JOYNER MARINA 401 Marina St. Carolina Beach, NC 28428 Offering Price: $2,900,000 Kelvin Dumas Colliers International Vice President Raleigh-Durham Eastern NC +1 919 582 3148 702 Oberlin Rd. Suite 400 kelvin.dumas@colliers.com Raleigh, NC 27605 JOYNER MARINA COLLIERS INTERNATIONAL P. 1
TABLE OF CONTENTS I. PROPERTY OFFERING Carolina Beach Accolades Property Summary Strengths and Opportunities Photos Site Plan Valuation Analysis II. MARKET OVERVIEW Location Overview Demographics Boating Industry Wilmington, NC JOYNER MARINA COLLIERS INTERNATIONAL P. 2
CAROLINA BEACH ACCOLADES About.com s Best Family Beach Vacations in the Southeast includes Carolina Beach and Kure Beach The NC Aquarium at Fort Fisher has made TripAdvisor.com s Top 25 US Aquariums list (July 2014). Carolina Beach Boardwalk named among America s Most Awesome Boardwalks by Budget Travel magazine/fox News (July 2013). Carolina Beach Boardwalk also made The Daily Meal s list of Best Boardwalks for Food (June 2013). The Daily Meal also included Britts Donuts on the Carolina Beach Boardwalk among America s 25 Best Donuts (Dec. 2013). Carolina Beach Boardwalk JOYNER MARINA COLLIERS INTERNATIONAL P. 3
Property Offering
Executive Summary PROPERTY SUMMARY Colliers International Raleigh-Durham is pleased to offer for sale Joyner Marina, which is located in the heart of Carolina Beach, NC and is situated on ±5.58 acres with ±1.5 Acres of uplands and ±4.08 Acres of submerged area. Joyner Marina is being offered for a price of $2,900,000 which is less than half of the tax value. The property consists 69 wet slips, wooden bulkhead, 5 metal gang planks, water and electric hookups and 2 gas pumps, 1 of which is diesel. In addition, there is a 1,506 SF tackle shop/office with two residential apartments on the 2nd floor. Most notably, Joyner Marina is the only privately-owned marina in Carolina Beach that has a fuel dock. The bulkhead was replaced in 2007-2008 and the marina is protected with rock jetty, which is very rare. STRENGTHS AND OPPORTUNITIES As it is the only privately-owned marina in Carolina Beach with a fuel dock, Joyner Marina has incredible upside. For 2013, slip rentals were $133,000 & gas sales were $727,000. It is also unique in that it is a Green Certified Marina with a Certified Clean bottom. A savvy investor can capitalize on these internal strengths and maximize the current opportunities in the market. Due to recent regulations, there are significant barriers to entry for new construction of marinas. Also, the Boating Industry is growing. In 2013, the industry generated $36.7 billion in retail expenditures, a 3.2% increase from 2012. North Carolina is the 8th largest boating state in 2013 according to the National Marine Manufacturing Association. CAROLINA BEACH OVERVIEW The property is only a 2-mile walk to Carolina Beach Central Business District which has received numerous accolades in publications such as About.com, Trip Advisor, Budget Travel Magazine, and The Daily Meal. There is a strong seasonal population shift during the summer months. The Town of Carolina Beach has nearly 2,000 seasonal accommodation units. The peak population, those residing permanently and those visiting at least overnight, was estimated to be anywhere from 8,500 to a high of approximately 14,000 total town population during a typical summer period. An additional 3,600-4,500 day-trippers, those visiting just for one day and not staying overnight, can be expected during a peak summer day. WALKING DISTANCE TO MULTIPLE POINTS OF INTEREST In addition to its proximity to Carolina Beach s Central Business District, Joyner Marina is 3 blocks from the beach/swimming area which offers: Carolina Beach Fishing Pier, Pleasure Island, surfing, jet skiing, the North End-Freeman Park, Carolina Beach State Park, boating, fishing, scuba diving, island charters, yacht clubs, kayaking, and biking. Beach-goers are also attracted to the area because of Fort Fisher Aquarium and the USS North Carolina Battleship Memorial in Wilmington. JOYNER MARINA COLLIERS INTERNATIONAL P. 5
