Improvements Description and Analysis 42
Improvements Description and Analysis
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.
Improvements Description
Name of Property IGY American Yacht Harbor Marina General Property Type Mixed Use Property Sub Type Marina Competitive Property Class B
Occupancy Type Multi-Tenant Percent Leased 85%
Number of Tenants 36
Tenant Size Range (SF) 292 - 6,000 Number of Buildings 5
Stories 3 Construction Class A Construction Type Steel frame Construction Quality Good Condition Good
Units per Acre (Density) 38.0
Gross Building Area (SF) 72,808 Rentable Area (SF) 48,652
Land Area (SF) 120,226
Floor Area Ratio (RA/Land SF) 0.40 Floor Area Ratio (GBA/Land SF} 0.61
Building Area Source Rent roll and land survey by Brian Moseley dated 12/10/2010 Year Built 1992
Year Renovated N/A
Actual Age (Yrs.) 23
Estimated Effective Age (Yrs.) 15 Estimated Economic Life (Yrs.} 55 Remaining Economic Life (Yrs.} 40
Number of Parking Spaces 167 Source of Parking Count Inspection Parking Type 89 surface; 78 covered, underground
Parking Spaces/1,000 SF RA 3.43
IGY American Yacht Harbor Marina
HOUSE_OVERSIGHT_018853