Marina Valuation: How Much Is My Marina Worth?

Most marinas are valued with the income approach: net operating income (NOI) divided by a capitalization rate of 6%-10%, so a marina producing $300,000 of NOI at an 8% cap rate is worth about $3.75 million (industry benchmark: DealStream, 2026). Rick Roughen, Commercial Maritime Broker (MBA) with National Marina Sales, brings 30+ years in the marine industry and performs an on-site valuation of your marina or shipyard at no cost, analyzing operations, equipment, cash flow, and the underlying real estate.

The 3 Standard Methods Used to Value a Marina

Marina appraisers and brokers use three standard valuation methods: the income capitalization approach, comparable sales, and replacement cost (industry benchmarks: Marina Dock Age; DealStream, 2026). The income approach – applying a cap rate to NOI or EBITDA – is the primary method for operating marinas because buyers purchase the cash flow, not just the property. Comparable sales validate the income result against recent marina transactions in the region. Replacement cost – what it would take to rebuild docks, bulkheads, and upland facilities today – sets a floor for asset-heavy or underperforming properties. A credible marina valuation reconciles all three methods, then adjusts for factors such as dockage mix, deferred maintenance, permits and riparian rights, and the quality of the revenue.

Marina Cap Rates and the Valuation Formula

The core marina valuation formula is: Value = NOI ÷ Cap Rate. Marinas typically trade at a 6%-10% capitalization rate, and premium coastal assets can compress to roughly 5%-8% (industry benchmarks: DealStream; SeaportRE, 2026). Example: a marina with $300,000 in net operating income at an 8% cap rate is valued at $3,750,000 ($300,000 ÷ 0.08). The cap rate a buyer applies depends on location, lease vs. fee-simple ownership, income stability, and condition of the docks. Buyers often argue for a higher cap rate or a lower EBITDA multiple to move price in their favor – frequently without sound justification – which is why documented, sustained profitability and experienced representation matter at the deal table.

Marina Valuation Multiples: EBITDA, Per-Slip, and Revenue

Beyond cap rates, buyers benchmark marinas with three quick multiples (industry benchmarks: CT Acquisitions; DealStream, 2026):

• EBITDA multiple: rule-of-thumb marina multiples run about 3x-6x EBITDA; large, well-run, or consolidator-acquired marinas trade higher, up to 8x-14x.
• Per-slip value: typically $5,000-$15,000 per slip, with covered and premium slips at the higher end – a 200-slip marina lands at roughly $1M-$3M on this basis.
• Gross-revenue multiple: roughly 0.5x-1.0x of gross annual revenue, depending on size, location, and margins.

Multiples are a screening tool, not an appraisal. Two 200-slip marinas can differ in value by millions based on occupancy, rate structure, and revenue quality.

What Drives Marina Value: Slip Rates, Occupancy, and Revenue Mix

Slip income quality is the single biggest value driver. Industry slip-rental benchmarks (revenue per linear foot, RevPLF): premium coastal markets (Florida, California, New England) achieve $300-$700/ft/yr at 90-95% occupancy; mid-market regional marinas $150-$300/ft/yr at 75-85%; inland lake marinas $80-$150/ft/yr at 70-85%, often seasonal (industry benchmark: CT Acquisitions, 2026). Revenue diversification also lifts value: fuel, service and repair, winter storage, and retail can contribute up to 30% of revenue, and storage plus commercial-tenant lease income are capitalized at lower cap rates – meaning higher value – because that income is more stable (industry benchmarks: DealStream; Marina Dock Age).

How Deferred Maintenance Affects Your Marina’s Value

A marina’s condition directly changes what buyers will pay. Visible deferred maintenance – cracking or deflecting Travelift finger piers, sun-dried and drooping dock power cords, wobbling pilings, or seawall panels caving from prop-wash – gives buyers leverage to demand large credits against the purchase price. Fixing necessary, safety-related, and operation-critical items before listing removes that leverage. The caution runs both ways: over-improving rarely pays back, since money spent on non-essential upgrades is typically not reimbursed in the final deal price. A sustained three-year history of profitability, paired with a well-maintained facility, is what protects value at the negotiating table.

