Private Airstrip

[edward sekerak]

I am looking at a 100 acre + rural property with a 2,200 ft sod landing strip. The airstrip is no longer FAA certified, however the strip is mowed and maintained. No electronics lighting, or guidance systems are in place. A 60' x 80' pole frame hanger is located on the property. My question is, would you consider any additional value for the airstrip or just consider it a very long, mowed hayfield with a 60' x 80' pole barn? I have found no other private airstrip comps in subject's market area. Other private airstrips exist in the area, as do public airports within 25-40 miles.

 

[Michigan CG]

I had one last month that I appraised. It was licensed by the state of Michigan almost identical to the one you describe. Highest and Best Use was to plant corn.

 

[edward sekerak]

@ over $7.00 a bu. I tend to agree. Thanks.

 

[stefan olafson]

Most likely present use is mowed pasture, don't know H & B Use but probably not as an airstrip.

 

[Mark K]

Highest and best use is probably hayfield or cornfield.

Special Use Value to that one buyer in 10,000 that owns a private plane and wants their own private airstrip....priceless.

 

[Terrel L. Shields]

Value in use...you might think in terms of renting it to a private plane owner and using typical area hangar fees as a proxy for the rents...

 

[The Warrior Monk]

The first thing I would do is determine if it could be used as an airstrip at this point, and/or what are the costs to associated with getting it up to standards. The second thing is HBU. In some areas they can have significant contributory values (like where I work), and in other areas, like others have said, growing corn might be the best bet.

 

[JRS at OBX]

I'd pay a premium for property with an airstrip!

If I had any money.....