RIVER CITY HARBOR MARINA - BANK REO - HUGE UPSIDE

Special Purpose for Sale
Catylist Listing ID: 29819105
Property Subtypes: Marina
Building Size (RSF): 18,400 SF
Gross Land Area: 11.48 Acres
Sale Price: $779,000
Property Use Type: Business
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 6/8/2017

Overview / Comments

The marina was conceived and started in 2005. Owner originally obtained a permit to construct and install 365 floating slips in February of 2005 from the Department of Marine Resources. In May 2005, he executed a 30 year lease with a 15 year renewal option on 3.1 acres of property on O' Leary Lake from Mississippi Export Railroad (shown in the attached Diagram as parcel 1). Original owner also purchased the island property in 2005 (shown as Parcel 3 on the attached diagram). Then in January of 2006 he purchased the property located at 5006 Morris St (shown as Parcel 2 in the attached diagram).
Parcel 1 - Leased Property
Parcel 1 has a 4800 sq ft metal building that is divided into three areas.
Office 896 sq ft, a Lounge of 1,468 sq ft, Warehouse 2,436 sq ft.
This parcel has approximately 1800 ft of waterfront on O' Leary Lake.

Parcel 2- Owned Property
Parcel 2 contains the brick and metal building facing Morris St. and a warehouse directly behind that building on 1.1 acres of land (shown on the attached diagram as Parcel 2).
Building 1 3,840 sq ft (last used as a restaurant)
Building 2 9,600 sq ft warehouse

Parcel 3 - Owned Property
Parcel 3 is 7.28 acres more or less including part of the two islands located north of Parcel 1.
Piers:
Currently there are three piers in place:
750 ft main pier with 40 foot slips on one side and 30 foot slips on the other side; 300 ft pier running parallel to the shore line; 60 ft long fuel dock
There are 85 slips completed and 25 boats currently leasing.

Additional Details

Nearest MSA: Gulfport-Biloxi-Pascagoula
County: Jackson
Tax ID/APN: 2-22-90-011.000, 2-02-24-110.030, 2-22-90-022.000
Property Located Between: HWY 613 & RAILROAD ST.
Largest Nearby Street: HWY 613
Total Number of Buildings: 3

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,782 20,489 38,194
Median Age: 44.72 39.79 38.28
Households: 1,140 7,675 14,599

Contact

Photograph of Listing Agent

Tim Carlson

Southeast Commercial
Gulfport, MS
Gulf Coast CMLS Member
Photograph of Listing Agent

Monte Luffey

Southeast Commercial of MS, LLC
Gulfport, MS
Not a member of Gulf Coast CMLS

Source

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