M a N G R O V E M a R I N a 2 0 0 F L O R I D a a V E N U E , T a V E R N I E R , F L
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EXCLUSIVE OFFERING MEMORANDUM M A N G R O V E M A R I N A 2 0 0 F L O R I D A A V E N U E , T A V E R N I E R , F L A F L O R I D A K E Y S F U L L S E R V I C E M A R I N A W I T H P R I M E L O C A T I O N I N A S H E L T E R E D L O C A T I O N O N 1 4 . 1 6 + / - A C R E S Exclusively Listed by: SIMPLY MARINAS A. “Michelle” Ash MBA, Ph.D, President 4000 Ponce De Leon Blvd, Suite 470 Coral Gables, FL 33146 Tel. (305) 439-9581 [email protected] http://simplymarinas.com DISCLAIMER: While the information contained in this Memorandum and any other Evaluation Material is believed to be reliable, Owner does not guarantee its accuracy or completeness as such information is provided without representation or warranty by Owner. Because of the foregoing and since the Property is being offered on an “As-Is, Where-Is” basis, a prospective investor or other party authorized by the prospec- tive investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Evaluation Material. Although additional Evaluation Material, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. EXCLUSIVE OFFERING MEMORANDUM M A N G R O V E M A R I N A 2 0 0 f l o r i d a a v e n u e , t a v e r n i e r , f l $4,200,000 TAVERNIER, FL CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Simply Marinas and should not be made available to any other person or entity without the written consent of Simply Marinas. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Simply Marinas has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Simply Marinas has not verified, and will not verify, any of the information contained herein, nor has Simply Marinas conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR SIMPLY MARINAS AGENT FOR MORE DETAILS. TTABLEABLE OF CCONTENTSONTENTS SeSectionct o 1 PPROPERTYROPERTY DDESCRIPTIONESCR PT ON Sectionctio 2 MARKETR E & AREAR OVERVIEWERV EW SSection t 3 SSITE TE PLPLANA Section 4 AREAA DEMOGRAPHAPH ICSCS Sectionect 5 OPOPERATINGERA G FINANCIALSANC LS PROPERTY DESCRIPTION TAVERNIER, FL Mangrove Marina TAVERNIER, FL PROPERTY DESCRIPTION INVESTMENT OVERVIEW ■ Purchase Opportunity - Unique Marina Site priced at $3,900,000 ■ Approximately 14.15 Gross Acres ■ Ideal Upper Keys location with Proximity to Miami-Ft Lauderdale-Palm Beach Metropolis ■ 103 Wet Slips (plus 22 Transient)| 96 Dry Rack and 40 Yard Storage Spaces ■ Barriers to Entry based on Location and County Regulated Development Ordinances ■ Significant Upside via Professional Marina Management & Improvements ■ ImmediateTHE OFFER IncomeING from Current Operations Priced at $3,900,000, Simply Marinas is pleased to offer the opportunity to acquire the Mangrove Marina site located in "America's Caribbean" just south of Key Largo in Tavernier, Florida. Situated at Mile Marker 92 on the gulf side, strategically Mangrove Marina is a well-positioned facility and the largest full service marina in the upper keys. The asset currently consists of 103 wet slips, 22 transient slips, 96 dry rack spaces, 40 yard storage spaces, boat ramp, boat launch, fueling facilities, ships store, parts and service bays, laundry, bath house, and a working yard. More importantly, Mangrove Marina is currently one of only two marinas which offers plentiful transient dockage along the Florida Keys inside route, from south of Jewfish Creek to Islamorada. And with all that the Florida Keys have to offer by way of their unparalleled sunsets, deep history, abundance of marine life and natural wonders, Mangrove Marina offers the full package of unlimited opportunity. PROPERTY DESCRIPTION Mangrove Marina is located at 200 Florida Avenue Tavernier, Florida, less than a mile away from Tavernier Park Airport. It is a fully operational marina site with various accessory improvements that occupy an upland site. The subject site consists of four separate land parcels with total land area