Airplane Hangar Valuation Appraisal

Whether a commercial airport hangar or a residential airstrip structure, it is more than likely classified as personal property rather than real estate. A hangar is typically located on rented property much the same as a manufactured home in a mobile home park. The owner has a title to the hangar but does not own the land. The appraiser who is hired to place a value on an airplane hangar for financing, insurance, purchase and sale or taxes needs to be familiar with more than simply the soundness of the building to determine how much it is worth. Does the hangar have offices and passenger facilities such as a recreation area or lounge? Does it have a grease trap for fuel and oil spillage? This would allow for washing aircraft inside the facility.

airplane hangar appraiser

Is the electrical system up to code? Are there storm doors and windows over dual-glazed windows, a deck or patio, adequate insulation, fireproof sliding doors, hurricane-rated roll-up doors, skylights, LED lighting, sprinklers and fire extinguishers? In a larger unit a foam fire suppression system is a requirement. Central air, a hot water heater, automatic ceiling vent, full baths with a shower stall, tool storage within the hangar, high-output electric heating system, painted sealed concrete floor, interior drywall are all features that are desirable and add value to the hangar. Square footage is an important factor as are the lot rent, length of ground lease, ample parking and nearby transit.

airplane hangar appraiser

APPRAISING THE VALUE OF AN AIRPLANE HANGAR

Other considerations also come into play. Is there an asphalt runway and is it in good condition? Is the hangar located near the tarmac? Is the hangar located nearby a U.S. Customs Port of Entry? Are there multiple FBOs with competitive fuel deals and full-line service? A restaurant adjacent or nearby can also add value to a hangar. As for those airplane hangars located on non-commercial air strips, these are usually non-income producing and so must be evaluated differently. It is a valuable asset to be able to walk from your front door to your own hangar in the air park. A lighted and paved runway is also desirable.

airplane hangar appraiser

The cost to prepare a valuation appraisal for an airplane hanger starts at $1,250.00 and includes all paperwork necessary for financing, insurance, taxes, purchase or sale and estate dissolution. Service is available in all 50 states. Please call 772-359-4300 for additional information.

Service throughout Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi , Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming