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.


Back to news


Spell Check

Mark GIddings, CPA
Fargo, ND
8/29/2017 06:43 AM

  The property with the scale may have been a real bargain if it was in a good location and was large enough for your farm operation. All farm operations should have a scale to improve financial reporting, track production and measure inputs. Have you made this business investment? My successful farm clients all have made these investments.


Related News

Corn College TV Education Series


Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!


Market Data provided by QTInfo.com
Brought to you by Beyer