Railroad Spur

[texmsl]

I am appraising a tract of land in Texas that has about 4 miles of rail utilized for the loading and shipment of aggregate materials. It's not really a terminal, but a little more than a basic spur.

What type of agreement typically exists between RR and land owners for such a facility?
Are there special rights involved?
Who owns the rail and/or covers expense of rail line?
Is the line considered FF&E?
Is the value simply the land plus improvements (rail)?
Ideas on getting comps for such a property and would a large geographical gap between subject and comps matter for such a property?

I read in an older thread that, in some cases, old spurs and sidings are treated as mere vacant land. However, since this is an operational facility, with other operational facilities nearby, it appears to have some type of value. I'm just not sure what the value is. Is it just in the rail as FF&E, or is there something more? Comps with rail would help, but I'm having a difficult time just getting vacant land sales in the area.

Also, from the main line, the rail passes through an adjoining property. Any thoughts on how this could affect the rail service to the subject property if the adjoining property owner removed the rail on his property?

Yeah, a lot of questions, I know.

Thanks for any and all help.

 

[Terrel L. Shields]

You need to do some more research. Check the public records and see if the RR owns it, or the landowner. Ask the landowner. They may be paying a lease to the RR for the tracks and own the land. It should be in the title opinion, a survey, or the assessors office may have a plat showing it.