Hangar advice

[bradp]

Hi all 

Since moving to the Carolina coast (which seems to be a popular retirement spot), I’m faced with a new aviation challenge.  There is a dearth of hangar space available - rental situations are hard to find as the supply of hangars is rather absurdly low.  I was in a winter sublet and my summer arrangement will likely fall through as that hangar is up for sale. 

 Wait list for the next closest airport to me is about 130 and  hasn’t moved in a few years.  The next next closest airport is about an hour north with shelters rather than hangars (ie telephone pole construction with sheet metal roofs and no doors).  That airport apparently has a history of flooding outside hurricane season and it seems like a storm summer storm could very well topple the shelters.  No instrument approaches, minimal lighting, no ARFF on site are all real concerns for me.  

There are a couple of hangars for sale but I’m hesitant to purchase for a few reasons: 

big cash outlay - hangar is about as much as my J is worth  

an LLC owns title to the structures as a partnership.  You buy a partnership in the LLC and get a certificate of ownership rather than a title   You pay the land lease, property tax, insurance and general upkeep through the LLC.   

Airport authority holds the land lease - big question for me is what happens when that lease term expires. There are no big plans for a runway or anything, but this airport does not exactly promote light GA.    

Anyone done / considered something similar? 

Thanks for the advice and take care.  

[gsxrpilot]

I'd want to know how long the land lease is under the hangar. I bought a hangar at 84R with 27 years left on the lease. I figured that was enough time to get my money back. At normal rental rates, it would take 13 years to recoup the cost. I was only in the hangar 10 months and now we're moving to Denver. I put it up for sale and sold it in 2 weeks for exactly what I paid for it. That's effectively 10 months of free rent. I did have to pay the land lease, but that's only $132/yr. 

I'll be in Denver this weekend looking for a hangar to rent or buy. I know of three hangars for sale but don't know the terms yet. 

I can't imagine my Mooney living outside no matter where I lived in the country.

[bradp]

12.5 years on the airport land lease.  If I multiply my monthly hangar rent x 12.5 years it’s the cost of a hangar.  So that’s one loss proposition if the airport tells the hangar owners to take a hike.  

Second risk proposition is if Say I want to sell it with 5 years left on the land lease ... I’d have to take a loss.  I’d probably be better off keeping it through the end of the renegotiations on the land lease or just carry the loss for tax purposes.   

The airport land lease is high but there is no competition so it is what it is. 

I had already gotten hail damage once waiting on a waitlist for a hangar tied down outside ... it sucks.  Not knowing .  

There is a fly in community about 10 min from me that has an empty lot.  Buying a lot and building a house (rental?) and hangar might be a slightly less risky proposition.   However, the HOA down there is very strict about their covenants.  A non primary residence doesn’t fit well with their community goals.   Another issue is that  particular lot flooded with the last hurricane. 

This housing issue is much more stressful than any maintenance issues I’ve encountered so far.  Another Bo owner in a situation similar to me is thinking about selling his bo rather than worrying about it so much. 

[MIm20c]

Having some of the same questions myself. Recently changed airports as the rent was half the cost. However, no night instrument approaches and services (snow removal, power doors, emergency personnel, etc) are a huge step down. I like the atmosphere and other owners around me.  Thinking about building a new hangar for the long term but like the flexibility I currently have.  I’m on my fourth hangar in three years so I’d consider myself a “flight risk”. 

[Marcopolo]

Hi Brad,

 

  The lease will state what the expectation is of the current owners once the lease expires.  At IPJ the initial lease is 25yrs, then there is an available 15 year extension, but the yearly lease cost goes to monthly.  I looked at buying a hangar last year that had ~13 years left on the original lease, once that was up the monthly land lease cost was $415 and add that to the mortgage on the hangar and I was underwater.  After the land lease expires, if there is no extension purchased then the structure belongs to the airport.  At IPJ, the 15yr extension is in the terms of the original 25yr lease as an option, meaning you can waive it after the 25yrs but they have to honor it if you want it.  

 

Ron

[Vno]

2 hours ago, gsxrpilot said:

I'd want to know how long the land lease is under the hangar. I bought a hangar at 84R with 27 years left on the lease. I figured that was enough time to get my money back. At normal rental rates, it would take 13 years to recoup the cost. I was only in the hangar 10 months and now we're moving to Denver. I put it up for sale and sold it in 2 weeks for exactly what I paid for it. That's effectively 10 months of free rent. I did have to pay the land lease, but that's only $132/yr. 

I'll be in Denver this weekend looking for a hangar to rent or buy. I know of three hangars for sale but don't know the terms yet. 

I can't imagine my Mooney living outside no matter where I lived in the country.

If you end up more towards Colorado Springs, I have a friend with a hangar near Peyton, CO that he probably is selling.

Brian

[skydvrboy]

2 hours ago, Vno said:

If you end up more towards Colorado Springs, I have a friend with a hangar near Peyton, CO that he probably is selling.

If that is at Meadow Lake (KFLY), make sure you check out the airport and hangar location first.  When I was there last summer, the taxiways were crumbling and had potholes so big I was worried about getting a prop strike.

[gsxrpilot]

We bought a house in the Sloans Lake neighborhood which is just barely on the west side of downtown. So the closest airport is BJC but the best hangar options seem to be at FTG. My brother and I will meet up with a friend of mine (A36 driver) at FTG to look at some hangars and then over to BJC as well. It will likely be based at one of those two.

[FoxMike]

Keep in mind that I 70 is going to be rebuilt from the mousetrap to I 225.  Construction will continue till 2022.  Travel east /west across Denver is going to be problematic for quite a while.  BJC can be a tough place to find a hangar (I based there for 25 years). Also traffic on the Boulder turnpike can be tough.  If you can figure a good answer to the I70 construction FTG could be a good answer.  Generally, traffic in Denver is a bitch 20 hours a day.