Waterway Village District Marina & Boat Storage

Special Purpose for Sale
Also listed as Hospitality, Multi-Family
Catylist Listing ID: 30177924
Property Subtypes: Marina
Building Size (RSF): 7,605 SF
Gross Building Area: See Agent
Gross Land Area: 2.70 Acres
Sale Price: $3,400,000
Property Use Type: Investment, Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/26/2018

Overview / Comments

This Intracoastal 2.7 acre waterfront property is home to a boat storage, marina with boat slips, in addition to other lease opportunities. Currently a boat repair shop leases a portion of the property for marine repair and sales. The boat storage currently has 85 lease tenants. The boats can be launched directly on site.

The property falls within the Gulf Shores Waterway Village North District. This district has relaxed zoning requirements in order to encourage more development. The City of Gulf Shores has invested millions of dollars for infrastructure in the Waterway Village South with plans to invest a lot for the North District in the near future.

The new ALDOT road connection off of Foley Beach Express will run within 200 feet of this property. This waterfront acreage is also very close to Lulu's and within the same zoning district.

The highest and best use would be a redevelopment of the waterfront property to take advantage of the young Waterway Village District.

Additional Details

Nearest MSA: Daphne-Fairhope-Foley
County: Baldwin
Taxing Authority: Gulf Shores
Tax ID/APN: 068607, 023208, 031564, 023210, 066246, 066247, 302941, 302942
Property Visibility: Excellent
Largest Nearby Street: Highway 59
Feet of Frontage: 470
Highway Access: Soon a new road will be built connecting this location with a direct route to Foley Beach Express.
Airports: Jack Edwards
Site Description: There are 8 large metal sheds used for covered boat storage. The property is mainly flat, except for the area leading to the water and the boat ramp and marina. In the middle of the property is a 2 story building which houses the marine repair shop, an upstairs 3 bedroom 2 bath apartment, and a downstairs area used for office and previously retail.
Area Description: The Waterway Village District North is on the cusp of redevelopment growth. Currently, Lulu's operates in the district bringing quite a bit of tourist and local traffic. The City of Gulf Shores has plans to improve the infrastructure (roads, sidewalks, etc.) in order to encourage redevelopment.
Total Number of Buildings: 9
Number of Stories: 2
Property Condition: Fair
Construction/Siding: Block, Brick
Parking Type: Surface
Heat Type: Electricity
Heat Source: Central, Wall Units, Heat Pump
Air Conditioning: Window Unit, Other
Internet Access: DSL, Satellite
Interior Description: Upstairs is a 3 bedroom 2 bath apartment. Downstairs is the marine repair shop, and a retail / office location.
Zoning Description: The Waterway Village District North encourages redevelopment for a wide variety of uses. Entertainment, hotels, retail, water sports, tourist, restaurant, etc.
Lot Frontage: 250
Lot Depth: 470
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: There is a 60' city Right of Way that splits through the center of the property running East / West. If the property is redeveloped, the city could be engaged to relocate the ROW to the north of the property which would then connect the north and south sections.
Land Ownership: deeded
Legal Description: 8 separate parcels combined.

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 9,159 16,059
Median Age: 40.34 40.23
Households: 4,175 7,059
The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.