About the Broker

Rick Roughen is a Commercial Maritime Broker (MBA) with 30+ years of direct marine-industry experience – as a Shipyard Operator, as a Financial Officer, and as a Boat Dealership Owner responsible for high-level financial reporting for large marine facilities. National Marina Sales operates as a REALTOR® team with Keller Williams Realty Services (Boca Raton, FL) and works in association with JDS Real Estate Services, Inc., representing marina, boatyard, and shipyard transactions nationwide. With marinas and boatyards in a strong seller’s market, timing and presentation both matter when taking a facility to market.

Marinas Sold Through National Marina Sales

• Shields Marina – Florida. Full-service marina with direct open access to the Gulf of Mexico; covered and open wet slips to 65′ and covered rack storage. View
• Rivertowne Marina & Tuckers Landing – Cincinnati, OH. Largest dry-storage marina in Cincinnati plus an 83-space RV park on the Ohio River. View
• Marina Del Sur & Dam Site Marina – Elephant Butte, NM. Two full-service floating marinas on Elephant Butte Lake, 225+ slips, fuel, ship’s store, and boat rentals. View

Marina Valuation Benchmarks at a Glance (2026)

Sources: DealStream; SeaportRE; CT Acquisitions; Marina Dock Age, 2026

Free Marina Valuation

An on-site valuation of your marina or shipyard – operations, cash flow, equipment, and real estate – at no cost, no obligation.

Marina Valuation FAQ

How much is my marina worth?

A marina is worth its net operating income divided by a market cap rate of 6%-10% (industry benchmark: DealStream, 2026), so a marina with $300,000 NOI at an 8% cap rate is worth about $3.75 million. An exact figure requires an on-site analysis of income quality, occupancy, and the real estate.

What cap rate do marinas sell at?

Marinas typically sell at 6%-10% capitalization rates, with premium coastal properties compressing to roughly 5%-8% (DealStream; SeaportRE, 2026). Lower cap rates mean higher values and reward stable, well-documented income.

How do you calculate the value of a marina?

Divide net operating income by the cap rate: Value = NOI ÷ Cap Rate. Cross-check the result against comparable marina sales, replacement cost, EBITDA multiples (4x-8x, higher for large deals), and per-slip values ($5,000-$15,000 per slip).

What is a marina worth per slip?

Marinas typically carry $5,000-$15,000 of value per slip, with covered and premium slips at the top of the range (DealStream, 2026). A 200-slip marina lands at roughly $1M-$3M on a per-slip basis, before adjusting for revenue quality.

How can I increase my marina’s value before selling?

Increase and document recurring net operating income, raise slip rates toward market RevPLF benchmarks, lift occupancy, and grow stable income lines such as storage and commercial leases, which buyers capitalize at lower cap rates. Fix safety-related and operation-critical deferred maintenance before listing, but avoid over-improving – non-essential upgrades are rarely reimbursed in the final price.

Does deferred maintenance lower a marina’s value?

Yes. Visible deferred maintenance – cracked Travelift piers, failing dock power cords, wobbling pilings, or caving seawall panels – gives buyers leverage to negotiate large credits against the purchase price. Repairing necessary and safety-related items before listing protects value.

Does a marina valuation cost anything?

No. Rick Roughen meets with you, observes and analyzes your marina or shipyard on site, and delivers the valuation at no cost to you.

Contact Rick for More Info

Rick is a uniquely qualified Commercial Maritime Broker. He brings genuine knowledge and experience earned from decades of direct involvement in the Marine Industry. As a Shipyard Operator, as a Financial Officer, and as a Boat Dealership Owner who has been responsible for high-level financial reporting for some of the largest and most robust marine facilities in the world, Rick brings exceptional knowledge and understanding to his clientele. His team will be proud to serve your interests with urgency and professionalism.