HOUSE_OVERSIGHT_018841.jpg
2.41 MB
Extraction Summary
1
People
3
Organizations
1
Locations
1
Events
1
Relationships
4
Quotes
Document Information
Type:
Marina market analysis / real estate appraisal
File Size:
2.41 MB
Summary
This document is a marina market analysis for the IGY American Yacht Harbor Marina, covering the period from 2010 to 2015. It provides a detailed breakdown of rental revenue, occupancy rates, and rental costs per linear foot, noting that while the 2015 occupancy rate is slightly below historical averages, the property is considered to be at a stabilized occupancy. The analysis, produced by a firm with the logo 'irr' and part of the 'HOUSE_OVERSIGHT' document collection, is relevant to the Epstein investigation due to the marina's location in St. Thomas, USVI, where Epstein had significant assets.
People (1)
| Name | Role | Context |
|---|---|---|
| Management | Marina Management |
Mentioned as the source for the information that approximately 60% of occupants are seasonal or annual tenants.
|
Organizations (3)
| Name | Type | Context |
|---|---|---|
| IGY American Yacht Harbor Marina |
The subject of the market analysis. IGY stands for Island Global Yachting.
|
|
| irr |
Logo appears in the footer, likely the appraisal or real estate firm that produced the report.
|
|
| HOUSE_OVERSIGHT |
Appears in the footer as part of the document identifier, suggesting the document is from a House Oversight Committee...
|
Timeline (1 events)
2010-2015
Analysis of historical occupancy and rental rate data for the IGY American Yacht Harbor Marina, which contains 105 wet slips.
IGY American Yacht Harbor Marina
Locations (1)
| Location | Context |
|---|---|
|
The subject property being analyzed in the report. It is located in St. Thomas, U.S. Virgin Islands.
|
Relationships (1)
Marina Operator
→
Lessor-Lessee
→
Tenants
The document describes the leasing of marina slips to tenants on a daily, weekly, monthly, seasonal, and annual basis.
Key Quotes (4)
"marina sales have indicated that now is a good time to invest in a marina, despite the previous recession and limited financing."Source
HOUSE_OVERSIGHT_018841.jpg
Quote #1
"According to management, approximately 60% of the occupants at any given time are seasonal or annual tenants."Source
HOUSE_OVERSIGHT_018841.jpg
Quote #2
"The subject's current occupancy rate is slightly lower than historical rates, but the property is considered to be at stabilized occupancy."Source
HOUSE_OVERSIGHT_018841.jpg
Quote #3
"The weighted average contract rate is $37.29 per linear foot per month for the year to date 2015, which equates to an average contract rate of $447.50 per linear foot per year."Source
HOUSE_OVERSIGHT_018841.jpg
Quote #4
Full Extracted Text
Complete text extracted from the document (3,273 characters)
Marina Market Analysis
30
marina sales have indicated that now is a good time to invest in a marina, despite the previous recession and limited financing.
30
marina sales have indicated that now is a good time to invest in a marina, despite the previous recession and limited financing.
Competitive Marinas
The most significant supply and demand indicators for the subject are rental and occupancy rates experienced by directly competing properties. The operation of a pleasure craft marina provides revenue sources which include a mix of various rental, sales and services for the pleasure craft operators. Principle revenue stream for pleasure craft marinas includes in-water slips, fuel sales, and building rent.
The most significant supply and demand indicators for the subject are rental and occupancy rates experienced by directly competing properties. The operation of a pleasure craft marina provides revenue sources which include a mix of various rental, sales and services for the pleasure craft operators. Principle revenue stream for pleasure craft marinas includes in-water slips, fuel sales, and building rent.
The subject's asking and average contract rates are shown in the table that follows. The current operator is leasing the marina slips by linear feet of vessel length. We have then converted this rental income into a rental rate per linear foot of dock space. The subject offers slip rental on a daily, weekly, monthly, seasonal and annual basis. The contracted rental rates represent a blend of these rates, from daily tenants to long term tenants on annual leases. According to management, approximately 60% of the occupants at any given time are seasonal or annual tenants.
Marina Rent Roll
# of Slips
Average LF per Slip
Total Annual LF Available
Total LF Occupied
Annual Occupancy Rate
Total Rental Revenue
Average Monthly Rental Rate/LF
Year
2010
105
53.29
2,042,170
1,379,235
67.5%
$1,551,721
$34.22
2011
105
53.18
2,038,110
1,298,157
63.7%
$1,490,744
$34.93
2012
105
54.24
2,078,880
1,155,377
55.6%
$1,290,526
$33.97
2013
105
54.10
2,073,200
1,206,388
58.2%
$1,362,951
$34.36
2014
105
54.10
2,073,200
1,233,672
59.5%
$1,513,100
$37.31
2015 (Annualized)
105
54.10
2,073,200
1,172,976
56.6%
$1,438,110
$37.29
Average
105
54
2,063,127
1,240,968
60.1%
$1,441,192
$35.35
# of Slips
Average LF per Slip
Total Annual LF Available
Total LF Occupied
Annual Occupancy Rate
Total Rental Revenue
Average Monthly Rental Rate/LF
Year
2010
105
53.29
2,042,170
1,379,235
67.5%
$1,551,721
$34.22
2011
105
53.18
2,038,110
1,298,157
63.7%
$1,490,744
$34.93
2012
105
54.24
2,078,880
1,155,377
55.6%
$1,290,526
$33.97
2013
105
54.10
2,073,200
1,206,388
58.2%
$1,362,951
$34.36
2014
105
54.10
2,073,200
1,233,672
59.5%
$1,513,100
$37.31
2015 (Annualized)
105
54.10
2,073,200
1,172,976
56.6%
$1,438,110
$37.29
Average
105
54
2,063,127
1,240,968
60.1%
$1,441,192
$35.35
We weren't provided with a current rent roll for the marina slips but we were provided with monthly historical occupancy and rental rate data. With the transient nature of marina tenants, a historical rent and occupancy figures are a more accurate indication of the income properties of the marina. Rental rates at the subject, and in this market, are based on a rate per linear foot of vessel length. As discussed earlier, the subject contains 105 wet slips with a total of 5,680 linear feet of rentable dock space, which indicates a total of 2,073,200 rentable linear feet per year.
As of the effective valuation date, the subject marina has experienced an overall occupancy rate of 56.3% for the year to date 2015. We have looked at occupancy rates on an average, annual basis due to the seasonal characteristics of this property type in this market. Again, due to the transient nature of the tenants in this property type and the short term nature of the leases which can range from daily to annually, the overall occupancy rate will be lower than other commercial property types such as lodging, multifamily, retail and office. The subject's current occupancy rate is slightly lower than historical rates, but the property is considered to be at stabilized occupancy.
The weighted average contract rate is $37.29 per linear foot per month for the year to date 2015, which equates to an average contract rate of $447.50 per linear foot per year.
IGY American Yacht Harbor Marina
irr
HOUSE_OVERSIGHT_018841
irr
HOUSE_OVERSIGHT_018841
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