Root Vegetable Houseboats
I purchased & renovated/built houseboats that I now rent out short term (Airbnb and VRBO) and long term on Lake Union in central Seattle. All 5 boats are located in the same marina for management convenience.
Strengths, competitive position, financial performance:
- Houseboats are a unique experience for visitors and staycationers; they rent themselves and get lots of 3rd-party marketing
- Includes established property manager, cleaning crew, and maintenance person that would be happy to stay on for same day transfer
- Current reservations via Airbnb and VRBO able to be passed along
- Buy as 1st or 2nd home and rent out on weekends to cover moorage and financing
- Rents upwards of $285 per night during Summer season (plus cleaning fee and taxes)
- Each has a Floating on Water Residence (FOWR) permit to be in Seattle - no new houseboats allowed in Seattle.
- Great equity potential: Ginger & Jicama especially. Ginger has 55'x15' hull with lots of room to expand existing sq footage. $1M+ value all said and done. Jicama needs a new hull - add 120 sq foot on top of house and do renovation for built in equity.
- Great established cash-flow - pick one up before the high season to recoup some $$.
- $300K in gross revenue in 2017.
Offering price and terms:
- Moorage: transferable upon marina owners approval; fees to be renegotiated with owner
- Contents of sale: all furnishings and items (minus a few personal items)
- Terms: current financing may be assumable so please inquire; seller financing with attractive terms; would agree to lower purchase price if able to transfer boat at end of business season (Sept or so).
- Selling time-frame: upon best offer. No rush. Business high season is April-Oct so happy to make $$ during the main rental season.
- Insurance: will refer my current commercial policy as short-term rentals on a houseboat.
- Prices (all good and reasonable offers will be considered for individual boats and the lot)
Turnip - $255K (Price reduced!)
Carrot - $134K (Price reduced!)
Ginger - $475K
Jicama - $350K
- Documented as Personal Property. Seller pays excise tax. Buyer pays Annual Personal Property tax
Approximately 1% of replacement cost. https://www.seattle-houseboat.com/fowr/
- Monthly expenses:
Slip Fee: $1,050
Blackwater pump out: $80
Total Expense: $2,135
- Moorage fee: Rutabaga, Turnip, Jicama, Carrot = $1050; Ginger = $1500
- Will pay standard brokers commission.
- All good and reasonable offers will be considered.
- Current financing may be assumable.
- Contact to schedule showing.
Thanks for looking,