Experience

Bogan's Basin & Brielle Tackle and Bait Shop

The subject property consists of a marina operated as Bogan’s Deep Sea Fishing Center. The property consists of five large boat slips that accommodate three 95’ to 120’ charter boats and two replicas of Mississippi paddle boats. Also on the site is Brielle Tackle & Bait Shop, along with multiple smaller ancillary buildings, including a small office building, one car detached garage, three storage buildings, multiple small sheds, a ticket booth and a small booth for bait and tackle. The property is occupied by multiple entities that operate each of the five charter and party boats, as well as the retail tackle store. The subject represents a unique special-purpose property. It is even unique relative to any other available marinas. There are no sale transactions of comparable properties; nor was there any available lease data that was relevant. However, as an operating business-oriented, special purpose property where real estate, personal property together with intangible business assets have been combined in pursuit of an economic activity, the most reliable valuation technique available is an analysis of the total going concern, followed by an economic allocation of the real estate component of the overall value for lending purposes, with the use of the Excess Earnings Method.