Marina Sold: Mariner’s Cove Marina (Confidential Offering ID: SM173)

Overview

Mariners Cove Marina, Gulfport/St. Petersburg FL

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

This offering provided a rare opportunity to acquire a rack storage marina in the city of Gulfport, within Pinellas County, Florida, and the fast-growing Tampa – St. Petersburg – Clearwater metropolitan statistical area. Mariner’s Cove Marina is ideally situated on Boca Ciega Bay, approximately 10 minutes from the Gulf of Mexico and the Sunshine Skyway/Tampa Bay.

The Marina offers its customers approximately 154+/- fire-sprinkled rack slips and fuel service. A vast majority of income was derived from boat storage. There was no internally operated service & repair department and no retail income, aside from ice sales.

The marina is a blank slate for new ownership to quickly increase revenue from ancillary profit centers, such as service & repair, retail, boat brokerage and boat rentals, without the need for additional capital improvements.

The marina sits on 3.07+/- acres acres (1.41+/- acres dry and 1.66+/-acres submerged), with both the submerged land and the dry land all owned in fee simple. Owning fee simple submerged land is a unique advantage in Florida, where many marinas operate on Florida State-owned sovereign submerged land leases, which often impose operational limitations on the marina owner. There is ample excess submerged land for possible slip expansion, pending any necessary entitlements.