What's That Old Elevator on the Outskirts of Town Worth?

August 8, 2017 02:15 PM
 
Tracy Elevator

This week's featured land sale is a bit of a departure for LandOwner Newsletter. Normally we examine a recent land sale and explore amenities like the inclusion of hunting, recreation or timber land.

This week, a Tracy, Iowa sale has caught our eye. Tracy is located 15 miles east of Knoxville, Iowa and in late July hosted an auction to sell a retired grain elevator. The sale was facilitated by Dale Bolton, Sullivan Auctioneers, Hamilton, Ill.

 

The elevator was sold in two tracts, roughly two miles apart and boasted a total grain storage capacity of roughly 730,000 bushels.

The first tract covered 2 acres and included two 40'x120' quonset huts, overhead load out facility, 10'x60' scale and a 30'x'40 office building. The tract also included roughly 340,000 bushels of grain storage space in 13 bins. Real estate taxes total $1,880.

Auction in Tracy, IA

The second tract covered just under 2 acres and included 394,400 bushels of grain storage in 36 bins, but no other facilities. Real estate taxes total $1,522.

The first tract, with outbuildings and a scale, did not sell. The second tract, which included only grain storage bins, sold for $85,000. That tallies 21.5 cents per bushel of capacity.

Interesting to note that the tract with more bells and whistles did not find a buyer. As the farm economy continues to languish, farmers will likely continue to look for creative ways to use purchasing power to support the bottom line. 

Contact information for Bolton: 217-847-2160, dale@sullivanauctioneers.com

 

More land news and sales are included in every issue of LandOwner Newsletter. Try it free here.

 

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