Investment Opportunity Hunt-Ray Farm A Large Tract On Maryland s Eastern Shore 6 Farms Totaling 1, Acres Property Summary:

Transcription

1 Hunt-Ray Farm A Large Tract On Maryland s Eastern Shore 6 Farms Totaling 1, Acres Ruthsburg Rd & Damsontown Rd - Centreville, Maryland Property Summary: Hunt-Ray Farm is comprised of 6 farms totaling 1, acres and is zoned AG (Agriculture; working farm). The farm is located outside of Centreville, MD near US Route 301, between Philadelphia and Washington and is approximately 30 miles East of Annapolis and Wilmington. As an active grain operation, the land is improved by 9 irrigation systems for maximum crop production, a 500,000 bushel grain drying and storage facility, a propane storage facility, a farmhouse and tenant trailer, an 8 acre irrigation pond and workshop and tractor sheds. There are 1,100 irrigated acres at Hunt-Ray Farm that produce approximately 175,000 bushels of corn and soybeans each year. The farms operator sells its crop to various Poultry producers including Perdue Farms. Ownership currently holds water permits with the state of Maryland for withdrawal from the Tuckahoe River. Per a contract with USDA from , acres are in the CRP program (Conservation Resource Program) at $ per acre for a total of $44,005 of rent. The Uplands parcel of the farm contains a 85.5 acre, 47 lot subdivision which has enormous potential for the long term investor, agricultural operator or family compound developer. Centreville is the county seat of Queen Anne's County, which leads the state in production of corn, wheat and soybeans. Centreville s location is ideally suited with easy access to several major cities and there are several local private and public air strips in the vicinity, most notable is Easton Airport. Ownership of the farm is set up as a Maryland Corporation. The farm can also be used for recreational waterfowl and deer hunting. Ownership requests that site inspections be conducted through EXP Realty Advisors as to not disrupt the farms operations or employees. The farm has been operated by the same owner since The assets of the corporation include the following parcels with improvements: 1) Timber Neck ¹: Acres (Improved with residence, barns, grain storage facility and tanks, pond) 2) Lloyds Park ²: Acres 3) Cherry Grove ¹ : Acres 4) Uplands: Acres (Lot 1 with building pad site) 5) Welch Pool ²: Acres 6) Tarman ²: Acres Total - 1, Acres (1,259 Tillable Acres)

2 Price: We offer this property at $19,750,000 ($15,688 per tillable acre). This price includes grain storage and drying facility and irrigation systems, collectively valued at $2,375,000. A state land preservation easement sale is possible on the Timber Neck and Cherry Grove parcels at approximately $4,500 per acre for $3,429,000. Net operating income as an operating farm is $862,588. Please contact us for operating expense details. Income: If operated as a farm, potential gross grain sales are in excess of +/- $1,200,000 and net operating income after all farm operating expenses is +/-$862,588. A future owner would have the option to rent the land, which is highly desirable to local tenant farmers since corn at $6-7 per bushel and production at 200+ bushels for corn. Rent for irrigated land ranges between $300-$400 per acre and non-irrigated (dry) land ranges between $ per acre. Expenses: Taxes (2008 actual): Insurance (2008 actual): $6,455 for entire farm $12,654 (includes $5M umbrella policies, trucks, equipment, irrigation systems, etc) ¹ Cherry Grove and Timber Neck are unencumbered and retain their non-contiguous development rights (NCDs). Timber Neck was in preliminary development stage in 2005, and this project could be resurrected by a future owner (data and application information already with the county). This could add an additional 65 developable lots of over an acre. ² Lloyds Park, Welch Pool and most of Tarman are open space and cannot be further developed. Tarman has some rights remaining which are usable for residential dwellings.

3 Conservation Resource Program (CRP) contracts are in place for 257 acres of the farm, with a signing date of 2003 and a maturity date of Rental rate per acre for the CRP program is $ Established draining and buffers account for the western boundaries of the farm where the CRP program was established. Infrastructure: The Zimmerman grain storage and drying system is new. It can handle up to 500,000 bushels in 7 grain storage tanks. The working elements of Hunt-Ray Farm include a farmhouse built in The second floor houses a full-time operator of the farm, and the first floor is used as an office. Additional residential use includes a rental trailer. The warehouse is used for machinery repair and service, with adequate storage for replacement parts and generators for farm equipment and irrigation systems. The farming equipment, not included in the listing price of the property, includes a number of combines, tractors and trailers, and its purchase can be negotiated outside the sale of the property. Irrigation system: 9 pivot irrigation systems cover 1,100 acres. The system has subsurface pipes from the Tuckahoe River to the irrigation pond and systems, and 4 diesel generators act as lift pumps from the river. Additional diesel pumps service the irrigation system. Water permits are in place for Hunt-Ray Farm to withdraw water from the Tuckahoe River. ¹ Cherry Grove and Timber Neck are unencumbered and retain their non-contiguous development rights (NCDs). Timber Neck was in preliminary development stage in 2005, and this project could be resurrected by a future owner (data and application information already with the county). This could add an additional 65 developable lots of over an acre. ² Lloyds Park, Welch Pool and most of Tarman are open space and cannot be further developed. Tarman has some rights remaining which are usable for residential dwellings.

4 Front Entrance to Rear Entrance to

5 Farm Residence, Grain Storage, Propane Depot, Fertilizer Storage, Tractor Sheds, Tenant Trailer 8 acre irrigation pond. Diesel pumps service Valley pivot irrigation

6 Hunt Ray Farm Parcel Names and Division

7

8

9 5, 10, 15, 20, 25 Mile Radius Map Average Household Income (2008)

10 5 Miles: 10 Miles: 15 Miles: 20 Miles: 25 Miles: Population: 2008 Total Population 3,155 25,365 57, , ,335 Male Population 50.0% 49.2% 49.2% 48.6% 48.3% Female Population 50.0% 50.8% 50.8% 51.4% 51.7% Median Age Population Density (per sq mi.) Employees 1,350 8,101 18,966 52,655 82,274 Establishments ,143 5,580 8,550 Income: 2008 Median HH Income $61,355 $57,327 $56,932 $54,567 $54,623 Per Capita Income $27,879 $27,048 $29,105 $29,231 $28,613 Average HH Income $76,690 $70,701 $74,604 $71,592 $71,519 Households: 2008 Total Households 1,122 9,435 21,956 48,015 89,014 Average Household Size Household Growth % 16.8% 14.2% 16.7% 17.5% Housing: 2008 Owner Occupied Housing 76.2% 70.7% 71.9% 68.9% 69.7% Units Renter Occupied Housing 18.4% 21.7% 19.2% 21.4% 20.2% Units Vacant Housing Units 5.4% 7.7% 8.9% 9.7% 10.1% Race: 2008 White 89.1% 85.3% 85.2% 84.2% 79.9% Black 9.3% 12.3% 11.9% 12.5% 15.3% American Indian, Eskimo, 0.3% 0.2% 0.3% 0.2% 0.3% Aleut Asian 0.4% 0.5% 0.4% 0.7% 1.2% Hawaiian or Pacific Islander 0.0% 0.0% 0.0% 0.1% 0.1% Other 0.4% 0.6% 1.0% 1.0% 1.1% Multirace 0.6% 1.0% 1.2% 1.3% 2.0%

11