Farm land in upstate New York, owned free-and-clear with no debt
The owner’s plan is to sell the land in 3-5 years and realize the appreciation. A governance vote will take place at this time to determine if investors would like to sell the land.
Per the Comparables sheet, the average Price/Acre of comparable land was in 2019 was $810/acre. The appraised Price/Acre of this land parcel in 2024 is $2,034/acre. This is a 30.2% annual appreciation rate over a 5 year period. The broker who provided the comparables sheet expects a similar rate of appreciation to continue. The owner advised that neighboring counties start at $3,000 – $3,300/acre and south in Pennsylvania the land starts at around $5,500/acre.
The owner has been a residential real estate investor since 2012 and started purchasing land in 2021. They own 5 other parcels in New Jersey and New York totaling 45 acres, and have another 100 acres pending under contract. Hyde Flats plans to list the additional land parcels on Lofty.
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