Lofty 6117 Hyde Flats Road 21

Lofty 6117 Hyde Flats Road 21

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Location
Black Creek, NY
Projected Return
37.2%

Company Description

30 Acres of Vacant Farm Land in Black Creek, NY

Offering Details

  • The owner, Hyde Flats LLC, is selling equity in their vacant farm land to investors. They plan to hold at least 51% of the total equity
  • Hyde Flats LLC will pay investors a Rental Yield of 7%
  • Hyde Flats LLC will pay for 100% of the maintenance costs and property taxes
  • View additional terms here

Property Details

  • Vacant farm land in upstate New York, owned free-and-clear with no debt. View parcel dimensions here.
  • Drone video footage
  • 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.
  • The owner has been in conversation with a solar production company with the state of New York to potentially add solar panels in the future. More information can be viewed here and here.
  • A contract is pending with a local farmer who may lease the farmland for $40/acre to grow corn or wheat. This revenue stream will cover the owners debt service.
  • The owner is under contract with Basecamp Leasing to find a hunter who will rent the land for hunting season.

Due Diligence Documents

Amount Raised : $0
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