Property Summary > ± 5.58 acres > ± 1.5 Acres of uplands; ± 4.08 Acres of submerged area with the fuel docks and marina > Zoning: Marina Business District, MB-1 and Residential District, R-1B > 1,506 SF tackle shop/office with a residential apartment on 2nd floor > Transient Dock is 237 linear feet (can dock 80 boat) > 69 Boat slips; 53 slips are 45 ; 12 slips are 50 ; 2 slips are 41 ; and 2 are 35 > Gas and diesel fuel pumps, a waste pump-out station > Laundry and shower facilities > 401 Marina St. Carolina Beach, NC 28428 > 3 Block walk to the beach/swimming area > 2 mile walk to Carolina Beach Central Business District JOYNER MARINA COLLIERS INTERNATIONAL P. 6
Strengths and Opportunities Rock jetty protecting marina Only marina in Carolina Beach that has a fuel dock New bulkhead in 2007-2008 Green Certified marina Certified Clean bottom Protected with rock jetty, which is very rare Slip rentals for 2013: $133,000 Gas Sales for 2013: $727,000 Due to recent regulations, there are significant barriers to entry for new construction of marinas. JOYNER MARINA COLLIERS INTERNATIONAL P. 7
Pictures T-Dock Bulkhead JOYNER MARINA COLLIERS INTERNATIONAL P. 8
Pictures Front of Marina and parking lot Back of Marina: apartment upstairs JOYNER MARINA COLLIERS INTERNATIONAL P. 9
Valuation Analysis PROPERTY IMPROVEMENTS: > 69 wet dock slips > Wooden bulkhead, 5 metal gang planks > Water and electric hook ups, two gas pumps, one which is diesel > Wooden walkway leading to the transit dock > There is also a 237 linear foot transit dock located along the Intracoastal Waterway. This dock includes gas, diesel, pump out and electricity service. > Gravel parking lot, asphalt parking, wooden bulkhead, two gasoline pumps and a 5,000 gallon diesel above ground gas tank and a 5,000 gallon gasoline above ground gas tank > Brand new floating docks Marina Office > 1,506 SF; 2 floors > First Floor: 1 interior bathroom, an open shop area, 2 storage rooms and an office area > Exterior laundry room that has a men s and women s restroom, clean shower facility > Second Floor: Residence that is broken out into two bedrooms, two bathrooms, a living area, and two kitchen areas > Painted wood walls, vinyl/tile/carpet flooring and fluorescent lighting > 16 Camera security system VALUATION ANALYSIS # of slips Measurement (in linear ft.) Value of each slip Total value of slips 53 slips 45 linear ft. $40,000 $2,120,000 12 slips 50 linear ft. $45,000 $540,000 2 slips 41 linear ft. $36,000 $72,000 2 slips 35 linear ft. $31,000 $62,000 Total Value of 69 Wet Slips $2,794,000 1.49 acres $995,000 Total Value (See broker for itemized list) $1,989,000 TOTAL VALUE $5,769,000 TAX VALUE $7,567,000 OFFERING PRICE *Motivated seller $2,900,000 JOYNER MARINA COLLIERS INTERNATIONAL P. 10
Site Plan
Market Overview
Location Overview CAROLINA BEACH OVERVIEW Carolina Beach Central Business District Carolina Beach Ave. North Pier Ocean Villas Carolina Beach Condos Marina St. Waterfront Villas and Yacht Club Carolina Beach Rd. > 2 mile walk to Carolina Beach Central Business District which includes: Carolina Beach Boardwalk Carolina Beach Arcade Britt s Donut Shop Deck House Casual Dining Gibby s Dock and Dine Deck House Casual Dining Gibby s Dock & Dine Havana s Hoplite Surf House Shuckin Shack Saint s Cove Beach & Bar Island Hots A&G BBQ & Chicken Ocean Grill Frank s Pizza Silver Dollar Nikki s Gourmet & Sushi Michael s Seafood The Fat Pelican Numerous boutiques & shopping venues > 3 blocks from the beach/swimming area where visitors enjoy activities such as: Carolina Beach Fishing Pier Pleasure Island Surfing, Jet ski, The North End-Freeman Park, Carolina Beach State Park, Boating, Fishing, Scuba Diving, Island Charters, Yacht Clubs, Kayaking, Biking > ±44 different lodging accomodations > Southeast King Mackerel Tournament > Carolina Beach Beach Music Festival > Pleasure Island Seafood, Blues & Jazz Festival > Pleasure Island Chowder Cook-Off > Other area attractions Fort Fisher Aquarium - 20 minutes from site USS North Carolina Battleship Memorial in Wilmington JOYNER MARINA COLLIERS INTERNATIONAL P. 14
