Home drome for sale

I'm in!

I don't think it comes with hangar "ownership" - i think they have tenants (and therefore some revenue stream). I think you get to keep the main building. i also thought there was an A&P on the field?

Hangars here (IF you can find them) are 500 for a small T maybe 700 for a bigger one - 1000-1500 for a box. This Airport has a RNAV-B approach and all surfaces are in decent shape.

I Thought they had this one under contract at the 8.5 price. I wonder if it was a developer and they realized what the cost would be to tear it up, clean it up, and build stuff on it and said "naw".


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We only need $81.04 per member to get it! (plus taxes, titles, fees, tips, and a documentation surcharge)
 
kaiser said:
We only need $81.04 per member to get it!
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And if we sell it 10 years down the road for $10.5M, you'd triple your money to over $240!

I'm almost serious about this though - I think we have enough brain trust and $$$ in this group to pull something like this off. Buy the place, have an official POA HQ that possibly even makes some money. Anyone being part of this gets a cut, we elect key management from the group to run this (and we could term limit it if we want). I don't think anybody will get rich from it but certainly makes for a cool story.
 
Chrisgoesflying said:
And if we sell it 10 years down the road for $10.5M, you'd triple your money to over $240!

I'm almost serious about this though - I think we have enough brain trust and $$$ in this group to pull something like this off. Buy the place, have an official POA HQ that possibly even makes some money. Anyone being part of this gets a cut, we elect key management from the group to run this (and we could term limit it if we want). I don't think anybody will get rich from it but certainly makes for a cool story.
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35 of us, at 100k.... I've heard worse ideas. Bet they'd take 2.5....
 
Jim K said:
35 of us, at 100k.... I've heard worse ideas. Bet they'd take 2.5....
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A few years ago one of the tenants that has a Redbird, I think offered 2m. I thought he said she actually thought about it. I know 10C sold for around 1.9 in 2012.

Seriously, dad has always said he'd be in for a group buy in. Especially if he could own his leased end unit hangar.
 
kaiser said:
I'm in!

I don't think it comes with hangar "ownership" - i think they have tenants (and therefore some revenue stream). I think you get to keep the main building. i also thought there was an A&P on the field?

Hangars here (IF you can find them) are 500 for a small T maybe 700 for a bigger one - 1000-1500 for a box. This Airport has a RNAV-B approach and all surfaces are in decent shape.

I Thought they had this one under contract at the 8.5 price. I wonder if it was a developer and they realized what the cost would be to tear it up, clean it up, and build stuff on it and said "naw".


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We only need $81.04 per member to get it! (plus taxes, titles, fees, tips, and a documentation surcharge)
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Currently a hangar tenant. Well dad is, but both planes are in the hangar. I want to say the end unit t hangar he has is 750. There is an A&p on the field. But I don't know how much of a business it actually is. If you go back 15 years on an aerial view from Google earth when there was a flight school and full fledged maintenance shop tied to the school, there was 40-50 planes on the ramp. Flight school and maintenance shop retired, planes went away. Aerosport at 10c just took over the Rotax service center from WagAero and moved that to C59, always thought there's enough room in the main building for someone like that

It was under contract I believe at the 4m price. Tenants got a letter saying ownership had entered into an agreement with a real estate group from Florida. Reading between the lines I'd be willing to bet they had eyes on developing it into homes. Perhaps in their due diligence realized it's got wetland issues and wasn't worth the squeeze.

There is enough property to build more T's. I know folks from the gun club would like to keep it as an airport for a buffer.

At one time one of the municipalities was interested as well. The farm field off the approach end of 27 is also for sale. If I had the jack I'd extend the runway and look into making it an industrial park.
 
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C3flyer said:
If the hanar rent would service the debt. You only need 20-25% of the purchase price.
It's only money. Do it!
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So then you'd have to work for free? The numbers don't work on hangar rent alone. Not sure what you'd make off of fuel and rent from other businesses. But then you have maintenance costs and insurance and....and....
 
NealRomeoGolf said:
So then you'd have to work for free? The numbers don't work on hangar rent alone. Not sure what you'd make off of fuel and rent from other businesses. But then you have maintenance costs and insurance and....and....
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I'm not saying it's a good financial move. I'm just trying to enable.
 
Jim K said:
Dude, if I was 10 years older....

I can't imagine a better retirement gig than running a small airport and working on airplanes.
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Well, maybe if you could hire the local Hooters’ staff to become your line crew,....
 
NealRomeoGolf said:
So then you'd have to work for free? The numbers don't work on hangar rent alone. Not sure what you'd make off of fuel and rent from other businesses. But then you have maintenance costs and insurance and....and....
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shhh...

actually, I was wondering today what kind of income you could get if you leased the open space to solar.
 
NealRomeoGolf said:
So then you'd have to work for free? The numbers don't work on hangar rent alone. Not sure what you'd make off of fuel and rent from other businesses. But then you have maintenance costs and insurance and....and....
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Exactly. But say you run it like an airport community, not necessarily for business operations. If you had 38 people that bought the place. And with purchase price you get a t hangar. Owners of said t hangar could sublet if they're not local. Then you rent out the maintenance shop. And still have the rental income from community hangars and any fuel sales.

Any overhead or potential profit is split amongst the 38 owners.

I'm just spitballing to keep it convenient for me and the airport from turning into a development.
 
Jim K said:
actually, I was wondering today what kind of income you could get if you leased the open space to solar.
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From some conversations we’ve had, the income is pretty good, but generally speaking they’re going to want at least 1500 acres to make it worth their while. And it’ll take a few years at basically a “hold the land while we figure this out” rate after the leases are signed for them to even find out if they can get the permits and connections to build.
 
