Airport (76g) for sale.

Discussion in 'Hangar Talk' started by Capt. Geoffrey Thorpe, Mar 14, 2019.

  1. Capt. Geoffrey Thorpe

    Capt. Geoffrey Thorpe Touchdown! Greaser! PoA Supporter

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    Light and Sporty Guy
    Marine City Airport can be had for a lousy $2.2 million. What are youse guys waiting for?

    https://www.thetimesherald.com/stor...e-city-airport-market-2-2-million/3105467002/
    "According to sale materials with Kramer Commercial Realty, the airport includes mechanical and repair services; two 10,000-gallon tank fueling stations; a 12,500-square-foot heated primary hangar building with a plane storage area, repair shop, mezzanine storage area, office and separate upper-level apartment; and another 3,624-square-foot, four-bedroom and 2.5-bath home and a nine-stall horse barn.

    Realtor Korissa Wilkins said that also entails three hangar buildings and 32 tenants.

    Also, according to sale materials, the property comes with office furniture and equipment, as well as heavy equipment, including tractors, backhoe, mower, and hardware and aircraft parts inventory. Airplanes are not included in the purchase price."
     
  2. EdFred

    EdFred Touchdown! Greaser! PoA Supporter

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    What if PoA, LLC had another fundraiser. It could get into the airport owning business.

    2.2 isnt a bad price, could probably make a go at it for 1.75
     
  3. Zeldman

    Zeldman Touchdown! Greaser!

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    I was thinking 1.65 for a first offer, if I was interested. But then I would have to rent out the house and live in a horse stall.....
     
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  4. flhrci

    flhrci En-Route

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    For the greater good.....
     
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  5. Lowflynjack

    Lowflynjack Pattern Altitude

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    I've seen worse airports listed for a lot more than that! It would cost more than that just to put in a paved runway, much less build the hangars, house, offices, etc.
     
  6. wayne

    wayne Cleared for Takeoff

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    But you'd have to live in Michigan. :eek: Rural Michigan. :eek::eek::eek:

    ;)
     
  7. Zeldman

    Zeldman Touchdown! Greaser!

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    And that is the deal killer for me...
     
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  8. James331

    James331 Touchdown! Greaser!

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    Meh, anything’s a airport if your tires and flaps are big enough ;)
     
  9. frfly172

    frfly172 Touchdown! Greaser! PoA Supporter

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    I think it would be cool,to be a part owner. POA could sell shares.
     
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  10. NealRomeoGolf

    NealRomeoGolf Cleared for Takeoff

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  11. timwinters

    timwinters Touchdown! Greaser! PoA Supporter

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    Michigan...rural Michigan...is beautiful.
     
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  12. JOhnH

    JOhnH Touchdown! Greaser! PoA Supporter

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    I have seen that to be true.
    In July.
    How many months out of the year can you actually fly a regular GA airplane up there?
     
  13. EdFred

    EdFred Touchdown! Greaser! PoA Supporter

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    12. Not every day out of the 12 but even in winter there are a lot of flyable days.
     
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  14. NealRomeoGolf

    NealRomeoGolf Cleared for Takeoff

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    So what are the revenue streams this thing would have?

    $100k for hangar rent.
    $20k for fuel
    A cut from the flight school. Was the guy the CFI? Or did he just get a cut?
    $Xk from the maintenance operation

    Doesn't seem like much to keep it open and cover $2.2M of capital. Certainly fits the small fortune aviation joke. Am I missing other revenue streams here?
     
  15. Lowflynjack

    Lowflynjack Pattern Altitude

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    If this was in Texas, I’d be all over it. Of course it would cost 5 times as much here! I could walk away from my day job, run an airport, grow my photography business... wife says no way!! A guy can dream.
     
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  16. Lowflynjack

    Lowflynjack Pattern Altitude

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    You would pay that much for the land where I live. It also has a house you could live in or rent, an apartment you could rent out, stables you could rent out, etc. It made enough that he had a staff working for him.
     
  17. NealRomeoGolf

    NealRomeoGolf Cleared for Takeoff

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    It's in a lousy spot to attract much traffic, since it butts up against the Canadian border. Michigan pilots only, I would expect.
     
  18. Kenny Phillips

    Kenny Phillips Pattern Altitude

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    They call it "self-sufficient". Even if revenue-neutral it's interesting. And where the heck do you get a hangar for a hundred bucks?
     
  19. NealRomeoGolf

    NealRomeoGolf Cleared for Takeoff

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    32 tenants x $300 x 12 months = $115,200

    Was just guessing about the hangar rent. Might only be $200 a month. Mine in central IL is only $160 and there are way more people around than this place.
     
  20. JOhnH

    JOhnH Touchdown! Greaser! PoA Supporter

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    How much maintenance expense is there year round? Does the paved runway take much maintenance? How often?
    Who cuts the grass? How much are things like property tax and insurance?

    If Michigan was within my realm of possibility, I would be greatly intrigued. But if I took Leslie to Michigan, I couldn't afford the heating bills to keep that Florida Native comfortable 10 months a year.
     
  21. EdFred

    EdFred Touchdown! Greaser! PoA Supporter

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    100k in rent? Hahahaha. This aint the coast. Somewhere around half that. Those hangars are probably 150 or less. Well maybe 200 isnt so far off though either
     
    Last edited: Mar 14, 2019
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  22. SkyDog58

    SkyDog58 Touchdown! Greaser! PoA Supporter

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    These numbers from AirNav are not super encouraging.

    Whoever buys it needs a way to get those daily ops numbers up.

    There's also this:
    Adding an approach would make the airport more attractive to tenants.
     
  23. benyflyguy

    benyflyguy Pattern Altitude

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    Too many Chiefs. :D:D:D
     
  24. Zeldman

    Zeldman Touchdown! Greaser!

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    Grow hay during the summer.??

    Small rectangle bales are selling for 8 buck around here, so it must be selling for more up north.

    Or lease the available land to someone else to grow hay.
     
  25. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    Snow plow -required.
     
  26. Matthew Rogers

    Matthew Rogers Pre-takeoff checklist

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    Location wise it is pretty much right on the direct route from east coast(NYC) to OshKosh. What are the international over flight rules again? If you are going to overfly Lake Erie and Michigan it is the first stop before/after the border for fuel. Can you just cross the border without any issue if you are not landing in Canada?
     
  27. JOhnH

    JOhnH Touchdown! Greaser! PoA Supporter

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    Yes, but I THINK you may have to be under Flight Following (or IFR).
     
  28. EdFred

    EdFred Touchdown! Greaser! PoA Supporter

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    To overfly Canada you have to be on a VFR Flight Plan in radio and radar contact or IFR. I've overflown Ontario a bunch.