Originally published: 29/06/2026 08:09
Publication number: ELQ-67077-1

Marina & Boat Storage Acquisition & Underwriting Financial Model (Excel + Google Sheets)

Single-marina acquisition model: slip revenue priced per linear foot through a 12-month season, fuel at NET margin with a lender haircut, DSCR, yield-on-cost.

by ProformaWorks
Investor-ready financial models for real businesses

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financial model pro forma acquisition real estate dscr cap rate cash flow marina

Description
Buying a single marina or boat-storage facility and need to know whether the deal covers its debt through the winter? Most marina templates take one annual occupancy and one flat slip price and multiply, and count the fuel dock at gross - hiding the two facts that decide a marina deal: a slip is priced by the foot, and a busy fuel dock pushes huge gross dollars at a thin spread.

This model builds slip revenue bottom-up from four wet-slip length bands priced per linear foot per month, plus a dry-stack rack line, each run through its own 12-month occupancy curve, so the summer peak and the winter trough are both visible. Fuel, service and the ship-store are booked at NET margin only (never gross), shown at full value to the P&L and at the lender haircut to the DSCR, because counting fuel at gross can inflate the DSCR by 30-40%. An explicit dredging/seawall reserve sits above the per-slip reserve.

Then it underwrites the purchase like an acquisition: price from in-place NOI and the going-in cap, the capital stack sized on the lesser of LTV and DSCR on the haircut NOI, the unlevered yield-on-cost, the off-season cash gap, payback and a 5-year exit. A default 230 wet-slip + 120 dry-rack marina settles at $1,569,988 of slip revenue, a blended 75.1% occupancy, in-place NOI $919,072 rising to $1,148,714 by Year 5, a $10,211,914 price at a 9.0% cap, DSCR 1.32x stabilized and a 1.95x equity multiple.

Slip-Mix per Linear-Foot x Seasonality Revenue Engine - four length bands, each through a 12-month curve.
Fuel-at-Margin ancillary - NET not gross, lender-haircut to the DSCR.
Explicit dredging/seawall reserve above the per-slip reserve.
SBA 7(a) / Conventional + Northern / Sunbelt toggles, loan sized on the lesser of LTV and DSCR.
10-sheet Excel workbook, Google Sheets compatible - no macros or add-ins.

Every formula is machine-verified by three independent engines including Excel itself. Honest by design: the headline is the stabilized yield-on-cost, the DSCR, the going-in cap and the equity multiple, not a cash-on-cash flattered by leverage; fuel is at net not gross; the dredging reserve and the off-season winter deficit are shown, not hidden. Educational planning tool - not financial, legal, tax or investment advice.

This Best Practice includes
10-sheet Excel workbook (Google Sheets compatible), 20-page PDF user guide, START HERE sheet, Slip-Mix & Rate Engine sheet, Ancillary (Fuel-at-Margin) sheet, SBA 7(a)/Conventional + Northern/Sunbelt preset matrices, Benchmarks & Dashboard.

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Further information

Objectives

Underwrite the purchase of a single marina or boat-storage facility and present lender-ready numbers - DSCR, yield-on-cost, off-season cash gap and a 5-year exit.

Use it if

You are buying or evaluating a single marina / boat-storage facility and need a defensible acquisition pro forma with real seasonality and a fuel margin.

Don't use it if

You need a multi-marina portfolio roll-up, or audited accounting, tax or investment advice.

Marina & Boat Storage Acquisition & Underwriting Financial Model (Excel + Google Sheets)

Further information

Objectives

Use it if

Don't use it if

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