59073 OVERSEAS HWY Grassy Key FL 33050-6018

For registration requirements and regulations, please review here or contact Bianca Diorio | 954-302-3810 | bianca@crexi.​com.​

Grassy Key Marina at 59073 Overseas Hwy, Marathon, FL 33050 presents a rare opportunity to acquire a full-service marina and mixed-use waterfront asset in the heart of the Florida Keys.​ Situated on 2.7 acres with approximately 22,000 SF of improvements, the property offers exceptional visibility along US-1 and a compelling value-add or redevelopment opportunity.​ This unique offering includes 110 indoor and outdoor dry rack storage spaces, 33 wet slips, 78 trailer storage spaces, a convenience store with rental income, maintenance and storage areas, office space, and four studio apartments generating approximately $5,500 per month.​ A tiki hut overlooking the Gulf of Mexico, charter fishing and boat rental tenants, and proximity to affluent Duck Key further enhance the marina’s appeal.​ As the only full-service marina on Grassy Key, the property benefits from limited competition and substantial upside through improved occupancy, expanded marine services, and rental rate growth.​ Recent capital improvements, including a new roof and storage upgrades, position this award-winning marina for its next phase of growth!

• ​Non-Contingent
• ​Earnest Money Deposit: Greater of $20,000 or 10% of the Purchase Price
• ​Marketing Fee: 3% of the Winning Bid Amount, $20,000 minimum
• ​$10,000 Participation Deposit

59073 Overseas Hwy, Marathon, FL 33050

• ​Marina services include 110 Indoor & Outdoor Dry Rack Storage spaces, 33 Wet Slips and 78 Trailer Storage spaces.
• ​Tiki Hut sits on the Point overlooking the Gulf of Mexico
• ​Rental income from Convenience store.
• ​First stop as vehicles come into the north end of Marathon on Overseas Hwy (US1)
• ​Grassy Key Marina received the 2022, 2023 and 2024 Boater’s Choice award and recently recieved the 2023 and 2024 Marinas.com Elite Fleet Boaters Choice Award!
• ​Chartered Fishing and Boat Rental Tenants
• ​Affluent Duck Key very close by.
• ​Great visibility from US-1 (Overseas Hwy) on the way through Grassy Key.
• ​No competition around. Cost and barriers to entry minimal.
• ​So much potential and upside for new owners to realize.
• ​4 studio apartments, adding income to the property - $5,500/month

Property Summary

• Marina services include 110 Indoor & Outdoor Dry Rack Storage spaces, 33 Wet Slips and 78 Trailer Storage spaces.

• Tiki Hut sits on the Point overlooking the Gulf of Mexico

• Rental income from Convenience store.

• First stop as vehicles come into the north end of Marathon on Overseas Hwy (US1)

• Grassy Key Marina received the 2022, 2023 and 2024 Boater’s Choice award and recently recieved the 2023 and 2024 Marinas.com Elite Fleet Boaters Choice Award!

• Chartered Fishing and Boat Rental Tenants

• Affluent Duck Key very close by.

• Great visibility from US-1 (Overseas Hwy) on the way through Grassy Key.

• No competition around. Cost and barriers to entry minimal.

• So much potential and upside for new owners to realize.

• 4 studio apartments, adding income to the property - $5,500/month

Physical Improvements made to the property:

• New Decking improvements

• New Roof over the vacant store

• Landscaping clean up and maintenance

• Improved Security and Safety aspects of the Property

• Signage coming

• Fuel installed for Marina Equipment

• Fork Lift Purchased

Visual Tour:

https://drive.google.com/file/d/1mTJl5NSXcMyie8VWzVWW-fZbhBNu1a7r/view?usp=sharing

This is not a CAP Rate Investment deal. This is an opportunity to buy and develop the property, increase occupancy, and maximize its potential. Major Upside Potential in Rent and Redevelopment.

Financial highlights package for the sale of Grassy Key Marina, Marathon FL provided upon an executed NDA:

1. Executive Summary:

• 22,000 SF of buildings in the Marina which is located on 2.7 acres in the heart of the keys.

• This is not a cap rate investment deal but a value-add proposition or redevelopment. Carrying on the vision of the current owners or putting a different model in place.

• Important Financial metrics, such as revenue growth, profitability, and occupancy rates.

2. Financial Overview:

• Historical Financial Performance: Profit and Loss Financial statements for the past 4 years, showing revenue, expenses, and net income.

• Revenue Streams: Dockwa break down revenue by different sources (e.g., slip rentals, dry rack, outdoor storage, indoor dry stack, ramp fees). Growth has taken place in each of the last 4 years.

3. Market Position and Potential:

• Competitive Positioning: Grassy Key Marina has underperformed as a marina for years but this ownership has targeted low rents, 1st floor storage (no forklift), and appearance as areas of improvement. Less trailer storage, more boat racks, fork lift purchase, higher rents, better services, more professional appearance, and an online presence to improve occupancy.

• Growth Opportunities: Occupancy can be improved from 40% to 90% over time. The marina needs to expand services, like detailing, mechanics, and daily storage while increasing occupancy, and raising rates.

4. Operational Efficiency:

• Cost Management: Grassy Key Marina ownership has spent lots of money on improving the property from a new roof on the grocery store and re-building the upper bunks of rack storage that were taken out, while managing operational costs effectively.

• Operational Metrics: Occupancy rates have remained stable with an increase on last year, with the average price per customer rising. With average revenue per slip rising we lost some cheaper customers but replaced them with better quality boats and customers paying higher rates.

5. Investment Rationale:

• Unique Selling Points: Grassy Key Marina is the only full-service marina on Grassy Key. The property comes with 22,000 SF of buildings, including stores, storage barn, maintenance areas, 4 apartments and offices, 33 wet slips although larger boats moored in the basin allows for 23 boats comfortably. The customer base is loyal and the facilities are good. The facilities could be improved and expanded and a premium charged.

• Future Projections: We have offered a forecast of financial performance based on current trends or planned improvements. This will increase the occupancy and value of the property over the next few years. This is the vision and value add that the property offers.

6. Asset Valuation: Current Rent Rolls, Market Occupancy, and Rent information, brought us to assumptions on the projected values

2024 – approx $10,900,000 plus lots of potential (Currently 45% occupied)

2025 - approx $15,500,000, plus potential when occupancy gets to market rates

2026 - approx $20,000,000 with lots of potential if extra racks built once at market occupancy

7. Sale Proposition:

• Asking Price: The asking price reduced from $12,900,000 to $10,900,000

• Terms of Sale: Closing not contingent on any site plan approvals or any development plans. A Due Diligence Period will be given where a vault with all information, surveys, zoning,

8. Supporting Documents:

• Ownership can provide detailed Profit and Loss financial statements, income and expense data, and proforma projections.

The package is data-driven, focusing on the financial merits and investment potential of Grassy Key Marina. We have tried to use clear visual charts and graphs provided by Dockwa to illustrate financial trends and comparisons. All Marina income data is accurate, up-to-date, and well-documented through Dockwa which is the online support software that handles the bookings, payment, and renewal services for the Marina.