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Cap'n Morgan
PostPosted: Fri Jul 22, 2011 10:48 am 
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268 Vista

Joined: Tue May 16, 2006 9:49 am
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Location: West Michigan
Anyone interested :mrgreen:

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“Narragansett Bay Marina" in Warwick Rhode Island is centrally located in Narragansett Bay, between Warwick Cove and Greenwich Bay. The marina offers 25 wet slips, recently renovated maintenance building with a second floor office overlooking Warwick Cove. The waterfront site is zoned Waterfront Business which allows for all waterfront marine related uses. The property also features a upland storage area for 30 boats during the winter. This area is zoned Residential A-10 and allows parking and upland storage by Special Permit which was granted in 2003. This is a Great Opportunity at a fantastic price $695,000.


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Decision
PostPosted: Fri Jul 22, 2011 12:25 pm 
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Joined: Wed May 27, 2009 1:43 pm
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Location: Lake St.Clair, Ontario, Canada
Hey, how about we take one zero off their asking price and I'll split ya on it? :)

Mike.

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Bliss36
PostPosted: Fri Jul 22, 2011 12:33 pm 
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Location: NW Indiana
Seems like an awful lot of $$ for a 25 slip marina with no room for potential growth :?

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Cap'n Morgan
PostPosted: Fri Jul 22, 2011 1:09 pm 
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268 Vista

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Location: West Michigan
Location, Location, Location......

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robbo3
PostPosted: Fri Jul 22, 2011 2:03 pm 
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Location: Waukesha, WI
Buy the entire place, sell 24 dockominiums @ $30k each to break even with annual maintenance fees to cover taxes/repairs/etc, then profit on storage and have a free dock/storage for yourself.

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aguyindallas
PostPosted: Fri Jul 22, 2011 2:46 pm 
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Nauti Luv

Joined: Mon Jan 05, 2009 9:55 am
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Location: Little Elm - Lake Lewisville TX
Sounds like fun...but no way would I want to be in Rhode Island.

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kp47
PostPosted: Fri Jul 22, 2011 5:28 pm 
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Location: East Tennesee
robbo3 wrote:
Buy the entire place, sell 24 dockominiums @ $30k each to break even with annual maintenance fees to cover taxes/repairs/etc, then profit on storage and have a free dock/storage for yourself.


I'd be curious what current the slip rental rates are, 30K to buy is probably cheap for that area.

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Paul I.
PostPosted: Sat Jul 23, 2011 4:59 am 
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Location: Winthrop, Ma.
Marina slip rates up here are from $90 to $140 per foot. Again, location drives the price. Thats why yacht clubs up here are very popular, $20 to $30 per foot.
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Flying Sushi
PostPosted: Sat Jul 23, 2011 6:26 am 
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Location: Northshore Boston & 1000 Islands
$695K for slips, land and storage is a good price for that area. They might have some catch to go with them... :shock: ... You do not see much of water front opportunities for under 7 figure these days here in North East.... Although Economy is helping a little to bring some price down.

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The Kid
PostPosted: Sat Jul 23, 2011 8:30 am 
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Location: Central Falls, RI
aguyindallas wrote:
Sounds like fun...but no way would I want to be in Rhode Island.

Hey Now! My dealership is in RI.. we have some of the best water views around!! We looked into buying this marina.. but it's terrible. EPA will make you spend about $200K for a powerwash system and there is no room to grow and all the docks need to be completely redone since they are all for boats 24' and less.

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kp47
PostPosted: Sat Jul 23, 2011 1:06 pm 
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Location: East Tennesee
Flying Sushi wrote:
$695K for slips, land and storage is a good price for that area. They might have some catch to go with them... :shock: ... You do not see much of water front opportunities for under 7 figure these days here in North East.... Although Economy is helping a little to bring some price down.


Newer 4-5000sq ft houses on the main channel of the TN river sell for 1-2.5M with a 5/8 acre lot and a small boat house. Somehow 700K doesnt seem so bad for a whole marina :) Under 1 acre lake lots alone in subdivisions in the good school districts are 500-700K.

But if it needs work and the EPA is on it I'm sure it can be a nightmare. Interesting to discuss though..

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Flying Sushi
PostPosted: Mon Jul 25, 2011 10:24 am 
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Location: Northshore Boston & 1000 Islands
If you have a right vision it could be like this.... :mrgreen:

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