Marina Sold: Southeast Florida Marina & Retail Center

Price: $3,100,000

Overview

Nettles Island Marina provides a unique ownership advantage by combining multiple income sources derived from the marina, as well as the retail strip center, and to some extent a small mini-storage component. This provides desirable income diversification.

The income is primarily derived from slip rental and long-term commercial tenant leases in the marina’s retail strip center. Slip rental leases (boat storage) and long term commercial tenant leases are among the most desirable revenue streams in the marina industry, due to their high margins and ease of management. This facility can successfully be managed by a single owner/operator, or an absentee owner with one or two employees.

Highlights

DEP “Clean Marina”
Permitted for 77+/- Wet slips with an average boat size of 40’-60’. Some slips can accommodate boats up to 100’
All slips have a minimum of one-50 amp + one-30 amp hookup, with some smaller spaces offering one-50 amp + two-30 amp hookups and some larger spaces offering two 50 amp + two 30 amp hookups.
Deep water approach just off the ICW, with the deepest channel on the waterway. 8-10’ at approach and 7-10’ at docks.
16 Slips are equipped with boat lifts up to 25,000 lbs.
On-sight bathrooms, showers and laundry
Upland: approximately 1.5 acres (fee simple); submerged land: approximately 2.84 acres (long term FLDEP lease)
10-minute walk to the beach, 45-minute drive from Palm Beach International Airport.
Revenue sources include dockage, trailered boat storage, retail/office/restaurant tenants, and mini-storage
Trailered storage for up to 22 boats and RV.
Approximately 8,000+/- sq ft of commercially leased space with in-place retail, office, salon, and restaurant tenants.
Upland power for leased retail spaces is operated through a distribution panel and individual meters.
Long-standing convenience store tenant provides guests with a rarely available, desirable dockside amenity.
Boat rental tenant provides boat rentals, bicycle rentals and golf cart rentals, which act as an amenity.
Mini Storage Facility – Approximately 2,230 sq ft concrete-block building

The Opportunity

Increase slip rental revenue by increasing the fixed-slip count and adding additional in-slip boat lifts.
- As per the Florida DEP submerged land lease, the marina is permitted for 77 slips. The current dock configuration is set up with 62+/- fixed-slips, leaving one of the dock sections in an open-slip configuration to accommodate larger vessels and transient dockage.
Work with the FL DEP to increase submerged land lease area and increase permitted slip allowance.
Update the retail center to increase commercial lease income. It may be possible to increase rentable square-footage with a second floor.
Actively market the marina and available retail spaces.

In general, there is strong upside in generating additional slip rental revenue and utilizing the fee-simple upland to generate additional lease income. There is also upside in introducing owner-operated auxiliary businesses such as boat brokerage/dealership and other synergistic retail outlets.

Location

Nettles Island Marina is situated in one of the most desirable regions for marina acquisitions in the country. The marina is a 10-minute walk to the beach, 45-minute drive from Palm Beach International Airport and a short distance to the charming Village of Jensen beach, which offers great dining, shopping, and bars.