Kean's Marina
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KEAN’S MARINA FULL-SERVICE MARINA FOR SALE MARINA & STORAGE | 320 BOAT SLIPS | 100% OCCUPIED | 8.9% CAP 100 MEADOWBROOK, DETROIT, MI 48214 TABLE OF CONTENTS PROPERTY OVERVIEW . 03 LOCATION INFORMATION . 16 DEMOGRAPHIC/ECONOMIC DATA . 22 CONTACT US . 28 2 KEAN’S MARINA | DETROIT, MICHIGAN 01 PROPERTY INFORMATION 3 KEAN’S MARINA | DETROIT, MICHIGAN PROPERTY INFORMATION INVESTMENT HIGHLIGHTS LOCATED IN AN OPPORTUNITY ZONE | 100% OCCUPIED WITH WAITING LIST BOAT WELL ACCESSIBILITY INCOME-GENERATING ON-SITE STORAGE Kean’s Marina has 320 boat slips, the There are three boat storage warehouses majority of which can accommodate on the property totaling 62,000 SF. These sizable boats/yachts. There are also ten warehouses are used for boat, winter, and (10) jet-ski berths. equipment storage. There is in out rack storage with travel lift on site. There is also ample outdoor storage. MINUTES FROM DOWNTOWN DETROIT ATTRACTIVE AMENITIES The property is conveniently located off The property features a gas dock, Jefferson Rd on Detroit’s east side and is a large hoist, dock store, beautiful just minutes away from the buzz of banquet hall, and indoor bar. Recent downtown Detroit and Belle Isle. improvements include a new pool, hot tub, tiki bar, outdoor playground area, and remodeled men’s and women’s restrooms. RAISED DOCKS GREAT INVESTMENT OPPORTUNITY The docks were all raised in 2019 to Kean’s Marina is an ideal strategic purchase combat the rising water issues along the for its operating income and future Detroit River coastline. development of Detroit’s limited waterfront property. 4 KEAN’S MARINA | DETROIT, MICHIGAN PROPERTY INFORMATION EXECUTIVE SUMMARY 100 Meadowbrook St. ADDRESS Detroit, MI 48214 # OF SLIPS 320 ACREAGE 21 BOAT STORAGE 62,000 SF OFFICE/BANQUET 13,478 SF Gas Dock Dock Store 8.9% Pool CAP RATE Hot Tub Patio Deck Children’s Play Area $9,000,000 Bathrooms/Showers SALE PRICE AMENITIES Laundry Facilities Free WIFI P.A. Commercial is pleased to exclusively offer for purchase Kean’s Marina, Water/Electric a 320 slip commercial marina situated on 21 expansive acres along the Gated Access beautiful Detroit River. This property is located in an opportunity zone and is Picnic Area Tiki Bar currently 100% occupied with a waiting list. Banquet Facility Indoor Bar The property includes four major buildings that have a combined area of 75,478 SF. The 13,478 SF “main building” houses the marina offices, tenant NEIGHBORHOOD Marina District spaces, and four bathrooms on the first floor with executive offices, a kitchen, DISTANCE TO CITY 5.3 Miles ballroom/banquet room, private bar, and new restrooms on the second floor. CENTER NEAREST HWY I-75 & 1-94 The remaining three (3) buildings total approximately 62,000 SF and are CAP RATE 8.9% used for indoor boat storage, which are in good condition and back up to Freud Street. Building One is 30,000 SF and offers in out service. The other two SALE PRICE $9,000,000 storage buildings are each 16,000 SF. CLICK HERE TO WATCH DRONE VIDEO 5 KEAN’S MARINA | DETROIT, MICHIGAN PROPERTY INFORMATION MARINA AERIAL 6 KEAN’S MARINA | DETROIT, MICHIGAN PROPERTY INFORMATION THE MAIN BUILDING S The main building houses the marina offices, rented This building has been partitioned into offices and leased spaces (Lens, St. Clair Yacht Sales), and the marina tenant spaces on the first floor. The second floor features lavatories. The roof was fully replaced in 2019 and the executive offices, a large bar with a view of the river, and a structure is in good condition including remodeled banquet room on the second floor with lavish facilities. The offices, second floor, entertainment facilities, and lavish marina store and gas dock are adjacent to the harbor with restrooms. The building has a gross area of 13,478 SF. easy access for customers. 7 KEAN’S MARINA | DETROIT, MICHIGAN THE MAIN BUILDING STAIRWAY & HALLWAY 8 KEAN’S MARINA | DETROIT, MICHIGAN THE MAIN BUILDING BANQUET ROOM 9 KEAN’S MARINA | DETROIT, MICHIGAN THE MAIN BUILDING PRIVATE BAR 10 KEAN’S MARINA | DETROIT, MICHIGAN THE MAIN BUILDING MEN’S & WOMEN’S RESTROOMS 11 KEAN’S MARINA | DETROIT, MICHIGAN PROPERTY INFORMATION STORAGE BUILDINGS BUILDING 1 BUILDING 2 BUILDING 3 APPROX AGE 15 Years 50 Years 15 Years SIZE 30,000 SF 16,000 SF 16,000 SF EAVE HEIGHT 30 ft. 14.5 ft. 22 ft. INTERIOR COLUMNS 30 ft. from wall none none FLOOR asphalt asphalt asphalt DOORS sliding sliding sliding LIGHTING metal halide florescent metal halide HEAT radiant gas forced air gas forced air CONDITION good good good There are three storage buildings on the property that are similar in construction and vary in age, size and height. All are pre-engineered, insulated, steel sided buildings with steel frames with the two older buildings sitting on concrete piers. The most recently constructed building is used for rack storage in addition to heated, winter storage, while the two remaining buildings are used only for heated winter storage and equipment storage. The buildings are all located on the west side of the property that backs to Freud Street and they have been constructed in a linear fashion. 