Coco Marina - only 6.5M

This is what happens when people gate off the marsh and visitors stop coming.

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his is what happens when people gate off the marsh and visitors stop coming.

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They stop coming because they had to sell their boat to pay for kids drug rehab. Kid turned to drugs because daddy had no place to take them fishing.

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Coco Marina - only 6.5M

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For reference:

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The Glover Family of CoCo Marina is pleased to offer this first time ever to market thriving full-scale Marina and 27 acre Community for sale in Cocodrie, Louisiana. In addition included in the sale is 19 acres for future development. Total 47.5 Acres.

Marina is complete with a large iconic Restaurant/Bar, Lodging and 68 available Lots. It is the largest Marina in the area and 1.5 hours from the State’s largest City, New Orleans. Airport with private services within 24 miles. This destination is the home of the famous “Wine Island Shrimp” and “Bushwackers”, incredible Cabana Bar and sunset view, and an estuary system that provides some of the best inshore, shoreline and offshore fishing on the Gulf of Mexico. The resort also includes event space, fuel service, boat launch, docking, store, pool and splash park.

This “turn-key” Marina is renowned both nationally and locally, boasts a strong brand for over 30 years, and has the potential–and the demand-to be open year-round. Additionally, fishing rodeos and holidays are a major draw for business and the resort hosts corporate groups consistently.

Investment Highlights: • The 27 acre community includes 60 lots, average 40’ front feet bulk headed, ready to go. Additional 8 lots non-waterfront are also included. Lot sales average $1,800/ff. Potential retail value over $5.7 million. Phase III (partially used for fuel, boat launch, docking and parking) is ready for future development – commercial or residential use.

• Hotel has 20 fully furnished condos with kitchens and 6 hotel rooms fully furnished no kitchen, various sizes. Fully occupied at peak season.
• Charter Fishing business also included.
• Restaurant included.
• Highly trained and experienced charter/hotel/restaurant manager on site prepared to grow with the company in addition to maintenance manager.
• Solid brand established over 30 years.

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Maybe Im the exception here, $6.5m is not a lot in todays business terms. The valuation includes real estate assets. In my uneducated eyes, this is top 3 or 4 destination fishing spots in SELA (which rivals all of Gulf Coast). Of course opening up their books would validate valuation.

I think this is fantastic opportunity for someone to turn this place around. $6.5m is fairly easily attainable solo and a partnership would be cake. If it were me, I would clean up the bar, the restaurant, accomodations, and see what it would take to build a Dollar General on the future use land. I think the biggest hurdle down there is good staffing, but thats one of the easiest to overcome. If you pay them, they will come (down da bayou). You just need to include those wages in the plan. The biggest hurdle (location) is already addressed. The next big hurdle is insurance.

I doubt their books justify it, most marinas run a lot of cash sales that never hit the books so they end up helping their pockets at the time of the sale but hurting themselves when they are looking to get out.

Everything south of the flood control structure is a disaster waiting to happen. No way I buy a camp, much less drop 6.5M, on something when I can go a few miles north and not have a wall of water every time the wind picks up.

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the biggest hurdle down there is good staffing, but thats one of the easiest to overcome.

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Uh...

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6.5 is probably what the debt is.

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Should not be ANY debt considering the insane amount of money he made from BP during the oil spill.