$79,000
Solomons, Maryland
Category
Pilothouse Boats
Length
108.0
Posted Over 1 Month
Seeking a buyer or business partner - YP685 has been sitting idle, waiting on me to get enough funds to finish her refit. A decommissioned United States Naval Academy "Yard Patrol" boat, YP685 was stripped of parts before my purchase, I've been collecting parts and working as I can to prepare the vessel to pass Coast Guard inspection. My original intention was to refit for ocean surveying, but... YP685 would make the perfect dinner cruise vessel for Naval Academy alumni and their families visiting the Annapolis area. The revenue possibilities are only limited by the time and financial commitments of the next owner: weekend cruises or weekday cruises, quality of the dining experience, duration of cruise, there are a number of factors that can influence the revenue with this business opportunity. The vessel was built with a commercial galley to serve daily meals to a complement of 24 midshipmen and 6 crew members. The dining room seats 18, and the main salon could seat another 12 depending on the table configurations. Burning 10 gallons per hour per engine at cruise speed (8 knots) results in a meager $60/hour operating expense for fuel at current prices. Hire a Captain, Mate, Steward, table attendants, chefs, and you're ready to schedule cruises once the Coast Guard assigns the Certificate of Inspection. The current conditions which I continue to address are: port engine is missing numerous parts required to operatestarboard engine is missing numerous parts required to operate port generator is missing numerous parts required to operate starboard generator is missing numerous parts required to operate fuel lines show some age and segments should be replaced engine controls are missing from the pilot house rudder controls are missing from the pilot house recommission the commercial fire alarm and suppression systems haul out for inspection and repair of running gear as required install hydraulic davit on foredeck for tender and anchor recovery all electronics have been removed, navigational equipment is required repair and recommission the plumbing systems My realistic estimate is that the boat can be made operational with $30k invested in the re-fitment, and another $30k will bring it to a level to receive the COI AND present well enough to get high reviews by dining guests. The end result of this investment is a news-worthy dinner cruise experience on a path toward sustainable and pristine, award-winning appearances along the eastern coast. The initial boat survey appraisal was $125k (at the time of my purchase), but I am simply looking to recover my investment, or locate serious investors with interest in such a business. I am seeking an exit strategy and debt payoff. One possible source for operational support would be creating a Foundation to preserve the heritage of the Yard Patrol boats of the Naval Academy. Starting a non-profit with this intention would certainly become a catalyst for exposure as well as financial support. The business model for a dinner cruise is ideally suited for an existing restaurant with available dockage where the owner is searching for a “hook” to bring in more patrons. By docking at the restaurant, YP685 will attract more patrons to come visit the boat. A modest cover charge would allow visitors passage across the gangway onto her decks where they can explore the feeling of being on and in a YP. Perhaps a limited number of tables can be set up in the main salon providing the consideration for many of the enjoyment of the dinner cruise experience. Reservations can be sold for dinner during a two-hour cruise in the vicinity of the Severn River, providing passengers with spectacular views of the local landmarks from the deck of an operational YP. Dinner would be served in two or three waves, with each deck being served at a specific time frame, allowing the crew to pace themselves to provide maximum service to the passengers with minimum fatigue. Two short cruises could be scheduled for Saturday afternoon, and three short cruises could be scheduled for Sunday. Private cruises could be scheduled ad hoc, allowing opportunities for exclusive charters. The boat is big enough to accommodate a live-aboard Master in the v-berth, and the rest of the vessel could be restored to duplicate the fitment as used in training, allowing Naval Academy alumni to show and explain to family members what the experience was like as a midshipman on their first mission cruise. Without the constraints of government contracts, certain aspects of the vessel can be improved, reducing or eliminating some of the unpleasantries while improving safety and comfort for passengers and crew: more effective mufflers and exhaust for the engines and generators, more efficient heating and cooling systems, more intelligent electronics and security/safety systems, deployment of the latest video cameras, proximity systems and engine controls, etc. The upgrade possibilities are limited only by funding and passion. This vessel has the potential to become a national landmark in the Chesapeake Bay area. Her Master would give numerous talks, and the vessel’s social media pages would get global attention. I suspect that the other yard patrol boats will quickly be targeted by interested investors, willing to either compete for the money and notoriety or preserve their own experience as midshipmen. Or perhaps the next owner of YP685 will grow the Foundation and fleet with additional vessels as they are decommissioned. It is possible that the Foundation may request sponsorship, receiving the decommissioned vessels for free from the Navy as a way of preserving the heritage of the Naval Academy. In the meantime, the host restaurant will continue to thrive.