12 KEAN’S MARINA | DETROIT, MICHIGAN PROPERTY INFORMATION BOAT STORAGE 13 KEAN’S MARINA | DETROIT, MICHIGAN PROPERTY INFORMATION MARINA AND WELL INFORMATION The Kean’s Marina basin has 320 slips and ten (10) jet ski berths with the majority LENGTH QUANTITY of the slips accessed from main, finger piers that are about four feet in width. 25 ft 12 Water depth in the basin averages about nine feet with water depth in front of the property in the Detroit River being about 19 ft. 32 ft 191 40 to 50 ft 103 All docks and piers are supported by steel piling with steel rails. Main piers have overhead lighting and provide potable water and shorepower to each slip 50 ft end 14 within a pedestal. TOTAL 320 14 KEAN’S MARINA | DETROIT, MICHIGAN PROPERTY INFORMATION MARINA AMENITIES Kean’s Marina has common area amenities consisting The hoist slip has a beam of 18 ft. and the 20 ton Algonac hoist of asphalt paved parking, a pool, hot tub, bar, and has adequate capacity for most all of the boats stored at the a playground that are located adjacent to the main Marina. Kean’s gas dock area is located at the north end of building. The pool/playground area also has community the basin and has two pumps dispensing regular and diesel seating and a small conversation/tiki hut. There is also a fuel. Patron parking is located in the same general area as gas dock and a single large hoist slip designed for use with winter outside storage and is within an asphalt paved parking a travelift lot that is situated between the main marina building and the three storage buildings. 15 KEAN’S MARINA | DETROIT, MICHIGAN 02 LOCATION 16 KEAN’S MARINA | DETROIT, MICHIGAN LOCATION THE MARINA DISTRICT GROSSE POINTE CHANDLER PARK PARK SUBJECT PROPERTY CHRYSLER MANUFACTURING JEFFERSON CHALMERS FUTURE FIAT CHRYSLER ASSEMBLY MARINA DISTRICT EAST JEFFERSON AVE SINBAD’S RESTAURANT EAST ROOSTERTAIL INDIAN VILLAGE VILLIAGE DETROIT YACHT CLUB WEST VILLAGE BELLE ISLE EAST JEFFERSON AVE PARK 17 KEAN’S MARINA | DETROIT, MICHIGAN LOCATION MARINA LOCATION & TAX INCENTIVES RESIDENTIAL NEIGHBORHOOD NORTH OF SUBJECT RESIDENTIAL NEIGHBORHOOD EAST OF SUBJECT The Marina District is located on the east side of Detroit in an Opportunity Zone hosting an array of tax benefits for qualified investors or Opportunity Zone Investment Funds. Surrounded by newer home construction to the north with additional stubbed land primed for development. Sinbad’s Restaurant and the popular Roostertail performance & event venue reside next door to Kean’s Marina. Beautiful Belle Isle is in clear view from the harbor. Kean’s Marina is an ideal strategic purchase both for its operating income and future development of Detroit’s limited waterfront property. 18 KEAN’S MARINA | DETROIT, MICHIGAN LOCATION MARINA DISTRICT VISION PLAN In the last five years, Detroit area stakeholders have been developing a cohesive vision for the Marina District to provide guidance for future development in the area. Some goals for the district include: 1. INCREASE JOBS AND ECONOMIC VITALITY Re-purpose vacant land towards land uses that generate jobs, innovation, and a more resilient economy 2. CREATE A UNIQUE DESTINATION IN THE CITY NOT JUST FOR BOATERS, BUT FOR EVERYONE. Create a “draw” and a reason to come to the marina district. Increase visibility from E. Jefferson 3. RECTIFY EXISTING AND POTENTIAL LAND USE CONFLICTS i.e. residential adjacent to heavier industrial land 4. STRENGTHEN THE VITALITY AND LEVEL OF AMENITIES WITHIN THE MARINA OPERATIONS More slip utilization + leases. More seasonal and transient boaters 5. ENHANCE THE VISUAL QUALITY AND SAFETY OF THE DISTRICT. Strength the district image and branding. Provide safe public access 6. IMPROVE ENVIRONMENTAL QUALITY AND FUNCTIONS Habitat and shoreline restoration Storm water management Utility and infrastructure opportunities 19 KEAN’S MARINA | DETROIT, MICHIGAN LOCATION CITY OF DETROIT The subject is located in the City of Detroit, in southeastern Michigan, and the largest city in Michigan. It has an area of 140 square miles and is the core city of a metropolitan area of approximately 2,000 square miles. Its position on the Detroit River across from Windsor, Ontario makes it an international city and a gateway to Canada. Metropolitan Detroit includes all or part of six counties and has a population of more than 4.3 million residents. Although Detroit has been faced with extreme financial and economic hardship over the last few decades, the city is currently experiencing DOWNTOWN DETROIT FROM RIVERFRONT a much-needed renaissance, and is emerging as “America’s Great Comeback City.” Much of the improvements to the City have been in the Central Business District (CBD) and in the east riverfront between the CBD and Belle Isle and near the subject.