The Cove is currently operating as a marina only with 34 wet slips and one of the larger and shallower ramps on Lake Waco. At one time, the marina had well over 100 slips, a restaurant, a fuel dock, a 15 slip RV park, a 40x100 shop, and a yard.
According to the owner, the marina is allotted 250 slips (to be verified) and can have the fuel and restaurant.
RV Park
There is a small piece (approximately 20 Acres) of available flat land where an RV park could be developed. With all utilities being located inside the property, development costs should be relatively small to an equally sized park in the county. Furthermore, with the existing 4000 sqft concrete pad, lake views, and several areas for hiking trails, amenities should be relatively inexpensive to develop.
Short Term Rental Cabins
There are approximately 7 acres of wooded areas to the south of the marina where the old RV park was operated that would be an ideal spot to bring in cabins. With water and electricity already in place, running the sewer line to the lift station will keep development costs down. Short-term rentals in the area can rent for up to $600/night and Waco averages around 65% occupancy. Adjusting the price to a more conservative $275/night is sure to keep your cabins full and revenue up!
Amentities
The City of Waco announced in December that a trail would be built connecting the community of China Spring to downtown Waco. The entrance to The Cove will directly intersect its path giving developers a great opportunity to not only develop a vacation destination, but a strong asset to the community as well. Bringing back the floating restaurant complete with an outdoor stage would be a great to keep your guests entertained but also involve the community.
Currently, no boat rentals exist on the lake. Adding a few pontoons and pleasure boats will help to bring people to the park, but also give the new owners an opportunity to employ a boat-sharing program and further improve revenue.
Also, no ship store or fuel is offered on Lake Waco. Adding a store that sells convenience store items along with fuel will keep people on the lake longer which will increase your revenue in the store and in the restaurant.
Location! Location! Location!
The Cove is perfectly situated just a few miles northwest of Waco, TX, one of the hottest vacation spots in Texas. Waco is home to Magnolia, The National Mammoth Museum, Dr. Pepper Museum, Baylor, and Homestead Heritage. It is also the midway point between DFW, Austin, and College Station, giving it the perfect place for a staycation!
