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Marina for Sale: Kentucky Marina & Dry Storage Facility

Price: $5,200,000
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Overview

This is a rare opportunity to acquire a profitable, long-running going concern marina and storage facility on beautiful Herrington Lake, KY. The business enjoys a short 12 week season, requiring little to no attention during the closed season. Great cash flow and upside make this a viable investment. The offering includes Chimney Rock Marina and Chimney Rock Boat Storage. The marina consists of a floating restaurant, ship's store, fuel dock and 187 boat slips.
Chimney Rock Boat Storage is located adjacent to the marina and includes four warehouse buildings with 66 storage units, two offices, and 30 yard-storage spaces. The asset sits on a total of 11 fee simple acres: 7 for the marina+ 4 for the dry storage.

Highlights

  • Full Occupancy Plus Upside
  • Wet slips - 187 (annual and transient rental) - 100% occupancy
  • 15 new slips built in late 2020
  • Indoor boat storage - 66 units - Full occupancy
  • Outside trailered boat storage spaces for approximately 30 boats
  • Boat rental fleet (4 - 2021 Tahoe 25' pontoon boats)
  • Popular fee-based launch ramp - double wide
  • Restaurant & general store in a 2,113+/- sq ft floating building
  • Popular restaurant acts as an amenity
  • Lodging - 2 floating cabins
  • Fuel dock selling non-ethanol fuel
  • The asset sits on a total of 11 fee simple acres: 7 for the marina+ 4 for the dry storage (no lease fee on the submerged land).
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The Opportunity

  • Strong cash flow and reliable NOI
  • Heavy cash business
  • Construct additional dry storage units - currently and historically at full occupancy
  • Steady Rate Increase - currently and historically at full occupancy
  • Additionally available vacant land adjacent to the dry storage parcel
  • Short 12 week season, requiring little to no attention during the closed season.

Location

Located on beautiful Herrington Lake, Mercer County, KY near Burgin and Harrodsburg. The marina is just 30 miles south of Lexington. With a maximum depth of 249 feet, Herrington Lake is the deepest river in Kentucky. The lake is about 35 miles in length and up to 1200 feet wide, covering 2,335 acres and 325 miles of shoreline. The lake is a popular recreational destination for boaters and fishermen.
The marina is located at the terminus of Chimney Rock Road on Herrington Lake. Chimney Rock Boat Storage is located adjacent to the marina. Chimney Rock Marina and Chimney Rock Boat Storage occupy the following tax parcel numbers 080.70-02014.00_319-582; 080.70-03013.00_320-025; and 079.00-00016.05_322-691

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For More Information

Michelle Ash
Principal
(305) 439-9581
George Ash
National Director
(352) 262-5784