Investment Overview

Marcus & Millichap is honored to serve as the exclusive broker and advisor for the marketing of Wave Pointe Marina & Resort, located near Sturgeon Bay in the heart of Door County, Wisconsin. Built in 2000, this premier waterfront destination features 24 all-suite units and a 124-slip marina, offering a rare opportunity to acquire a resort on pristine Door County shoreline in a high ADR market. Currently owned by an out-of-state institutional entity, the property presents significant upside potential for a hands-on or local investor. Simple operational improvements, such as implementing an online reservation system, could increase bookings, boost occupancy, and drive food and beverage revenue. Attractively priced well below replacement cost, the property also offers flexibility for creative uses, such as converting the units into a condo-style structure, as each unit has its own parcel ID. Advertising extended-stay availability could further diversify revenue streams beyond the summer season. With many suite-style units featuring full kitchens, the property is uniquely positioned to tap into the underserved extended-stay market in Door County, a competitive advantage yet to be fully realized. Wave Pointe offers an impressive array of amenities highly sought after by vacationers in the area, capturing revenue through multiple channels. The 124-slip marina, consistently reserved with a waitlist, provides full-service amenities, including fuel and power slips, along with access to the resort's on-site restaurant, retail shop and pool. Capital expenditures in the marina include over $100,000 investment in 2023 on dock improvements which expanded some slips to accommodate boats over 55ft in length. The sale is inclusive of all on-site property. Sixteen parcels are included in the acquisition and they encompass all 24 units, the marina and the restaurant and bar. Additionally, the current owner controls four more parcels nearby totaling an approximate 36 acres of undeveloped land and would be willing to include all or some of these parcels at an additional cost. The spacious one- and two-bedroom suites at Wave Pointe are family-style accommodations designed for comfort, featuring double whirlpool tubs, fireplaces, fully equipped kitchens, and private balconies with stunning water views. Resort amenities include a renovated indoor hot tub and sauna, a heated outdoor pool, guest laundry facilities, grilling stations, and a boater’s lounge. The onsite restaurant and bar generate additional revenue with live music, special events, and food and drink specials, while winter activities like ice fishing and snowmobiling attract year-round visitors. Little Sturgeon Bay, at the heart of Door County, offers a unique blend of natural beauty, history, and vibrant culture. Its picturesque waterfront is a hub for boating, fishing, and water sports, complemented by landmarks like the Sturgeon Bay Ship Canal Lighthouse, the Door County Maritime Museum, and a lively downtown with shops, galleries, and local eateries. Nearby parks and seasonal events add to the area's appeal. This acquisition offers investors an unparalleled opportunity to own a premier property in one of the Midwest's most sought-after vacation destinations, with strong ROI potential through hands-on management and strategic operational enhancements.