Marina / Dockominiums by Tom Markel
There's nothing quite like owning property on the water. It's always in demand and rarely stays vacant for long after a tenant moves out. If you're planning to buy a "Dockominium" property, you'll be investing in a lucrative business in which you'll be dealing with high-end clientele. Owning a marina will bring you much the same thing. The rents, leases, and slip fees will be high, but the level of expectations will be high also. If you're going to offer an upper-level service or rent out luxury, waterfront property, you'll need to make sure it lives up to what it's presented as. Are you prepared to make that happen? Do you know enough about waterfront property and running a marina to guarantee your clients and tenants get what they pay for?
As the owner of a property, you can make it anything that you want. A marina or dockominium is expected to meet a certain standard, but some property owners have been known to change things up a bit. Health clubs and restaurants on the water do well, but you don't have to have them. Shuttle boats and ferries to key points are an attraction to potential renters, but you don't have to offer them. Of course, the less you provide in amenities, the more attractive your competitors will appear. There are plenty of waterfront complexes that have restaurants, clubs, ferry service, and recreational activities available for residents.
Your business plan for a marina can include multiple options. Look at scenarios where you leave the complex as is and just rent out existing units and slips or make some plans to do additional development to make the property more attractive to potential buyers and renters. Those renovations and developments will raise the property value and give you an opportunity to raise rents. One of the ironies of owning waterfront property is that the more you charge for it, the more in demand it will be. Keep that in mind when you create a business plan before applying for a commercial mortgage.
To find a lender that will be willing to offer you a commercial mortgage, simply fill out the iBank application form on this website. We have an extensive list of banks, mortgage brokers, and private investors that are willing and able to help you. The application only needs to be done once. We'll take care of the legwork for you. Wait a few days after you submit and you should be flooded with offers.