Marina Sold: The Cove Marina – Bank Owned Maryland

Overview

Simply Marinas represented both parties for a quick seamless closing. The sale was handled confidentially by the Simply Marinas team.

Bank owned marina acquisition opportunity at the top of the Chesapeake Bay.

Sold For $2.25mm in 2007. Create tremendous upside by expanding the marina and boatyard operations and Enjoy or Rent Waterfront Residence on Site.

The marina ceased operation about two years ago. This business is currently not in operation.

Local Broker of Record:
Rick Leipold
Milestone Commercial Realty
216 E. Pulaski Highway, Suite 215, Elkton, MD 21921
RLeipold@milestonecr.com | 410.620.5115

Marina Marketing and Investment Adviser:
George Ash
Simply Marinas
4000 Ponce De Leon Blvd, Suite 470, Coral Gables, FL 33146
george.ash@simplymarinas.com | 352.262.5784

Highlights

Flexible zoning for commercial uses and residential development
Great location near I-695 and Baltimore Metro Area
4/3 residence on-site
Marina building with office and workshop
First Pier - Fixed, 700' with 84 slips and room to expand
Second Pier - Floating 175' can dock 15 boats
Additional 4.8 acre parcel ideal for boat storage and repairs
Good Bulkhead and seawall

The Opportunity

The Cove Marina in Elkton Maryland is a total of 6.12 acres. The marina is vacant and is bank owned. It was purchased for $2,250,000 in 2007. It includes an 84 slip Pier with space for 15 additional boats. Second floating Pier is permitted for expansion to match size of the fixed Pier. The offering includes: 4/3 waterfront home; marina building with workshop and office and room to add an apartment on second floor; a beach community lot; and an additional 4.48 acres vacant lot, around 200 yards from the marina, ideal for boat storage.

Location

The offering includes the following parcels:

11 Mainsail Drive: Contains 1.16 acres total including lands on both sides of Mainsail Drive containing the old store building with an office, workshop and garage, first pier, and vacant land for boat storage (0802017555 )
9 Mainsail Drive: Is 0.48 acres and contains the second pier, marina store and residence (0802039427 )
Old Locust Point RD Elkton – 4.48 acres vacant lot for boat storage or residential use (0802017628)
The offering also includes the “Beach Parcel” as indicated on the Aerial; it is not adjacent to the marina site. There are neighbors between the two sites.