Underground Storage Tank (UST) Removal

[allansappraisal]

Just curious if anyone out here knows how much it would cost to remove underground storage tanks (USTs). To the best of my knowledge, they are NOT leaking and there are no additional issues with them, other than just needing a cost of removal.

The subject property being appraised has two, 10,000-gallon tanks; and HBU is for vacant, for a different use than what is currently being used as (MFR>IND). Location is North-Chicago Suburbs.

 

[Terrel L. Shields]

The last ones I knew costs for were around $50,000 which coincidentally was what the government chipped in on an environmental program. But those were thought to leak (turned out not to be the case) under the LUST Trust Fund. Each gallon of gas sold in the US includes a tenth of a penny for the Leaking Underground Storage Tank Trust Fund program. There were 4 large tanks and a smaller diesel tank in this C store. After remediation the site test positive again. Bankrupted the owner only to find out the leak was from a city truck yard about 1/4 mile away upslope. Too late for the owner....and you cannot sue the EPA for such losses.

 

[Overimprovement]

Has any environmental diligence been performed? Even if not a full phase one, then a GRS should be done--these can ordered online now for under $100, but you probably know that. IF there have been any incidents, the cost may go up because of the potential to need phase 2 testing done, depending on severity, location, etc. The site could be part of a remediation protocol even now, perhaps without the current owner's knowledge or at least admission. Some commercial deals, even with bank financing, close without proper ENV diligence, which harms both the lender and the owner.

Don't want to pull one of them out without full EPA and state blessings...

 

[jay trotta]

A long while back was given a range of; $50-$250,000 depending on where they were required to be shipped.
State DEP and Municipal Fire Marshall will need to be involved; if there is any cause to remove soil, that becomes a whole new ball game.

Environmental Testing is most often required (1st), but you can also check with the Fire Marshal for their records.
Good Luck

 

[glenn walker]

Once again - State Specific- I have a personal friend,who has a Exxon-Mobile Station in Los Angeles California , estimate for removal and EPA signing off -On 4-tanks in the range of $300,000 plus dollars - So the poster needs to contact local agencies -Maybe 75% less in Arkansas ?

 

[Restrain]

It has been a while but did a gas station that had been converted to a pizza joint. Ran sales of other abandoned stations and in the deeds there was often a clause stating that there was a $100,000 consideration to the removal and remediation of the tanks. See if you can find the sales of other stations and see if such clauses are cited.

 

[allansappraisal]

Thank you. However, most of these replies concern remediation and/or leaking tanks. The ones in question are just fine, as originally posted.

 

[Terrel L. Shields]

Thank you. However, most of these replies concern remediation and/or leaking tanks. The ones in question are just fine, as originally posted.

So why would you remove them? My estimate based on what the then owner said is the cost to remove the tanks, not replace them. He spent $250,000 to replace them only to be told they still leaked, which wasn't true. The fund only reimbursed the cost to remove. The contractor had to have special permits to remove.

 

[Walter Kirk]

Removal costs are site specific. Although the tanks are in good condition your local or state government may have regulations which require expensive testing etc. If the tanks are empty and in good condition leave them in place or fill them with sand