (operated by a 3rd party tenant)
Management office and bathhouse

The Opportunity

There is plenty of excess land and water with zoning that will allow for the following upside:

Wet and dry boat storage expansion
RV campground development
Medium density residential development
High density commercial development

Location

This is by far the most unique property in Smith Mountain Lake because of the combination of large vacant land (both zoned R-2 and PCD under the same owner) and approximately 6,500 square feet of shoreline classified as high-density commercial. The entire portion of the property that is waterfront is zoned PCD, which is very rare. The table above from the AEP’s Shoreline Management Plan shows less than 5% of the lake’s shoreline is classified as high-density commercial. In fact, a large portion of the commercial shoreline at the Hales Ford Bridge area is currently used as single-family homes, which further diminishes the amount of commercial shoreline available for development.