Waterfront Investment Properties, as exclusive representatives of the Ownership Group, is pleased to offer the opportunity to acquire American Wharf Marina. The property is currently a distressed asset and ownership is motivated. Marina only without fee simple land: $1,100,000. Marina with developable fee simple land: $1,400,000. This is an asset purchase opportunity. Current assessed value: $2,000,000. FINANCIAL INFORMATION WILL BE PROVIDED UPON EXECUTION AND ACCEPTANCE OF A LETTER OF INTENT.
American Wharf occupies a 5.25-acre site consisting of 4.49 acres leased from the City of Norwich until 2086 and a 0.76-are parcel owned fee-simple. The current operation consists of three revenue-generating components- a destination marina, a waterfront restaurant, and an adjacent wedding/event venue.
The marina features floating concrete docks with 160 wet slips for boats up to 180 feet and a ValvTect branded fuel dock. The operation is enhanced by a 7,036 SF building housing bathrooms, a laundry room, the marina office, and an outdoor pool in the building’s courtyard. A separate 1,400 SF waterfront building last housed a popular seafood/bar called Americas on the Wharf prior to the Pandemic. In addition to indoor seating for 85+, there is a 2,000 SF patio for outside dining. Adjacent to the restaurant is a park-like grass and hardscaped area with a 140’ by 40‘ tent called the Promenade Tent capable of hosting events for up to 250 people. Parking is extensive with over 100 paved spaces. The combination of amenities and proximity to the casinos make the marina attractive to both local boaters and transients.
In addition, there is a development opportunity for either a hotel (up to 324 rooms) or residential condominiums (24 units), both had previously received approvals by the City but those permits have since expired.