Location Overview PROX I M IT Y TO M A JOR A R EAS OF NC Charlotte Fayetteville Jacksonville Wilmington Carolina Beach SITE Columbia Myrtle Beach 30 mi Joyner Marina is conveniently located on the Intracoastal Waterway at Green Marker 161 and Mile Marker 295 in Carolina Beach, NC. The Marina is only one mile south of the Carolina Beach Inlet and located at Snows Cut, providing easy access to the ocean or Cape Fear River. iver JOYNER MARINA ic Oc Snows Cut SITE Atlan t ar R e Fe Cap ean Carolina Beach Inlet Destination Downtown Wilmington Myrtle Beach Jacksonville Fayetteville Charlotte Raleigh I-40 in Wilmington I-95 in Lumberton I-74 in Lumberton I-85 in Durham I-77 in Charlotte US-70 in New Bern Columbia Greensboro Drive Time 30 min. 2 hours 1.5 hour 2 hours 4 hours 2.25 hours 30 min. 1.75 hour 2 hours 2.75 hours 4 hours 2 hours 3.25 hours 3.5 hours COLLIERS INTERNATIONAL P. 15
Demographics 2013 DEMOGRAPHICS RADIUS 1-Mile 3-Mile 5-Mile Total Population 2,530 13,510 24,660 Total Households 1,169 5,873 10,542 % Male 50.8% 49.2% 49.0% % Female 49.2% 50.8% 51.0% Total Businesses 212 936 1,527 Total Employees 821 3,341 5,967 HOUSING UNITS RADIUS 1-Mile 3-Mile 5-Mile Total Housing Units 2,161 9,159 15,104 Owner-Occupied 674 3,926 7,071 Vacant 992 3,286 4,562 Renter Occupied 495 1,947 3,471 Seasonal Accomodation Units in Carolina Beach: 2,000 HOUSEHOLD INCOME RADIUS 1-Mile 3-Mile 5-Mile Average Household Income $88,258 $80,799 $79,651 Median Household Income $58,203 $55,653 $55,468 Per Capita Income $42,251 $35,272 $34,123 Household Income: Current median household income is $55,468 in the area, compared to $51,314 for all U.S. households. Median household income is projected to be $65,128 in five years, compared to $59,580 for all U.S. households. Current average household income is $79,651 in this area, compared to $71,842 for all U.S households. Average household income is projected to be $89,793 in five years, compared to $83,667 for all U.S. households. Current per capita income is $34,123 in the area, compared to the U.S. per capita income of $27,567. The per capita income is projected to be $38,534 in five years, compared to $32,073 for all U.S. households. Housing Units: Currently, 46.8% of the 15,104 housing units in the area are owner occupied; 23.0%, renter occupied; and 30.2% are vacant. Currently, in the U.S., 56.4% of the housing units in the area are owner occupied; 32.3% are renter occupied; and 11.3% are vacant. In 2010, there were 14,984 housing units in the area - 47.7% owner occupied, 21.2% renter occupied, and 31.1% vacant. The annual rate of change in housing units since 2010 is 0.36%. Median home value in the area is $217,692, compared to a median home value of $177,257 for the U.S. In five years, median value is projected to change by 3.48% annually to $258,292. JOYNER MARINA COLLIERS INTERNATIONAL P. 16
Demographics POPULATION TREND RADIUS 1-Mile 3-Mile 5-Mile 2000 2,313 9,854 16,757 2010 2,480 13,319 24,227 Change 2000-2010 0.70% 3.06% 3.76% Change 2010-2013 0.62% 0.44% 0.55% (Projected) 2018 2,664 14,162 25,986 Projected Change 2013 to 2018 1.04% 0.95% 1.05% Full Time Residents in Carolina Beach: 6,000 Peak Population in Carolina Beach during summer months: 8,500-14,000 HOUSEHOLD TREND RADIUS 1-Mile 3-Mile 5-Mile 2000 1,082 4,399 7,209 2010 1,141 5,768 10,320 Change 2000 to 2010 0.53% 2.75% 3.65% Change 2010-2013 0.76% 0.55% 0.66% 2013 1,169 5,873 10,542 (Projected) 2018 1,236 6,173 11,129 Projected Change 2013 to 2018 1.12% 1.00% 1.09% Seasonal Population Shift The Town of Carolina Beach has nearly 2,000 seasonal accommodation units and, as with other coastal towns, there is an extra population influx during the peak summer months. The peak population, those residing permanently and those visiting at least overnight, was estimated anywhere from 8,500 to a high