Hangar Owners

[One Whiskey Hotel]

Relocating to Denver, CO and have a lead on a hangar for my 231. New construction T-hangars with bifold doors and heat starting at 80k and end units with the additional room at 110k, wondering what various hangar owners paid for their hangars for 'comps.' 80k seems a little high and while 109k affords an extra 22x22' space for an end-unit, this still seems a little high. Granted, locale makes a big difference, but I'd be interested for feedback from owners on hangar values. Denver is snow and cold and hail country, but what do you all think of these offerings. FWIW, airport is towered and has good runways and many approaches, and seems popular in GA locally. Am I the only one who thinks these are high priced hangars, or would you jump on this if you were a proud owner of a really nice 231 and didn't want to ramp it?

[M20F]

$80,000 / 240 months = $333

What are land use or association fees, how long is the land lease, and what happens at its expiration.  Who is responsible for the repairs?

I wouldn’t call it a great deal, guessing though hanger prices there are greater than $333 and at the end you will have some sort of residual value.  

You could invest $80K and at about 6-7% earn enough to potentially pay almost all your hanger rent and stay liquid as well. 

Personally I wouldn’t buy a hanger unless I was in a very constrained market.  Though constrained today could change tomorrow when the airport gets money from the Feds and builds 200 new hangers flooding the market. 

Edited March 17, 2019 by M20F

[KLRDMD]

11 minutes ago, One Whiskey Hotel said:

Relocating to Denver, CO and have a lead on a hangar for my 231. New construction T-hangars with bifold doors and heat starting at 80k and end units with the additional room at 110k, wondering what various hangar owners paid for their hangars for 'comps.' 80k seems a little high and while 109k affords an extra 22x22' space for an end-unit, this still seems a little high. Granted, locale makes a big difference, but I'd be interested for feedback from owners on hangar values. Denver is snow and cold and hail country, but what do you all think of these offerings. FWIW, airport is towered and has good runways and many approaches, and seems popular in GA locally. Am I the only one who thinks these are high priced hangars, or would you jump on this if you were a proud owner of a really nice 231 and didn't want to ramp it?

Last fall I paid $28,000 for an older 42' Port-A-Port, Tucson.

[smccray]

I would buy that in a heartbeat in Dallas. If I were moving to Denver I would pull the trigger on an end unit immediately. I’m sure there are land lease, taxes, and possibly HOA on top of the purchase price. 

 

[FloridaMan]

Denver is growing. I would buy if they're conveniently located. 

[67 m20F chump]

I live on a runway.  I spent about 100k doing a 50x60 with a 45’ door.  Nothing is cheap in aviation except what your trying to sell.

[gsxrpilot]

I'm also relocating to Denver and have a fairly nice 252 that I won't leave sitting out on the ramp. I was out at FTG looking at the hangars as well. The hangars are nice and the airport was full of GA activity. And lots of homebuilts as well. It looks like a great airport. Too bad it's almost an hour drive from Denver.

I learned that the HOA, taxes, electricity, are all rolled into a $230/month payment as well. That on top of the purchase price was a bit of a deterrent for me. But absent any other options, I'd still buy one.

I was also looking at a 60' Porta-Port at BJC which is only 20 min drive from my house in Denver. I ended up making a deal with the owner and buying it for $80K. The land lease is $1700/year in addition but no other fees for electricity, HOA, taxes, etc. It's not nearly as nice as the hangars at FTG, but it's cheaper and the location is just so much better for me.

As has been said, there's nothing cheap about aviation. But I just can't imagine owning a $100K+ airplane and leaving it parked outside in the weather and with easy access to anyone wandering around the ramp.

Best of luck getting a hangar and let me know if you want to get together over a beer sometime.

[Aerodon]

After a former life in developing mining and power generation projects, I am now a full blown hangar pimp.  I've built and sold more than 20 hangars, currently have 8 'private' hangars for lease / sale, and just starting my next development for commercial hangars.

I can say that T-hangars are the least popular, end units are better, box hangars are best.  The space behind the wings is always useful, but check on the allowable uses.  A T-hangar is only about 11% less area than a 40x30.  It's easier to build boxes, and there can be economies of scale with back to back boxes etc.

If you are in an increasing demand area, can sort of make the HELC and HOA numbers work now, in 10 years you will have no regrets.  Nothing like the security of a roof over ones head, and the ability to fit it out as you please.

I would say those numbers ($80k and $230pm) look reasonable for FTG.  

And serious proposal - I would be interested in starting a development at FTG if we already have 2 interested parties?

 

Aerodon

[alextstone]

It appears my previous post was deleted from this thread...may I ask why?  

Disregard. 

[Danb]

I own a hanger at KILG Wilmington De, $35,000 Insulated, I put in gas heater and pay my own electric and gas. Condo fees, land rent, porta $125 a month. 20 year lease recently negotiated. They went for  $35,000 to $90,000. I’m the second owner.

[carusoam]

Alex,

it takes a lot to get a post deleted...

See if you pushed send...

If you didn’t, the text might still be at the bottom of the thread...

 

Central NJ you can rent a hangar for a bit more than $500 each month...  how much hangar can you buy with that payment?

That’s a 80amu loan, no down payment, 20year, at 5%... according to USAA’s mortgage calculator... 

Best regards,

-a-

[kris_adams]

I guess I missed something

[FoxMike]

Hangar space in Denver Metro is expensive.  Nobody wants to keep an airplane outside in Denver (Wind, Hail).  Those hangars you speak of at FTG are not out of the ground yet.  They have been trying to get them built since last fall.  If you try for a county hangar at either BJC or FTG the waiting lines are years long.  You might find a private hangar for rent usually in a community hangar.  I base at  KFTG now called Colorado Air and Spaceport.  In the future you will have to share the spaceport with rocket ships.  This might be more than a minor inconvenience.  I was basing at BJC when they built the Port-a Ports.  They collect water so anything you keep in the hangar has to off the floor (cabinets, etc).  Parts for the doors are a problem.