2253 Pelots Point Road · North Hero · Sold

The North Hero Marina
Price:	$3,350,000
Address:	2253 Pelots Point Road
	North Hero, VT 05474
Use:	Commercial/Residential
Type:	Sold
Size:	11,965 +/- SF in multiple buildings on 17.06 +/- Acres
Available:	Sold
Parking:	Ample on-site

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Description:

Vermont Opportunity for Real Lifestyle Change

Let’s face it-the last year has shown us that if there is one thing that is unpredictable, it’s life.

Have you ever thought to yourself that you wanted to escape it all, and spend the rest of your days enjoying yourself and making a real lifestyle change? That going to the office every day, week after week, with only a few weeks off a year to recharge is not really how you thought your life would unfold? That commuting to work every day and commuting home every night, day after day is not a good use of your time or energy? That living without open spaces and water is not the way you want to spend life? This is that opportunity…

Imagine working seven months of the year on Lake Champlain in Vermont, surrounded by water, sun, mountains and open spaces. Imagine being able to close up shop in the fall and spend five months a year on a boat in the Caribbean, skiing out west, at a beach house on the ocean, or tucked away in a snowy cabin. This is that opportunity…

The North Hero Marina. An opportunity to re-invent yourself, to escape the hustle and bustle of this crazy world, and to find yourself experiencing relaxation and satisfaction at the end of a day’s work for a change. If I have your attention, read on…

V/T Commercial is pleased to offer for sale North Hero Marina, one of the best protected, full-service marinas on Lake Champlain. This offering presents a rare opportunity to acquire 17 acres of lakefront real estate in one of Vermont’s most pristine and beautiful locations. The property is surrounded by water on three sides and features over 1,885 linear feet of lake frontage.

The marina has been under local, family ownership for over fifteen years and has a demonstrably stable cash flow and operating history. High demand for slips and moorings on Lake Champlain has resulted in wait lists nearly every year since ownership acquired the property.

Included in the offering are 92 slips, 47 moorings, fuel facilities, 4,800 SF maintenance/service building, fully licensed bar and grill, an in-ground pool, a marine supply store, two year round cabins, a storage barn, a public bath/shower house, and all equipment necessary for operation. The total building area is approximately 11,965 square feet.

The property is also offered with permits in place for an expansion that allows for the construction of 32 additional slips. This presents a unique opportunity to add value and increase revenue in the first two years of ownership. A potential buyer could also increase revenue by offering the cabins as seasonal rentals, developing a new building to provide indoor boat storage, establishing a boat dealership, and increasing Yamaha sales and service volume.

North Hero Marina is recognized by the Vermont DEC as a “Clean Marina.” In 2011, North Hero Marina met the requirements of eight distinct environmental performance standards in the areas of waste stream reduction, increased recycling, reduction of energy consumption, use of environmentally friendly products and implementing best management practices in areas such as fueling handling, boat handling and maintenance, painting and facility management. North Hero Marina is one of only five marinas on Lake Champlain to have received this award.

The property is also home to a well-known and wildly popular Tiki Bar and Grill which is open seasonally June through October. The restaurant is operated by a third party under a lease agreement which provides stable rental income for the property. The bar and restaurant is one of the most unique elements of this marina and provides an attractive amenity for members of the marina.

“Great staff, great food, great view. You can’t go wrong on this waterfront dining experience! Come by boat and stay at a transient slip, gas up, pump out, or come by car or bike for a scenic ride right up route 2. Come for lunch, dinner, or just to have some drinks at the full bar. Perfect place to relax off the beaten path!” (Trip Advisor Customer Review)

Attached to the bar and restaurant is a 16 x 32 ft swimming pool which is made available or members of the marina. On the other side of the restaurant is the main office. Located upstairs is a seasonal furnished one-bedroom apartment complete with laundry, ¾ bath, and a full kitchen.

One of the most attractive elements of this opportunity is the newly established arrangement with Island Marine Services, one of the area’s best-known marine maintenance and service contractors. The maintenance and service facility is a 60 ft x 80 ft metal building located away from the shoreline. The building was constructed in 2009 and features a radiant heated floor and a large overhead door that accommodates the marina’s travel-lift and boats as large as 42’. Island Marine Services also has a partnership with Vermont Fiberglass Specialists which makes this facility a near one-stop shop for most boat repair and maintenance needs.

This newly formed long-term arrangement alleviates management responsibilities associated with staffing and operating the service department and establishes a partnership with one of the area’s leading contractors, resulting in long-term benefits for both parties that also provides stable rental income for the owners of the property.

Island Marine Services Lease Abstract:
10 year lease with a base monthly rent plus a percentage of through put – tenant pays utilities.

Tiki Bar Lease Abstract:
Base seasonal rent plus a fee for dock usage – tenant pays utilities.

Services Currently Offered at the Marina:
Docks/Moorings
Winter Storage and Winterization
Year-round Yacht Repair & Refinishing
Yamaha Sales & Service
Yanmar Diesel Sales & Service
Mast Stepping
Pontoon Boat Rental
Gas/Diesel/Pump-Out Services
Bar & Grill, Swimming Pool
Boat Brokerage
Emergency Towing; Vessel Ungrounding