Marina and RV Campground Income Opportunity
Special Purpose
for Sale
| Catylist Listing ID: |
30281947 |
| Property Subtypes: |
Marina
|
| Building Size (RSF): |
3,471 SF
|
| Gross Building Area: |
See Agent |
| Gross Land Area: |
62,000 SF
|
| Sale Price: |
$1,350,000 |
| Property Use Type: |
Investment |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
3/11/2020 |
Overview / Comments
Eden Marina is an established campground and marina located on beautiful Watts Bar Lake in Spring City, Tennessee. The marina is situated in a large cove just off the Tennessee River Channel at mile marker 542.3, which provides a secluded place to enjoy the scenic beauty that surrounds it. The area is blessed with year-round deep water and offers great opportunities for fishing and other water sports and activities. The property consists of 6 acres of gently sloping land with a beautiful, flat lot that is perfect for a family playground and even has its own sandy beach. The Marina/Campground includes: 36 covered boat slips, 20 uncovered boat slips, 12 jet ski ports, a private boat launch, fuel dock, dry storage, 35 RV sites with electricity and water hookups *(17 of the 35 RV sites also offer sewer hookup), RV dump station, 2 bedroom rental cabin, 2 studio cottages, A-frame bungalow loft amid the treetops, office/store on site, and there are shower facilities on the property.
The property has been operating suboptimally due to absentee management which provides for an excellent opportunity to transform this income producing property. In 2017, Eden Marina had gross income of $129,479.74 from a mixture of rent and sales on the property, and expenses totaled $66,654.02. After other income, the NOI for 2017 was $55,249.81. Projections for the upcoming year show that the potential revenue could be increased to $14,175 monthly for an annual income of $170,100.
|
Financials
| Finance Data Year |
2018 |
| Gross Operating Income |
$170,100 (Annual) |
| Actual or Proforma Year |
Proforma |
| Finance Data Year |
2017 |
| Gross Operating Income |
$129,469 (Annual) |
| Net Operating Income |
$55,249 (Annual) |
| Actual or Proforma Year |
Actual |
Additional Details
| Nearest MSA: |
Dayton |
| County: |
Rhea |
| Tax ID/APN: |
072027A A 04200 |
| Highway Access: |
Highway 27 - 6.2 miles |
| Airports: |
Chattanooga Metropolitan Airport (CHA) - 62 miles |
| Area Description: |
The town of Spring City is rich in natural resources, scenic wonders and southern hospitality. Located in Rhea County, in Eastern Tennessee, Spring City is home to Watts Bar Lake with over 780 miles of shoreline. As part of the Cumberland Plateau, Spring City also is filled with rolling hills that provide great hiking trails.
Spring City provides safe, small-town living in close proximity to many diverse shopping, dining, cultural and entertainment opportunities. We are conveniently located 55 miles north of Chattanooga, 60 miles south of Knoxville and 140 miles east of Nashville.
Enjoy boating, swimming, skiing and fishing opportunities. Neighboring Lake Chickamauga was named by Bassmasters Magazine as the 7th best bass fishing lake in the U.S. in its 2014 listing. Both lakes have several access points with docks, marinas, public boat ramps, parks and campgrounds. The lakes also provide beautiful home sites and planned developments that are remarkably affordable. |
| Total Number of Buildings: |
7 |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
Demographic Statistics
| Proximity: |
3 miles |
5 miles |
| Total Population: |
2,018 |
6,856 |
| Median Age: |
50.1 |
49.01 |
| Households: |
844 |
2,901 |
|
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