of approximately 14,000 total town population during a typical summer period. An additional 3,600 4,500 day-trippers, those visiting just for the day and not staying overnight, can be expected during a peak summer day. Population Trend: In the identified area, the current year population is 24,660. In 2010, the Census count in the area was 24,227. The rate of change since 2010 was 0.55% annually. The five-year projection for the population in the area is 25,986 representing a change of 1.05% annually from 2013 to 2018. Currently, the population is 49.0% male and 51.0% female. Household Trend: The household count in this area has changed from 10,320 in 2010 to 10,542 in the current year, a change of 0.66% annually. The five-year projection of households is 11,129, a change of 1.09% annually from the current year total. Average household size is currently 2.33, compared to 2.34 in the year 2010. The number of families in the current year is 6,902 in the specified area. JOYNER MARINA COLLIERS INTERNATIONAL P. 17
Boating Industry BOATING IN NC Registered Boats: 371,879 (numbering all motorboats; sailboats more than 14 ) Square Miles of Inland Water: 5,103 Square Miles of Coastline Shore: 3,375 The N.C. Wildlife Resources Commission provides more than 200 free Boating Access Areas (BAA) to 80 different bodies of water. Boat Sales and Use Tax Rate: 4.75% (Maximum Tax Due: $1,500); AREA RECOGNITION North Carolina is the 8th Largest boating state in 2013 according to the National Marine Manufacturing Association. The top 10 states in sales of new powerboat, motor, trailer and accessories, the top ten boating states in 2013 are: 1. Florida: $1,957,381,303, up 16% (from 2012) 2. Texas: $1,176,972,535, down 2% 3. Michigan: $656,110,750, up 2% 4. Delaware: $574,322,347, up 19% 5. Minnesota: $557,268,790, up 1% 6. New York: $552,188,643, up 3% 7. Wisconsin: $518,942,061, 0% 8. North Carolina: $508,241,300, up 4% from 2012 9. Louisiana: $477,725,606, down 5% 10. California: $431,696,279, up 18% SITE - BAA NATIONAL MARINE INDUSTRY OVERVIEW The National Marine Manufacturers Association today announced that the recreational boating industry saw healthy growth in 2013, generating $36.7 billion in retail expenditures (new and pre-owned boats and engines, trailers, accessories and services), a 3.2% increase from 2012. An estimated 166,800 new powerboats and sailboats were sold at retail in 2013, an increase of 2.2%, coming on the heels of the industry s 2012 rebound when new powerboat and sailboat retail sales increased 10.7% - the industry s first sign of recovery. The NMMA is anticipating continued momentum with an additional 5-7% increase in retail sales of new boats in 2014. The NMMA released these findings as part of its U.S. Recreational Boating Statistical Abstract, an annual collection of data and analysis on the state of the U.S. recreational boating industry being released June 1. As the nation s economic recovery matures and boating businesses prepare for summer, a peak selling season for recreational boats, accessories and services, we expect to see continued stable growth in sales, noted NMMA President Thom Dammrich. Following a year of inclement weather throughout the U.S. driving pent-up demand and Americans taking to the water in record numbers, the industry is primed for a busy selling season. Versatile boats leading recovery, driving industry innovation Ski and wakeboard boats, as well as fiberglass and aluminum outboard boats, led the industry s growth in 2013. Ski and wakeboard boats continue to grow in popularity, with an 11% increase in the number of new boats sold at retail in 2013 to 6,100 units; outboard boats (pontoons, fishing boats and small family cruisers) were the most popular type of new powerboat sold in 2013, comprising approximately 84% of the powerboat market and up 5% to 134,800 units. Additionally, the personal watercraft (PWC) category increased 2% compared to 2012 with 39,400 new craft sold at retail; and inboard cruisers