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600 Quitman St - Rice and Grain Storage Facility - N. MS. 6.5 Acres of Commercial Land Offered at $1,330,000 in Sledge, MS 38670
INVESTMENT HIGHLIGHTS
- 7.5% cap rate - 12 grain bins with room for expansion - 300,000 to 330,000 bushels at current maximum capacity
EXECUTIVE SUMMARY
The entire property has been improved recently, and the only original parts remaining are the shells of the grain bins and the surrounding chain-link fence. All of the wiring and electric system has been overhauled with new panels, new breakers, and underground electricity. There are all new grain pumps, augers, floors, and stands --- 22 ½ degree pipe for unloading – multiple new doors – and almost all fans have been replaced or overhauled. The bins have 100% full for the current year and will hold 300,000 to 330,000 bushels at maximum capacity. All bins are rented for the next two years with space for additional bins and income.
Annual Taxes - $3,502
NOTE: Per our understanding from legal and accounting advisors, purchase before the year's end to take advantage of a huge depreciation tax write-off. (Please independently verify all tax information prior to purchase.)
FINANCIAL SUMMARY (ACTUAL - 2022) |
ANNUAL | ANNUAL PER AC |
|---|---|---|
| Gross Rental Income |
$113,000
|
$17,384.62
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$113,000
|
$17,384.62
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (ACTUAL - 2022)
| Gross Rental Income | |
|---|---|
| Annual | $113,000 |
| Annual Per AC | $17,384.62 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Effective Gross Income | |
|---|---|
| Annual | $113,000 |
| Annual Per AC | $17,384.62 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per AC | - |
PROPERTY FACTS
| Price | $1,330,000 | Property Subtype | Commercial |
| Sale Type | Investment | Proposed Use | Agribusiness |
| No. Lots | 1 | Total Lot Size | 6.50 AC |
| Property Type | Land | Parcel Number | 170350000000011 |
| Zoning | C-2 - Commercial | ||
| Price | $1,330,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Agribusiness |
| Total Lot Size | 6.50 AC |
| Zoning | C-2 - Commercial |
| Parcel Number | 170350000000011 |
1 LOT AVAILABLE
Lot
| Price | $1,330,000 | Lot Size | 6.50 AC |
| Price Per AC | $204,615.38 |
| Price | $1,330,000 |
| Price Per AC | $204,615.38 |
| Lot Size | 6.50 AC |
Located 25 miles east of the Mississippi River, this newly-updated facility is especially convenient for transport to the river on Highway 315. It has 12 grain bins with room for additional storage. Current max capacity is over 300,000 bushels.
DESCRIPTION
Located 25 miles east of the Mississippi River, this newly-updated facility is especially convenient for transport to the river on Highway 315. The facility has been extensively reworked with two drive-over systems with 10” grain pumps for a total of 5,600/bushels per hour. The prior inefficient spider-style system was removed, and the new system has over three times the unloading speed of the previous one. The entire property has been improved recently, and the only original parts remaining are the shells of the grain bins and the surrounding chain-link fence. All of the wiring and electric system has been overhauled with new panels, new breakers, and underground electricity. There are all new grain pumps, augers, floors, and stands --- 22 ½ degree pipe for unloading – multiple new doors – and almost all fans have been replaced or overhauled. The bins have 100% full for the current year and will hold 300,000 to 330,000 bushels at maximum capacity. All bins are rented, and total revenue is $113K per year gross, with space for additional bins and income. The seller is considering moving to a single tenant triple net lease in 2024. Annual Taxes - $3,502 NOTE: Per our understanding from legal and accounting advisors, purchase before the year's end to take advantage of a huge depreciation tax write-off. (Please independently verify all tax information prior to purchase.)
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600 Quitman St - Rice and Grain Storage Facility - N. MS.
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