Suntex Marinas Acquires Mariner's Cove Marina In Gulfport For $4M
5018 31st Avenue South
$4,000,000
Building Size
—
Asset Type
Marina
Closing
Sep 21, 2023
About this deal
AI
Suntex Marinas has purchased Gulfport's Mariner's Cove Marina for $4 million, closing the deal on September 21. The marina, located at 5018 31st Avenue South, is a valuable asset in the Gulfport market.
Summary of transaction details
- Property Type: Marina
- Transaction Amount: $4,000,000
- Address: 5018 31st Avenue South
- Market: Gulfport
Suntex Marinas, represented by Bryan Redmond, was the buyer in this transaction. The purchase of Mariner's Cove Marina adds to Suntex Marinas' portfolio of marina properties, further establishing their presence in the Gulfport market. It is worth noting that Suntex Marinas is also in the running for the redevelopment of St. Petersburg's Municipal Marina, with a proposed $70 million project. However, the timeline for the selection process has not been specified yet.
On the Map
$4,000,000
Marina
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Gulfport Marina Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93