of approximately 14.15 acres. Of the total land area, 167,468 square feet (3.84 acres, or 27.14%) is indicated to be upland, and 478,724 square feet (10.99 acres, or 77.64%) is indicated to be submerged. The subject is zoned MU, Mixed Use and NA, Nature Area by Monroe County. Improvements consist of an 880-sq. ft office, a 1,680-sq. ft. storage building, a 1,232-sq. ft. bath & laundry building, and a 1,538-sq. ft. elevated CBS recreation building, for a total gross building area of 5,530-sq. ft. Off the busy highway and Intracoastal, the marina is quiet and enjoys sunset views, and therefore is attractive to liveaboard boaters. Sheltered within "Community Harbor", Mangrove truly is a hidden paradise in the upper Keys. The hearty mangrove trees surrounding the marina protect but also provide a quite environment for the liveaboard tenants. What's more, because of the perceived safety of its protected location, this area is considered a “hurricane hole”; the last major hurricane, Hurricane Wilma, which occurred in 2005 caused no serious damage to the marina. In fact, the last time the marina experienced any significant hurricane damage was in the 1960’s. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied,the accuracy as to of thethe inform accuracyation. Refe ofr encesthe information.to square footage Buyer or age aremust approximate. verify the Buyer in formatimust verifyo nthe and information bears a ndall bears risk a llfor risk any for a nyin accuracies. This package inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of 1 andFlo itsrida content © 2012 isM athercus property & Millichap of Simply Marinas, and as such cannot be used without their written consent. Mangrove Marina TAVERNIER, FL PROPERTY DESCRIPTION INVESTMENT OVERVIEW THE OPPORTUNITY The marina has significant upside due to its upper keys and gulfside location, and the full arena of marina services it offers, which include storage, fuel, boatyard, and liveaboard - all great attributes to the boating community. There are also 22 transient slips with no power heads that rent to small boats, and also get used at the launch and gas dock. This gives Mangrove Marina the greater advantage of capitalizing on the majority of the transient boating traffic traveling through Key Largo and Tavernier, as well as liveaboards, and should enhance both the occupancy and the sale of boat slips as the market returns. And given the fact that the state only grants a limited number of approvals for liveaboard marinas, especially large marinas like the subject, and the rules to obtain such approvals are restrictive and difficult to come buy, Mangrove's marina operations are protected by significant barriers to entry. Finally, Mangrove has a captive market, and positions well to double its income over the next three years across the following income sources: fuel, boatyard operations, additional annual lease contracts, and commercial space leases. PRICING OVERVIEW Price: $3,900,000.00 # of Slips/Storage Spaces: 239 Bulk Price Per Slip: $16,317.99 Total Linear Feet: 7,992 Price Per Linear Foot: $487.99 ANNUAL GROSS POTENTIAL SLIP INCOME Wet Slips Linear Feet Rate Current GPI Pro Forma Rate Pro Forma GPI Qty. 103 @ Avg. Capacity of 40 ft 4,120 $16.50 $815,760.00 $17.50 $865,200.00 DrQy tRy.a 4ck0 /Y@a Ardvg St. Coraapgaec ity of 32 ft 1,280 $10.00 $153,600.00 $10.50 $161,280.00 Qty. 96 @ Avg. Capacity of 27 ft 32,,857292 $10.00 $436411,64040.00 $10.50 $483276,85792.00 GROSS POTENTIAL SLIP INCOME: 7,992 $1,280,400.00 $1,353,072.00 Vacancy Allowance 35% 25% *Does not include revenue from Gas/Diesel, Retail Sales, Service Income, or Utilities EFFECTIVE POTENTIAL SLIP INCOME: $832,260.00 $1,014,804.00 Additional Marina Income (Fuel, Retail, Services, Utilities, Etc) 38.40% 40% *Percentage is based on Actual 2011 Performance TOTAL POTENTIAL MARINA INCOME: $1,151,847.84 $1,420,725.60 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied,the accuracy as to of thethe informaccuracyation.