Jim K said:
shhh...

actually, I was wondering today what kind of income you could get if you leased the open space to solar.
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I actually think the easiest way to produce rental income is covered storage for rv's, campers, and toy haulers.
 
MauleSkinner said:
From some conversations we’ve had, the income is pretty good, but generally speaking they’re going to want at least 1500 acres to make it worth their while. And it’ll take a few years at basically a “hold the land while we figure this out” rate after the leases are signed for them to even find out if they can get the permits and connections to build.
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There's a company in this area that's buying lots of 20-30 acre parcels and dropping solar on them. They just got four new projects approved at the last county board meeting. They actually bought a 20 acre farm right next to one of mine, so I'm sure that'll be one soon. There's the 1000+ acre projects, too. Pretty gross seeing square miles of farm fields turn into solar panels.
 
Well, it took 3.5 years but dad got a call that the airport has been sold. New owner apparently wants to put money into it and potentially build new hangars after tearing down an old barn and house and paving the road into the airport. I'm pleasantly surprised.
 
Racerx said:
Well, it took 3.5 years but dad got a call that the airport has been sold. New owner apparently wants to put money into it and potentially build new hangars after tearing down an old barn and house and paving the road into the airport. I'm pleasantly surprised.
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That amazing! Glad to hear it. Just don't let 'em mow the runways :biggrin:
 
Jim K said:
That amazing! Glad to hear it. Just don't let 'em mow the runways :biggrin:
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Pretty sure that was in the contract! Say what you want, but I'm appreciatove of having learned at an airport like that.

Apparently the owner wanted to keep it an airport. That surprised me as they werent pilots themselves. Only bought it decades ago because he was an avid duck hunter. But once he passed his widow took over. She probably hamstrung herself by wanting to sell to someone who wanted to keep it in operation. I'm very appreciative and optimistic some new capital breathes life into it.
 
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Racerx said:
C81 is on the block. Anyone got a spare 8 million around to keep things convenient for me?

https://www.loopnet.com/Listing/22731-W-Townline-Rd-Grayslake-IL/24802171/
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Probably ought to get your neighbors together and pool money to buy it after heavy negotiation.

Ours was for sale for decades before some guy with more money than brains bought it and thought he could expand and improve it and make a bundle. Sounds good at first, but he wanted to expand using our (the residents) money not his, with us having no ownership, control, or say in what or how. It hasn’t been pleasant.

Last year he sent us all a bill at Christmas for a year of upkeep expenses on his property. Of course, he didn’t include any share in the profits he made from the property, which, of course we have no right to, but if we share the expenses, we should at least also share the profits. Sadly, some of our older neighbors sent him a check before we could let them know the bill was fraudulent.

Moral of the story, consider keeping control within a group you trust.
 
Jim K said:
shhh...

actually, I was wondering today what kind of income you could get if you leased the open space to solar.
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In this area one has to own the mineral rights before solar companies would be interested. Also close to a 3 phase power line.
 
Jim K said:
That amazing! Glad to hear it. Just don't let 'em mow the runways :biggrin:
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New owner apparently bought a 90k tractor to take care of mowing. They've started cleaning up some trees and brush. Apparently the guy needed a place to spend his money and I can't think of a better place.

They want to get the fuel situation taken care of. Do some paving (not sure if access road or runway/taxiway). And @eman1200 will like this... Potentially build a restaurant.

Couldn't be happier that things are looking up. I thought for sure this would be killed off
 
Racerx said:
New owner apparently bought a 90k tractor to take care of mowing. They've started cleaning up some trees and brush. Apparently the guy needed a place to spend his money and I can't think of a better place.

They want to get the fuel situation taken care of. Do some paving (not sure if access road or runway/taxiway). And @eman1200 will like this... Potentially build a restaurant.

Couldn't be happier that things are looking up. I thought for sure this would be killed off
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a restaurant?!? that's interesting, because I just had food. I like food.
 
Racerx said:
New owner apparently bought a 90k tractor to take care of mowing. They've started cleaning up some trees and brush. Apparently the guy needed a place to spend his money and I can't think of a better place.

They want to get the fuel situation taken care of. Do some paving (not sure if access road or runway/taxiway). And @eman1200 will like this... Potentially build a restaurant.

Couldn't be happier that things are looking up. I thought for sure this would be killed off
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Sounds like he wants to make a small fortune in aviation. :biggrin:
 
Maybe he got the Lambo tractor. Always a good choice when nothing else matters but the badge.
 
The way to make and end up with a small fortune in aviation is to start with a large fortune.
 
I'm gonna give the new owner a hug. He either really likes spending money. Or he's getting into aviation and I'm here for it. Had a military helicopter do a low pass and he emailed tenant's about the "visitor"

The latest email had this for an upcoming airport lighting project.... For reference, we currently have an inop TRI color vasi and very poor runway edge lights that are so far from the runway edge they're almost useless.
  • Installation of new energy-efficient LED runway edge lights
  • ✔️ Upgraded taxiway lighting systems
  • ✔️ Enhanced threshold and runway end lighting
  • ✔️ Improved brightness controls and electrical regulators
  • ✔️ Inspection and alignment of PAPI systems
I know the image is AI as there's a random road that doesn't exist. But still it's awesome to see that this will remain an airport. This is after an email stating were getting a new fuel pump system. @455 Bravo Uniform might be able to attest to the wonkiness of the current system.

IMG_3353.jpeg
 
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Anything is better than status quo, or worse, but wow, that’s awesome!
 
Racerx said:
I think he's got means to get his own hookers and blow.
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but for how long?

(don't get me wrong, I hope the new owner is successful)
 
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