The Marina at Lost Rabbit

Special Purpose for Sale
Catylist Listing ID: 29925657
Property Subtypes: Marina
Building Size (RSF): 184,694 SF
Gross Building Area: See Agent
Gross Land Area: 4.24 Acres
Sale Price: $315,000
Property Use Type: Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/17/2019

Overview / Comments

This property is situated on the western shore of the Ross Barnett Reservoir in The Town of Lost Rabbit, Madison County Mississippi. It includes 2 parcels of land totaling approximately 4.24 acres. Currently the marina includes 27 boat slips, of which 26 have been sold. There is space for six transient docking areas and 15 personal water craft. A future expansion of docks B, C, & D, totaling 100 additional slips is possible. With this expansion the total slips for sale or rent would increase to 101.
The Ross Barnett Reservoir is part of the Pearl River Valley Water District (“PRV”) which supplies water for Hinds, Madison, Rankin, Scott and Leake counties. Most property within one quarter mile of the shoreline is leasehold property managed by the PRV including the marina and The Town of Lost Rabbit. The PRV uses lease fees to provide the majority of the district’s funding. The marina property lease was part of a larger 109.5 acre parcel leased by Lost
Rabbit Development, LLC on February 17, 2004, with a 60 year term expiring February 9, 2064. The marina lease with the PRV was contracted on November 11, 2009. The lease expires February 9, 2064 (Based on the original lease).
The Town of Lost Rabbit is a Traditional Neighborhood Development (TND). Its original master plan was developed by Duany Plater-Zyberk & Company (DPZ) a well-known planning and urban design firm with over 300 inner city and greenfield projects. The town center area of the property adjacent to the Marina could be built out in commercial, retail, and/or mixed use.

Additional Details

Nearest MSA: Jackson
County: Madison
Taxing Authority: Madison County, Pearl River Valley Water Supply District
Tax ID/APN: 072A-12C-001/01.00
Zoning: SU1
Property Located Between: Natchez Trace Madison MS and The Barnett Reservoir
Largest Nearby Street: Republic Street
Feet of Frontage: 800
Highway Access: NA
Airports: Jackson International
Site Description: The Town of Lost Rabbit is a Traditional Neighborhood Development (TND). Its original master plan was developed by Duany Plater- Zyberk & Company (DPZ) a well known planning and urban design firm with over 300 inner city and greenfield projects. The town center area of the property adjacent the to the Marina could be built out in commercial, retail, and/or mixed use.
Area Description: Lost Rabbit is located in the Pearl River Valley Water District (PRV). It is a state agency that manages the 33,000 acre Barnett Reservoir and approximately 17,000 acres that surrounds the lake. Additionally, the PRV supplies water to the city of Jackson and approximately 6,000 district leaseholders. All funding for the PRV is provided through leasehold, water, and other fees collected in association with the use of the Barnett Reservoir. The Barnett Reservoir is a major recreational area in the state of Mississippi. The PRV manages 48 recreational facilities with an estimated 2.5 million visitors per year. These facilities include 5 campgrounds, 16 parks, 22 boat launches, 3 handicapped-accessible trails, 2 multipurpose trails and a mountain bike trail. Each campground has an on-site Reservoir Police manager. In conjunction with private and public sectors, the PRV has developed 5 marinas, 4 baseball/soccer complexes and 2 golf courses. The Barnett Reservoir has 66 subdivisions and over 5800 homes to date. They are maintained by comprehensive subdivision regulations, architectural review guidelines, active homeowners associations and protective covenants. Over one thousand waterfront properties enjoy easy water access provided by 22 public boat launches and 5 marinas. Many of the shopping areas and neighborhoods surrounding the Barnett Reservoir, are connected by 18 miles of paved trails for walking, jogging, bicycling, and sightseeing.
Zoning Description: SU1 - Marina special Use
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress, Utilities
Easements Description: Request easement books
Land Ownership: Lease hold
Legal Description: Parcel #'s 072A-12C-001/01.00 & 072A-12C-002/01.00

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 15,286 52,089
Median Age: 40.73 37.28
Households: 5,517 21,921
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