Valuation of Marinas Book

The Valuation of Marinas book is the only Appraisal Institute publication showing how to value marinas.


The only book published by the Appraisal Institute on the valuing of marinas; in-depth coverage of marina components, what makes them different from other property types, applications of all three traditional approaches to value, and a case study.

Description from the Appraisal Institute website:  “Valuation of Marinas” provides background information, definitions, a brief investment history and a description of all the factors that affect a marina.  Readers learn about the site differences, building differences and business elements that distinguish them from other types of properties.  The author explains highest and best use, the three traditional approaches to value, and special valuation issues that relate to marinas.  For more information, ordering and a further description of the “Valuation of Marinas” book, click Valuation of Marinas at”

Chapters and Outline

  1. An Introduction to Marinas
    1. Types of marinas
    2. What makes marinas unique
    3. Ownership and investment potential of marinas
    4. Factors affecting marinas
  2. Site and Building Description and Business Elements
    1. Site description (location factors, riparian rights, protection from storms, waves, wind and ice damage, utilities, on-site services, water quality, water frontage, water depth, land area, breakwaters, flood zone, wetlands and marshes, bulkheads, piers, walkways, slips, docks, retaining walls, slip length and turning radius, dredging, deepwater slips, parking, and dry rack storage)
    2. Building description
    3. Business elements
  3. Highest and Best Use
    1. Highest and best use and the four tests
    2. Factors to consider in determining highest and best use
    3. Determining the market position of a marina
  4. Valuation Process
    1. Data sources
    2. Cost approach (advantages and disadvantages)
    3. Sales comparison approach
    4. Income capitalization approach (sources of income, expenses, operating expense ratio analysis, other ratios and indicators, income capitalization techniques, and selection of overall rate or discount rate)
  5. Special Valuation Issues
    1. Business elements
    2. Boat handling equipment
    3. Ownership interests (dockominiums, cooperative, club membership, and long-term lease)
    4. Lake marinas
  6. Case Study – a 35 page case study based on an actual appraisal emphasizing the application of the cost, sales comparison, and income capitalization approaches).  If you’ve never read a marina valuation, and especially if you’ve never read a commercial appraisal, you need to read this real-world appraisal.

Book Review

We all like to try before we buy, right?  Here’s a review of the Valuation of Marinas book .