General Information 3
General Information
Identification of Subject
The subject is an existing 250-slip marina with 5 commercial buildings containing a mixture of retail and office space types. The buildings contain 48,661 square feet of rentable area and were constructed in multiple stages; with the majority of the construction completed in 1993. The commercial space is 85% leased as of the effective appraisal date. The marina docks were constructed in multiple phases between 1991-1995 and are 52.8% occupied as of the effective appraisal date. The total site area is 2.76 acres or 120,226 square feet, which includes 0.64 acre or 27,878 square feet, that is re-claimed land. The property also includes 3.2 acres of seabed under the marina dock structures which is leased to the property owner from the Government of the Virgin Islands. The legal description of the property is shown below.
Property Identification
Property Name IGY American Yacht Harbor Marina Address 18A-1, 18-B1,18-B and 18-W Remainder Estate Smith Bay East End Quarter, St. Thomas, Virgin Islands Parcel ID 1-07702-0135-00, 1-07702-0134-00, 1-07702-0133-00, and 1-07702-0198-00 Owner of Record IGY-AYH ST. Thomas Holdings, LLC Legal Description Parcel Nos. 18A-1 Remainder, 18B-1 Remainder, 18B Remainder Estate and 18-W
Estate Smith Bay, Nos. 1, 2 and 3 East End Quarter, St. Thomas, U.S. Virgin Islands
Sale History
The most recent closed sale of the subject is summarized as follows:
Sale Date January 19, 2007
Seller MOF VI Limited Partnership Buyer IGY-AYH ST. Thomas Holdings, LLC Sale Price $25,500,000
Recording Instrument Number document number 2007000531 Expenditures Since Purchase Unknown
The sale price is consistent with our market value conclusion considering the date of the transaction and the market fluctuation since that time. To the best of our knowledge, no sale or transfer of ownership has taken place within a three-year period prior to the effective appraisal date.
Pending Transactions
To the best of our knowledge, the property is not subject to an agreement of sale or an option to buy, nor is it listed for sale, as of the effective appraisal date.
ire. IGY American Yacht Harbor Marina
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