One of the "hidden" costs or difficulties in appraising marinas is the lack of application of uniform accounting standards. It's not that it's not been proposed - the International Marina Institute did a great job in publishing "Uniform System of Accounts for Marinas & Boatyards". Yet I am hard pressed to recall even one.
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The Biggest Marina Valuation Fallacy
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Posted by John Simpson
Eileen and I have been extracting cap rates and operating expense ratios from sales for almost a decade and a half together. During that time, I've reviewed an untold number of marina appraisals and have spoken with dozens and dozens of lenders and appraisers about the same thing - the operating expense ratio. It's time.
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