leapt in retail sales 10% compared to the previous year with 2,200 new units sold in 2013. What s more, 2013 was the first time since pre-recession (2009) that the ratio of pre-owned boat to new boat sales decreased, indicating a shift in consumer demand for new boats. In 2013, we saw more manufacturers producing innovative boats that offer an entry into the boating lifestyle at a variety of price points. A trend in boat manufacturing is the versatile boat one that can pull tubers or wake boarders, be used for fishing outings, relaxing with the family or entertaining, noted Dammrich. We re seeing manufacturers shift their manufacturing processes, becoming leaner and more efficient, to be able to offer these innovative boats at a lower cost, in turn introducing more people to boating. Across the board, the boating industry recognizes the demand of the 88.5 million Americans who go boating and want to own a boat of their own and pass their water gene on to future generations. Source: The NMMA s 2013 Recreational Boating Statistical Abstract, which can be downloaded and purchased within the Statistics section s Research Library on NMMA.org beginning June 1, 2014. JOYNER MARINA COLLIERS INTERNATIONAL P. 18
Wilmington, NC MARKET OVERVIEW Nestled between the Cape Fear River and Atlantic Ocean, Wilmington, North Carolina strikes an enviable balance between a casual lifestyle and global business opportunities. Entrepreneurial zeal permeates every facet of the community, giving it the vibrancy of a city of much larger in size, with the ease of living found in a small town. With the state s largest National Register Historic District, Wilmington has a keen sense of tradition and preservation, as well as a need to push beyond the conventional. The city leverages this balance to attract global corporations like GE-Hitachi Nuclear Energy, Verizon Wireless, PPD and Corning. Businesses large and small fall in love with the historic charm, quality of life, big-city amenities and skilled workforce. Wilmington offers a life filled with balance and vibrancy by offering a vast amount of activities including kayaking, antiquing in a refurbished cotton market, golfing on a course designed by Jack Nicklaus, sailing the Atlantic, or working in an ideal community. AREA RECOGNITION Wilmington, NC makes the Relocate America s Top 100 Places to Live in 2010 which focused this year on communities poised for recovery and future growth. One of the 100 Best Arts Town Top 10 Recreation Cities Wilmington, NC makes Forbes magazine Best Places for Business and Careers, March 2009. Wilmington ranks #14 in Fortune Small Business Magazine s Best Places to Launch a Business. Coastal Living Magazine names Wilmington a Coastal Dream Town Wilmington NC ranked 7th most fun, affordable city in Bloomberg Businessweek Wilmington NC ranked 6th in Outside Magazine s Best Towns list October 2011; From the magazine, Similar to Charleston: southern charm, a 300-year-old harbor, ample seafood. But what sets Wilmington (pop. 106,500) apart from its genteel South Carolina neighbor is an economy in overdrive not long ago, it was the second-fastestgrowing economy in the U.S. Thanks to EUE Screen Gems, it s also home to the largest motion-picture and television studio outside California. (The local film industry employs some 800 people.) Situated where the Cape Fear River meets the Atlantic, the former military port s recreation options are mostly water-based sea-kayaking, sailing, deap-sea fishing and the biggest party of the year is, naturally, Riverfest, a frenzy of vendors, fireworks, music, athletic competitions, and invading pirates. -Outside Magazine *Source: Wilmington Chamber of Commerce; Outside magazine JOYNER MARINA COLLIERS INTERNATIONAL P. 19
JOYNER MARINA 401 Marina St. Carolina Beach, NC 28428 FOR MORE INFORMATION, PLEASE CONTACT: Kelvin Dumas Vice President +1 919 582 3148 kelvin.dumas@colliers.com Colliers International 702 Oberlin Road Suite 400 Raleigh, NC 27605 www.colliers.com/rdu